It is essential that every item of cash received should be immediately entered on the records, and the best method of accomplishing this is to use a receipt book in which the receipts are numbered consecutively in duplicate, the second copy being made out at the same time as the original by means of carbon paper. There can be no doubt that the carbon duplicate in such book is far better than the receipt stub. Not only does it save time but it gives an absolute duplication of the receipt delivered to the party making the payment.

The original of each receipt in the general receipt book is perforated so that on being made out it can be torn from the book and given to the payer, the duplicate (preferably on colored paper) remaining in the book. The receipt book then forms the book of original entry, on which all subsequent entries relating to cash received are based. This book takes the place of a cash "blotter" or counter book for receipts, and in the temporary absence of the regular cashier provides his substitute with a convenient and reliable means of accounting for all money he may receive.

It is a good rule, and in large offices an essential one, that all receipt books shall be kept by the cashier or other responsible officer under lock and key, and that new books be issued to collectors and others only as the old books are returned. A written record should be kept of the date of issue of each book and the name of the person receiving it.

It is convenient to paste on the back of each book its number, and the first and last dates of all the receipts it contains.

The used receipt books must be filed with care, for in the event of a controversy over any payment they are, as books of original entry, of even more value than the cash book itself.

THE ALPHA LAND COMPANY

Nocatee, Georgia

No. 72457

........................191..

Received of.......................................................................................

Address...........................................................................................

.....................................................................................................................................

The sum of......................................................................

.....................................................................................................................................

On Account of............................................................

Mortgage No........................

Principal....................................

$............

Interest..................................

$............

Contract No.......................................

$............

Eureka Gardens................................................................

$............................

Fairmount........................................................................

$............

Grandville.......................................................................

$............

Kingslake.........................................................................

$............

Ladore ............................................................................

$............

..............................................................................................................

$............

...............................................................................................................

$............

The Alpha Land Company,

$............

By....................

(This receipt made in duplicate)

Form 2. General Receipt Book.

The form of receipt book shown in Form 2 has been in actual use for a number of years and meets every general requirement. Receipts for rents are given on a different form.

Speaking generally, every penny of cash received should be accounted for on a receipt. In practice there arise a few exceptions to this rule, as for instance, proceeds of discounted notes, proceeds of bills payable and of mortgages and bonds sold. Even in such cases it is, when possible, usually advisable to fill out a receipt showing the details, although the original receipt is not necessarily delivered to the person from whom the money is received.