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Bank Payments Print E-mail
  1. List payments from cheque stubs following the example below. Arrange purchase invoices not already filed in date order and write your cheque reference on each invoice.

  2. Use the Net columns to analyse expenses by major categories. (Use your last set of accounts to guide you when selecting categories).

  3. Add direct debits from your bank account statements to the bottom of the list of cheque payments in the same format. Use the bank statement page number as a reference.

  4. Now add cash drawn in date order.

  5. Add up the column totals from the beginning of the financial year to the end of the financial year. Prepare a separate spreadsheet for each financial year.

Cheque payments

 

Date

Payee

Cheque number/ bank statement page

Gross

VAT 

Suppliers gross (VAT in supplier list)

Net tools

 

Wages (no VAT)

Note on VAT
Gross includes VAT. Net is before VAT is added on. If your business is not registered for VAT or there is no VAT due on the sale or expense, then VAT is ignored and net will be the same amount as gross.

Spot checks

  1. Agree the total at the end of each net column to the annual summary on a line by line basis.

  2. Agree total VAT to the VAT control line on the annual summary.

  3. Agree total bank payments to the amount in the bank control line in the annual summary.

  4. Agree cash drawn to the "cash control" line in the bank payments column of the annual summary.

Cash Payments

  1. List cash payments following the example below. Arrange invoices in date order and write your own reference on each invoice such as "CP1, CP2" etc.

  2. Note down the cash drawn from the bank payments summary, and the amount of the cash left over at the end of the year.  If no cash is left over, then the total cash drawn column should be the same as the total gross column.

  3. Add up the amounts from the beginning of the financial year to the end of the financial year.  Prepare a separate spreadsheet for each financial year.

Cash payments

 

Date

Payee & reference

Cash drawn

Gross 

 

VAT

Net cleaning

Net cash tools

Train & tax

 
Spot checks

  1. Agree the total at the end of each net column to the annual summary on a line by line basis.

  2. Agree total VAT to VAT control line on the annual summary.

  3. Agree total gross column to the amount in the cash control line in the annual summary.

  4. Agree the difference between the "cash drawn" column and the "gross" column to the physical count of the cash left over.

Receipts

  1. List receipts from paying in books or bank statements following the example below.

  2. Add up the amounts from the beginning of the financial year to the end of the financial year. Prepare a separate spreadsheet for each financial year.

  3. Receipts from the VAT authority should be recorded in the VAT column.  If VAT was included in the sales list, ignore VAT for that receipt in this summary.

Receipts

 

Date

Who from

Receipt number

Gross 

From VAT office

From customers


Spot checks
        

  1. Agree the total at the end of each net column to the annual summary on a line by line basis.

  2. Agree total VAT to VAT line on the annual summary.

  3. Agree total gross column to the amount in the bank control line in the annual summary.


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