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This is called postingWhy Do Record Keeping? Make sure you monitor the progress of your business: Good record keeping can show whether your business is improving, which items are selling and what changes are neededIf you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional adviceCourtesy of YEC Kirk Simpson is the co-founder and CEO of Wave AccountingA balance sheet shows assets, liabilities and your equity in the business on a given dateHenry takes the cash sales entry from his cash register tapeWave is Kirk's third start upIndividual Income Tax Return, or by changing his accounting methodLater, you use these summaries to answer specific financial questions about your business, such as whether you're making a profit and, if so, how much.Post receipts on a regular basis[Opens in separate window.] Examples of documents for expenses include email documents, cancelled checks, cash register tapes, account statements, credit card slips, invoices and a petty cash system for small purchasesAt a minimum, put receipts in the proper categories throughout the year so it would be easier to total them up at tax timePrepare accurate financial statements: You need good records to prepare accurate financial statementsGrow Your Legal Practice Meet the Editors Sign In Support Toggle navigation Shopping-cart Toggle search Shop by Products Find a Lawyer Legal Articles Accidents & Injuries Bankruptcy Business Formation: LLCs & Corporations Criminal Law Debt Management Disability Law Divorce & Family Law DUI / DWI & Traffic Tickets Employment Law Foreclosure Immigration Landlords LGBT Law Nonprofits Patent, Copyright & Trademark Personal Finance Real Estate Small Business Small Claims Court & Lawsuits Social Security & Retirement Tenants Taxes Wills, Trusts & Probate Workers' Compensation Toggle search Shopping-cart Search Search Type All Products Lawyers Articles Search Term Location Legal Topics Business Formation: LLCs & Corporations Business Accounting, Bookkeeping & Finances Bookkeeping and Accounting Basics Learn the basics of accounting and bookkeeping for your small businessI used to be seeking this particular info for a very lengthy timeThe total of the unspent petty cash and the amounts on the petty cash slips should equal the fixed amount of the fund 07f867cfac