Cash transactions: rules of conduct and typical mistakes

Conducting cash operations can be a complex process that requires knowledge of current legislation, understanding of accounting principles, as well as constant updating of information about changes in legislation.

Cash transactions are cash settlements carried out by enterprises, institutions and organizations regardless of their organizational and legal form and sphere of activity, as well as by individuals who use hired labor.

Rules for conducting cash transactions

1. All cash transactions must be documented.
2. Enterprises, institutions and organizations must have a cash register.
3. Cash registers must be registered with the tax authorities.
4. Cash received at the cash desk must be deposited in the bank within three working days following the day of its receipt.
5. Enterprises, institutions and organizations must keep a cash book.

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Typical mistakes when conducting cash transactions

• Non-registration of cash transactions.
• No cash register.
• Use of unregistered cash registers.
• Untimely delivery of cash to the bank.
• Failure to keep a cash book.
• Improper maintenance of the cash book.
• Keeping cash in the cash register above the established limits.
• Use of the cash register is not intended.

Consequences of violating the rules of conducting cash operations

The consequences of violating the rules of conducting cash transactions may include various forms of liability. Although financial sanctions for violating the requirements of the Regulations on Cash Operations were canceled as of 2019, administrative liability remained in the form of fines from 100 to 200 tax-free minimum incomes of citizens. These fines may apply to officials, including accountants. In more serious cases, criminal liability may follow.

In order to avoid mistakes when conducting cash operations, it is recommended to regularly update your knowledge in this area, use modern software products for conducting cash operations, and seek advice from relevant specialists if necessary.

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Assistance of external experts in the management of KO

Here are some reasons why you may need the help of a specialist in managing cash operations:

• Complexity of legislation: The Resolution of the Board of the National Bank of Ukraine and other legal acts regulating the conduct of cash operations can be difficult to understand.
• Changes in legislation: Legislation on the conduct of cash transactions is constantly changing, so it is important to be aware of the latest changes.
• Risk of errors: Incorrect conduct of cash operations can lead to fines from regulatory authorities, as well as blocking of accounts.
• Saving time and resources: An expert can help you save time and resources that you would have spent on managing cash transactions and learning this topic yourself.

The "Prikhodko and Partners" team has deep expertise in accounting matters, so they are always ready to help both with the accounting of primary documentation and with other issues - from consultations to reporting. For a consultation, fill out the form below.