11 October 2012
No such restriction for current account. No need to do TDS as well. For cash transactions you need to be more accurate for supporting evidence.
We are keeping all the supporting evidence however for some expenses we do not get the bills and we only mention the amount and the detail of the expenses in petty cash book.
Also in TALLY do I need to enter the every expenses as I am only entering the total amount what we withdraw for Petty Cash.
12 October 2012
01. In order to make the CASH transactions AUDIT compliant, we need to get cash memo e.g.petrol expenses) OR bill/invoice + receipt (e.g. small purchases of stores) 02. Over and above, there are certain genuine expenses which may not be supported by external evidence. In such cases, voucher should be prepared and get it signed by the employee incurring the expenditure AND get the same approved by the higher authority. The higher authority shall vary from transaction to transaction and department to department. 03. In tally, there is a good facility to enter total amount as well as every small amount under sub ledger system.