Cash in Bank on 5/01/12
|
Cash Receipts (Current Year Sales)
|
Cash Receipts (Prior Year Sales)
|
Other Cash Receipts
|
Insert comment to identify the nature of the other cash receipts
|
TOTAL CASH RECEIPTS
|
Cash Payments for Purchases
|
Other Cash Payments
|
Loan Repayment
|
TOTAL CASH PAYMENTS
|
Cash in Bank on 4/30/13
|
This is an example of a Cash
Budget Statement.
Cash in Bank on 5/01/12
This is the amount that is stated on your
firm’s bank account statement on 5/01/12 which marks the beginning
of a new fiscal year. If there are no
transactions that have occurred as of that date, report the amount prior to
May 1st. If your firm has
multiple bank accounts, sum up the amounts on May 1st from the bank
accounts.
(Make sure to provide evidence of these
numbers by sending a copy of the bank statements).
Common Mistakes
·
Reporting an amount that does not match the
exact amount on 5/01/12.
·
For firms with multiple bank accounts: Incorrectly
summing up amounts from different bank accounts.
Cash Receipts (Current Year Sales)
This is all the cash that has been
received for the sale of a product or service for the year.
Cash Receipts (Prior Year Sales)
This is all the cash that has been
received for the sale of a product or service from the previous year.
Other Cash Receipts
This is other cash that has been
received through outside sources that are not sales.
Insert comment to identify the nature of the Other Cash Receipts
If your firm received Other Cash Receipts, your firm must
explain the nature of these other cash receipts.
Where is this amount coming from?
Total Cash Receipts
This is the total of all the cash
receipts your firm reported. In order to confirm the accuracy of this total, it
is
important to connect this amount to the
bank account statement. This can be confirmed through adding up all
the amounts of deposits from the
beginning of the fiscal year (May 1st) to the end of the fiscal year
(April 30th).
Common
Mistakes
·
Adding amounts from dates that are not as
reported on the cash budget. (Make sure that the addition of the total cash
receipts begins on the Cash in Bank amount of 5/01/12 that your firm reported
and ends on the Cash in Bank amount of 4/30/13 that your firm reported.
·
Adding amounts that your firm reported for cash
receipts, but NOT matching the sum of all the deposits. (This is an indication
that the cash receipts that were reported are incorrect).
·
Firms with multiple bank accounts must include
the deposits that occurred on ALL bank accounts regardless of how minimal the
amounts are.
Cash Payments for Purchases
This is all the cash that has been
paid to other firms for purchases.
Other Cash Payments
This is all the cash payments made
that are not related to purchases from firms.
Loan Repayment
This is the sum of all the loan
payments that have been made to VEC Lending. Make sure that all the loan
payments amounts are payments made from May 1st to April 30th.
Loan Payments made before or after those dates will be considered a loan
repayment for the prior year or the next year so DO NOT make that mistake. To
prevent that issue from occurring, make sure that loan payments are made EVERY
month during the first week of that month.
Tips
·
Be sure to use the loan payment table to report
payments that were made each month. (If multiple payments were made during one
month for payments that should have been made in other months, those are
payments made for THAT month and not the other months that were missed. A
missed payment will result in an accumulation of interest which will influence
the balance of the loan. If your firm misses a payment, be sure to calculate
the interest that resulted due to the miss payment and add it to the payment).
·
For new firms: Make sure to make a monthly
payment the month that your firm receives the loan. The repayment of the loan
begins the month that your firm receives the loan.
Loan Payment Table
2012-2013
|
|||||
Report Date
|
Beginning Balance
|
Interest
|
Adjusted Balance
|
Payment
|
End Balance
|
1-May-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Jun-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Jul-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Aug-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Sep-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Oct-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Nov-12
|
$
350,000.00
|
$
1,385.42
|
$
351,385.42
|
$
6,500.68
|
$ 344,884.74
|
1-Dec-12
|
$
344,884.74
|
$
1,365.17
|
$
346,249.91
|
$
6,500.68
|
$ 339,749.23
|
1-Jan-13
|
$
339,749.23
|
$
1,344.84
|
$
341,094.07
|
$
6,500.68
|
$ 334,593.39
|
1-Feb-13
|
$
334,593.39
|
$
1,324.43
|
$
335,917.82
|
$
6,500.68
|
$ 329,417.14
|
1-Mar-13
|
$
329,417.14
|
$
1,303.94
|
$
330,721.08
|
$
6,500.68
|
$ 324,220.40
|
1-Apr-13
|
$
324,220.40
|
$
1,283.37
|
$
325,503.77
|
$
6,500.68
|
$ 319,003.09
|
Total
|
$
8,007.17
|
$39,004.08
|
$ 319,003.09
|
This is an example of a loan payment table that has made consistent
monthly payments.
Loan Payment Table
2012-2013
|
|||||
Report Date
|
Beginning Balance
|
Interest
|
Adjusted Balance
|
Payment
|
End Balance
|
1-May-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Jun-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Jul-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Aug-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Sep-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Oct-12
|
$ -
|
$
-
|
$ -
|
$
-
|
$ -
|
1-Nov-12
|
$
350,000.00
|
$
1,385.42
|
$
351,385.42
|
$
6,500.68
|
$ 344,884.74
|
1-Dec-12
|
$
344,884.74
|
$
1,365.17
|
$
346,249.91
|
$
6,500.68
|
$ 339,749.23
|
1-Jan-13
|
$
339,749.23
|
$
1,344.84
|
$
341,094.07
|
$ -
|
$ 341,094.07
|
1-Feb-13
|
$
341,094.07
|
$
1,350.16
|
$
342,444.23
|
$ 13,001.36
|
$ 329,442.87
|
1-Mar-13
|
$
329,442.87
|
$
1,304.04
|
$
330,746.91
|
$
6,500.68
|
$ 324,246.23
|
1-Apr-13
|
$
324,246.23
|
$
1,283.47
|
$
325,529.71
|
$
6,500.68
|
$ 319,029.03
|
Total
|
$
8,033.11
|
$39,004.08
|
$ 319,029.03
|
This is the same loan, but one missed payment in January resulted in a
different end balance and interest although two payments in February were made
to account for the missed payment. This also generated a new interest amount,
so firms must be sure to pay off the extra interest accumulated in order to pay
off the loan in five years. (To prevent any miscalculations from occurring, it
is better to continuously send payments EVERY month).
Total Cash Payments
This is the total of all the cash
payments your firm reported. In order to confirm the accuracy of this total, it
is
important to connect this amount to the
bank account statement. This can be confirmed through adding up
all
the amounts of withdrawals from the beginning of the fiscal year (May 1st)
to the end of the fiscal year
(April
30th).
Common
Mistakes
·
Adding amounts from dates that are not as
reported on the cash budget. (Make sure that the addition of the total cash
payments begins on the Cash in Bank amount of 5/01/12 that your firm reported
and ends on the Cash in Bank amount of 4/30/13 that your firm reported.
·
Adding amounts that your firm reported for cash payments,
but NOT matching the sum of all the withdrawals. (This is an indication that
the cash payments reported are incorrect).
·
Firms with multiple bank accounts must include
the withdrawals that occurred on ALL bank accounts regardless of how minimal
the amounts are.
Cash in Bank on 4/30/13
This is the amount that is stated on
your firm’s bank account statement on 4/30/13 which marks the end of a
fiscal year. If there are no
transactions that have occurred as of that date, report
the amount prior to April
30th. If your firm has
multiple bank accounts, sum up the amounts on April 30th from the
bank accounts.
(Make sure to provide evidence of
these numbers by sending a copy of the bank statements).
Common Mistakes
·
Reporting an amount that does not match the
exact amount on 4/30/13.
·
For firms with multiple bank accounts:
Incorrectly summing up amounts from different bank accounts.
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