Hello,
Why do we need to reconcile cashbooks, cash journals and petty cashbooks?
1) To identify that cash at hand and cash recorded at cashbook both are correct
2) Cashbook uses in small business concerns
3) Cash journal uses in a large business enterprise where daily receipts and payments activities are made through bank
4) Petty cashbook use in large business concerns for making small payments these funds are petty cash fund
I am providing accounting and bookkeeping services. I have a Master of Commerce degree and over 6 years of experience in Audit and Accounting.
You also get free advice and consultation from me at any time. I am at your service. Feel free to contact me.