| With sound business management you are sure you | | | | 6. OVERDUE ACCOUNT BOOK |
| will have smooth business operations. For start up, | | | | - Debtors and creditors analysis; which show the |
| documentation is paramount. Paper work should be | | | | records of all credit records. |
| kept to a minimum; they are required to protect you | | | | THE BANK ACCOUNT |
| and your business. | | | | Think about bank accounts well before start up, |
| Some basic business records include: | | | | these details should be |
| 1. CASH BOOK | | | | - How many accounts (do not have more accounts |
| - Record cash sales and payments made from every | | | | than you can manage) |
| cash transactions. | | | | - Bank statements |
| - Record payments in and out of your bank account. | | | | - Signatories |
| - Show VAT on payments as required by the | | | | - Charges: -discuss with the bank manager what you |
| government. (Tax) | | | | can sensibly do to minimize bank charges. |
| 2. PETTY CASH BOOK where applicable | | | | BANK RECONCILIATION: |
| - Small cash expenses should be kept on impress | | | | The bank at your request produces a bank |
| basis and should show VAT where applicable. | | | | statement while a bank position shows your own |
| 3. VAT RECORDS where applicable | | | | latest figures of your bank accounts. Also realize that |
| - Show how VAT return figures have been | | | | interest on any overdraft and bank charges will be |
| calculated. | | | | debited to the account automatically. |
| - In addition non-retailers must maintain a list of sales | | | | The bank at your request produces a bank |
| invoices issued. | | | | statement while a bank position shows your own |
| 4. WAGES BOOK | | | | latest figures of your bank accounts. Also realize that |
| - Summary information to meet the needs of the | | | | interest on any overdraft and bank charges will be |
| employees and Inland Revenue should be properly | | | | debited to the account automatically. |
| recorded. | | | | These are simple business management tips to make |
| 5. ORDER AND DELIVERY BOOKS | | | | sure that your company runs smoothly. It will make is |
| - This involves purchase and sales orders and | | | | easy for you to calculate your expenditures and thus |
| deliveries records. | | | | know whether you are making any profits. |