I’m new here. I’m sorry if this is a double post. I tried search the forum but I didn’t get the answer I’m looking for.
I found out from here that as a fnb settings, I just need to input received money/money spend on bank tabs.
I have some question in my mind.
my daily sales consist of tax 6% and service charge of 10%. How do I go around this?
my country rules on service charge is also subjected to tax 6%. for example if the svc charge is $1, it is subjected to 6 cent tax too.
sometimes I do online voucher like groupon, where do I input these?
It is possible but there is a couple of things to clarify first:
Are you processing per transaction or daily totals? e.g. Cash register totals or Docket tallies etc
Do you work Tax inclusive or Tax exclusive?
With regards to the Daily Sales and Service Charge you would process them as separate line entries:
Line 1 - Account = Daily Sales - Amount = 100 + 6%
Line 2 - Account = Service Charge - Amount = 10 +6%
Depending on tax method will determine the tabs to be used.
I’m processing daily totals. Currently is Tax inclusive.
Where do I input the Account = Daily Sales - Amount = 100 + 6% that you mentioned? Is it under Cash tab?
By separating them, I find this useful for my monthly ending to pay my staff the service charge.
also can I do the same line for Groupon?
Right answers - by that I mean you have given yourself the most straightforward approach.
You will probably need to activate both Cash on Hand and Cash at Bank tabs. I am assuming the daily receipts will go to Cash on Hand and you do Transfers to Cash at Bank in bulk sums.
Under Settings - Tax Codes select you countries tax rate.
Under Settings - Chart of Accounts - P&L side create the following new accounts:
Name = Daily Sales (or Café Sales - your call) - Group = Income - Tax Code = select code
Name = Service Charge - Group = Income - Tax Code = select code
Under Cash on Hand - create cash account (say Daily Takings) - now you should be set up.
End of Day 1 - Cash on Hand - Daily Takings (click blue dash under balance)
Receive Money - Payer = Takings Date
Line 1 account = Daily Sales - Amount = Takings
Line 2 account = Service Charge - Amount = 10% of Daily Sales Takings
Just make sure the RHS of the account lines show the tax select
Groupon is an online voucher to get the best deal. Usually it is very popular among restaurant/cafe. People use this app to buy and then present the voucher at our cafe to redeem, and then Groupon will pay us instead of customers.
Ok, then you could create another COA Income account called Groupon Vouchers as above and bank the income to there. Also, if you take credit card payments, then you could open a 2nd Cash on Hand account called Credit Cards.
Yes, it would certainly be simpler - so they wont be part of the Cash on Hand - Daily Takings.
With the credit cards, as long as you get paid the gross and you pay any fees separately.
Hi, I trying to find out about daily Cash Register receipts and found this thread. Sounds good, but I can’t find the Bank Account tab. Am I missing something?
Hi Brucanna, thank you for the quick response. Do I need to set up Credit Cards? Should I make one for each type?
Right now I receive money in a Register account that I record daily sales (located in cash accounts), then transfer the credit card amounts to ‘checking account’ as ‘unclear’ till they ‘clear’
If I set up different credit card types, will that affect the totals for my checking balance?
If you are aggregating all credit card sales from one type of card, say VISA, into a single entry for the day, you don’t need to create anything. Those would be like different cash customers. But I question whether doing this is wise, because different VISA cards (or other types) will not all process and clear at the same time.
You might, however, create separate cash accounts for each type of credit card you accept, assuming you will actually be paid through a single processor for each type of card. That way, you can track and clear receipts and transfers to other bank accounts.
Master Card, Visa and Discover together on one processor
online sales through another processor
If I set up three different accounts (because they clear at different times) how do I enter when I do daily sales?
Would I need to transfer the funds from each processor to the checking account?
I don’t know enough about your arrangements with the various credit card processors to recommend anything. You might, for example, just enter payments they make to you by receiving money into a cash/bank account. Or you might want to track individual purchases by allocating them to individual accounts for each credit card. Whatever you end up deciding, you will use the Receive Money function within some cash account when you receive payment.
Your best method would be as suggested above - under Cash Accounts create separate Cash on Hand accounts for cash, each type of credit card and online sales and put all transactions through them.
At the end of each day break your total daily sales down into their individual types - cash/CC/online.
Do a Receive Money into each relevant Cash Account - if required have matching Income Sales accounts.
When you receive funds from the different sources into your checking account - deposit them by doing a Transfer Money with the appropriate Cash Account receiving the contra entry.
This way, the balance on your different Cash Amounts will indicate the value of outstanding funds.
Thank You Tut and Brucanna, That is what I am doing, when they are cleared in the bank, I transfer the amounts to the checking account in Cash at Bank.
