Receipts and payments accounting: Difference between revisions
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== See also == | == See also == | ||
* [[Accounting]] | |||
* [[Accrual]] | * [[Accrual]] | ||
* [[Accruals accounting]] | * [[Accruals accounting]] | ||
Latest revision as of 23:54, 6 July 2022
Financial reporting.
Receipts and payments accounting is a very simple basis of financial reporting, used only by very small and financially unsophisticated organisations.
For example, not-for-profit members clubs.
It is based on cash receipts and payments only.
It is sometimes known as cash accounting.
By contrast, the overwhelming majority of commercial and larger organisations report on the basis of accruals accounting, in order to present a true and fair view in their financial statements.
