Receipting is a very important product in the Kalamazoo range of manual business systems and has assumed a more significant role with the introduction of the Federal Government’s Goods and Services Tax (GST).
Not only is the receiving and recording of monies important to the Cash Flow of the business but the recording takes on a new dimension because it is now subject to the reconciliation of monies owed to the Tax Office in the form of GST when the business uses the “Cash” Method for its BAS return.
Businesses are now required to make a monthly or quarterly return to the Tax Office based on the Income and Expenditure generated by the business. This return is called a “Business Activity Statement” (BAS) and is prepared in part from the Income Cash Book Journal and the Payments Cash Book Journal.
Many commercial organisations do not issue receipts but some trade groups and professions are required to by law and still others do by choice. These businesses and organisations represent a considerable amount of business to Kalamazoo. Our largest users (by volume of stationery) are all receipt users and represent a considerable dollar value to the company.
Issuing large volumes or receipts represents a lot of work for those businesses using conventional methods of processing the entries. These can be many and varied and the information required on the receipt can vary from organisation to organisation. Where receipts are required by law, the information contained on them is dictated by an outside body such as the Law Society, Real Estate Institute, Medical Benefits Funds or State and Federal Governments.