NPO:: Receipts and Payments Account , Treatment of Revenue Expense and Consumables
The financial performance is an explanation of what happened during the past year. Revenue consists of transactions that are regular and recurring, and the government receives them in the ordinary course of business. Capital consists of transactions that are non-recurring and not routine. The closing balances of such type of accounts reflects cash in hand and cash at the bank at the closure of the accounting period. Now that you understand the importance of keeping receipts, which receipts to save, and what they should contain, your records and your bottom line should be clearer than ever before.
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Examples of Receipts & Income
The following table describes accounting event generation statuses. The following illustration shows the...