Best Approach to Posting Daily Sales

1

Hi everyone,

We have a retail store that uses a POS system to record cash and credit card transactions. The way I handled it up until now was with summarizing the data and posting a daily sales journal entry, debiting a cash on hand account and a credit cards clearing asset account and crediting the revenue accounts. I know it is best to mostly avoid JEs in Manager, so I was wondering what would be a better way to approach it. From searching the forum and testing out a few things I came down to these options:

  1. Set a “Daily Sales” customer and post daily invoices, then I would post receipts to the cash account and to a credit cards clearing cash account, and record the actual deposit from the merchant as an inter account transfer.
  2. Record the daily sales as a receipt to the cash on hand account, adding lines with negative amounts to the credit cards clearing asset account, thus having the final amount as the cash received for the day. The deposit for the credit card payments would be recorded as a receipt to the bank account categorized to the credit cards clearing account.
  3. Record the daily sales as a receipt to a daily sales clearing account, with two inter account transfers, one to cash on hand and one to credit cards clearing account. I also thought about not bothering with the credit cards clearing account and just set it as a pending inter account transfer to the bank.

What would be best practice in this situation? I believe that my dilemma is due to the fact that Manager is a great software that allows you to solve a problem with different solutions, which can sometimes leave you undecided.

Thank you for taking the time reading this post. I also wanted to thank the developers for making such an awesome yet free application. It definitely beats a lot of other options out there, even the paid ones.

2

I use a bank import with rules to classify the POS transactions into the same groups used by the POS (card, cash etc).

Detailed transaction data is in the POS system.
Reconciliation between POS and Manger totals can be done as required.

Cash is actually done daily by electronic bank transfer of the daily counted amount as I’m to lazy to bank the cash every day but it could be done directly if I ensured I banked on the day reconciliation maybe required.