How to Handle Cash

When money comes from different sources, your first duty is to handle this money by proper way. Otherwise, you will not fulfill your financial responsibilities. So, today, we teach you how to handle money.

 Before telling the steps of handling money, I am interested to tell yesterday happening. Yesterday, a salesman came in my home. He was selling financial products. He is requesting me to invest money in their financial product. I asked, how did company give me the interest. He told that company will give 12% interest on this money. Same money is invested in real estate for buying land and property. I told that I am not interested in it because this company’s policy is not good. Company is just giving us small interest without any security and same money is invested in real estate whose return is very high than simple interest. It is just idea, "How to befool uneducated people?" Instead to give you the money or keeping in bank, I am always interested to invest in my own business. I showed him also my different funds. I told him that I have not a single 1 because I know how to handle money and how to invest it. So, today, we are providing you this general awareness.

 1. Keep Fun in Saving Bank Account 

Instead keeping cash in hand, you should keep your fund in saving account in bank. There are two benefits of this. One side this money will be saved. Second, there will not any risk of losing or stealing. Whether you are doing business or service, make your habit to deposit cash in bank. Next duty will be your bank to record all transactions with bank. You can demand bank statement anytime for analysis your cash at bank. 

 2. Learn Cash Accounting

You also learn cash accounting. You have to make simple cash book in your excel sheet. First spreadsheet, you can show all cash receipt and second spread sheet, you can show all cash payments. Difference of this, will be cash in hand. Every time, when you pay cash or receive cash, you should record the transaction in it. Only after this, it will tell you the current balance.

3. Make Your Budget

If you want to handle your cash best way, you have to make your budget. Next month what you have to pay or buy with cash. From which sources, you will get money. Cash budget may help in this.

 4. Learn the Skills of Bank Reconciliation

Bank reconciliation means to know the reasons behind the difference between bank account which has been made by you and by your bank. Suppose, one is the collection of cash which is done by your bank but you did not record in your books. If you know it, you can increase your bank balance. Same can be utilizing for paying expenses or buying anything. So, for handling cash, to learn the skills of bank reconciliation. You should also learn, “How to make bank reconciliation statement?”

Related : How to Handle Cash Register






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Accounting Education: How to Handle Cash
How to Handle Cash
Accounting Education
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