You must have an overview of cash and document ongoing changes to your cash in hand

In many businesses, most sales take place through the customer paying in cash. Establishing good routines for handling and documenting cash will help to ensure that no money is lost and that you can account for your income to the tax authorities adequately.

Two petty cash boxes
Use two petty cash boxes. Use one cash box for the day’s cash sales, and one box for paying bills. The fixed petty cash box (for bills) could for example be NOK 5,000 and there will then always be cash or paid bills totalling NOK 5,000 in this cash box. The amount you need to have in your fixed petty cash box will depend on how much you purchase in cash. The fixed petty cash box must be settled at least every accounting period, so that vouchers are sent for inclusion in the accounts under the appropriate period. Once you have used up the cash, withdraw money from the bank, so that you have NOK 5,000 in the fixed petty cash box again. Withdrawal receipts and bills can be placed together with other vouchers which must be entered in the accounts.

Cash sales deposited in the bank
Cash which you receive should be deposited in the bank at regular intervals, e.g. daily. Speak to your bank about their night safe schemes or other similar schemes.

Register every sale on your cash register
You must enter cash sales on your cash register as soon as the sale is made. Remember that the customer must be given the register receipt and that you must have a receipt roll in the cash register. Those who are required to keep accounts who make occasional or itinerant cash sales not exceeding three times the National Insurance basic amount during an accounting year are not obliged to register their sales on a cash register. Instead, these people can document their cash sales on an ongoing basis in a bound book with pre-numbered pages, or through copies of dated pre-numbered sales vouchers. In the case of outreach sales to the public at sports events, concerts, etc., daily sales from each individual salesperson can be registered as a single amount in the cash register, and no receipts need be printed out for customers.

Count up the cash
Count up the cash in the register at the end of the day or before you open on the following day. Reconcile the cash in the register against the sales that have been registered on the cash register. Reconciliation must be done daily.

All incoming and outgoing cash payments must be registered daily
Other incoming and outgoing cash payments must be registered daily wherever possible. Such incoming and outgoing payments could include salary for employees, withdrawals for private use, payments to suppliers, repayments of money you have lent to employees, etc.

Document incoming and outgoing cash payments
Make sure you also have vouchers for incoming and outgoing payments in addition to sales. If the nature of the transaction is such that you do not receive a voucher, you should then write an internal voucher, explain what the amount concerns and make a note of important accounting information.