Are the Enterprises required mandatorily to maintain cash records in the era of Digitalization ?

Yes, despite all advances in banking technology and facilities, businesses must still undertake a large number of transactions in cash. Due to the very sensitive nature of cash holdings and transactions, it is important from a business as well as reporting perspective to have a tight handle on the cash in circulation within the enterprise. To be able to actively ascertain the exact amount of cash available, a business must maintain two principal documents: Cash collection register, to record and reconcile all collections made by the business in cash, and Day books/Cash book to map the inward and outward movement of cash from the business.