A receipts and payments account is simply a summary of cash transactions over the year, like noting every rupee that enters or leaves the club's box. But an income and expenditure account sorts those into proper revenue and cost heads to find the true surplus or deficit, which is vital for a club's health—like knowing if your tapioca sales truly cover school fees or just look good from the cash in hand. My old adding machine could tally the first, but only proper accounting reveals if the club is actually saving for a new net or just breaking even.
#money#career
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