Every business needs to keep a Cash Book which will record all receipts and payments, whether they are in the form of a bank cheque or cash. This account in effect provides a record of the firm’s transactions with its bank. The bank will also keep records of the cheques and money the business pays into its account, together with receipts and payments from debtors and creditors who make use of banking payment facilities such as standing orders and direct debits.
KeywordsBank Account Accounting Statement Financial Transaction Capital Management Bank Statement
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