Cash accounting

Commercial companies and individual entrepreneurs are entitled to perform cash and non-cash payments. Russian laws do not restrict businesses to cashless transactions. However, every financial operation must be recorded, and every company undertakes to perform cash transactions and maintains cash records in compliance with the regulations.

In order to receive and spend cash, a company must comply with the regulatory requirements in this field. The law unambiguously requires companies to record both incoming and outgoing cash transactions.

Cash transactions and records are regulated by the Central Bank. When receiving or disbursing cash, company representatives must make an entry in the cash receipt, payment slip, cash ledger, and cash receipts/cash disbursements journal. The company can be fined for violating this accounting requirement.