A record of transactions is maintained through the completion of a physical form, often bound in a booklet, documenting details such as date, amount, payer, and purpose. A completed instance of such a form provides concrete evidence of a business activity, detailing the flow of funds or the exchange of goods and services. This physical record serves as a tangible confirmation of the transaction.
These completed records are vital for maintaining accurate financial statements, substantiating tax filings, and resolving discrepancies. Historically, these paper-based ledgers provided the primary means of tracking income and expenses, offering a reliable archive in the absence of digital systems. Their use ensures transparency and accountability, which are fundamental principles in financial management and auditing practices.
