There are several types of cash memos that small businesses need when conducting business operations. However, three of them are the most common among them, which we will talk about in detail in this article.
As proof of a transaction, both parties to a cash transaction need a cash memo. In any business, regardless of industry, this document is used for cash transactions. This document includes all the necessary information, such as the items, the amount due and taxes.
An advanced cash memo is a more detailed variant of a basic cash memo. Other information may be included, such as the parties involved in dividing GST among the several forms that apply, and more detailed information about the goods or services.
We use this type of Cash Memo when a transaction is paid partially in cash and partially by card. In such cases, a cash memo can be used such as a tax invoice, which includes all the details of the transactions payment.