The Daily Transaction Summary Table is designed to help businesses track and monitor daily cash flow activities efficiently. It provides a clear breakdown of daily sales, expenses, banking, and cash balances, making it easy to reconcile and evaluate performance at the end of each day or month.
Purpose
This table helps maintain accurate financial records by summarizing all daily cash transactions. It ensures that every shilling received and spent is accounted for, reducing discrepancies and improving financial management.
Sample Heading
Daily Transaction Summary for the Month of January 2020
Table Formula Guide
- Day Cash Variance
= Day Cash Total – Cash at Hand – Banking – Other Deductions
(Shows any difference between recorded daily cash and actual available cash after deductions.) - Total Cash Sales
= Day Cash Sales + Prepayments + Cash Balance/Debt Recovery
(Summarizes total income generated from sales, prepayments, and recovered debts.) - Net Cash
= Total Cash Sales – Total Expenses – Banking – Credit Sales/Other Deductions
(Represents the actual cash remaining after all deductions, expenses, and deposits are considered.) - Cash Balance C/F (Carried Forward)
= Net Cash Sales – Actual Cash at Hand
(Indicates the balance to be carried forward to the next day, useful for reconciliation and future planning.)
Key Benefits
- Simplifies daily cash monitoring and reporting.
- Detects variances quickly to prevent losses or accounting errors.
- Provides a clear financial snapshot for management and auditing.
- Enhances accountability in handling company finances.
