Reflective Learning Journal on Cash Management and Budgeting

Business Accounting
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Introduction
The aim of the paper is to conduct the reflective learning journal which is imperative to
comprehend the skills and knowledge that I attain in the lecture of cash management which is
one of the important topics of cash management and budgeting. The paper covers the major
topics that are related to the cash management that are cash, internal cash control types, cash
receipts, bank accounts and others. In addition to this, the explanation for the cash management
and budgeting enhance my skills.

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Reflective learning Journal
In the weekly lectures, I learnt about cash management and its vital role in the organisation. The
cash management majorly includes money, duplicate of the credit card, negotiable instruments
which are easily accepted by the company (Gitau, Nyangweso, Mwencha and Onchangwa,
2014). Further, I enhanced my skills by understanding the way through which companies control
the cash. The organisations consider cash as their one of the important assets which can affect
the operations of the company. I understood that the control of cash is linked with the
organisation as it needs a good internal control system for handling cash and recording cash
transactions. It has been observed by me that the control of cash can also affect the financial
decisions of the company. I gained the knowledge that it is essential for the companies to control
the cash receipts. Moreover, the company gets the cash receipts in different forms which include
mail, cash sales and short cash.
In addition to this, I enhanced my skills that cash management also includes cash payment done
by the companies which are needed to be controlled by the company. According to my view,
cash receipts directly affect the cash payments done by the company. I attain the knowledge that
control of cash payments can be done by the company by approving invoices for the payments
and by signing the cheques which also include the approval of electronic transfers.
Further, in the topic of cash management, I learnt the concept of the bank reconciliation in which
I understood that companies make use of the bank statement and also secure their all transactions
that help them in taking the long-term decisions. I got the learning to enhance my knowledge for
the process of the bank reconciliation that is followed by most of the company. Moreover, there
are certain factors that are present in the bank reconciliation which majorly includes outstanding