KEEPING

RECORDS
 WHAT IS RECORD?

• A record is a written proof of what happened, what

is happening, or what is anticipated to happen.
• A record can also be a written proof of what has
been said, and who said it.
• Examples: minutes of a meeting, report of a group
members who worked in a group project, and
record of the names of members who have brought
in their membership contribution
 WHY KEEP RECORDS?

• RECORD KEEPING means that you write down all

the money that comes in to your business, and all the
money that goes out your business, including the
production activities.

• RECORD KEEPING IS IMPORTANT TO YOUR

BUSINESS because you cannot keep everything in
your head. PEOPLE ARE FORGETFUL BY
NATURE.
 ADVANTAGES OF RECORD
KEEPING
• You will know how much money you have received, how
much money you have spent and how you have spent it.
• You can calculate whether you are making profit or a loss.
• You will know the price of your product sold and cost of
inputs
• You will be able to make better decisions on what to do
with your products/business
• You will know how much volume you produce
 TYPES OF BUSINESS
RECORDS
• Production record
• Labor records
• Input and materials record
• Cash Inflow records
• Cash Outflow records
• Profit and Loss Records
• Fixed Assets records
• Inventory records