explain the consequences of cashbook.
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Where such organisations practice manual cash allocation, matching and resolving remittance payments can lead to complete chaos. ... If unidentified payments land in the collection account, the slightest error when manually re-keying a paper invoice can lead to the cash payment being unable to be linked to the client.
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Before talking about the cash book, we would briefly explain what is cash. Cash is a current asset which consists of items used in day to day financial transactions as medium of exchange. In accounting and finance, cash includes, currency notes made of paper, coins, demand deposits, money orders, checks and bank overdrafts etc.
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