Cash receipts is accounting for the revenues and payments received from customers for accounts receivable. There is a difference between cash receipts and revenue. Revenue is a function of sales, receipts is a function of actually cash payments reeived by the company (sales, customer payments on accounts, refunds paid to the company etc.).
All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Of all the assets, cash is the easiest to misappropriate. Effective internal controls for cash prevent the proverbial hand in the […]