We need to control cash account that is the cash register and the amount of transaction done in a report. This will be to confirm the money banked by the cashier into the Bank account is the correct amount from date to date.
How would we do this in Manager?
You can create new asset account called Undeposited funds under your Chart of accounts.
When you withdraw funds from cash till for the purpose of making bank deposit, categorize this spend money from cash till transaction under Undeposited funds account.
When you see deposit on your bank statement, categorize this deposit under Undeposited funds account which should bring balance of this account back to zero.
If there are no deposits in transit and this account balance is not zero, it means some money hasn’t been deposited. You need to then look at list of individual transactions in this account to see on which date discrepancy occurred.
Is there a way to control this or have manager report on how much was taken out of the register and went to the bank. I need to have control over the Cashier and know what came in and what was taken out of the till on daily basis. Is there report or way to see all transaction to cash account (Register) on daily basis. I know this is more a job for POS system.
I found the way to do this. The info I need for the days sales to compare to what was deposited in the bank was in the “General Ledger Summary” report. You can run the report from date to date and the click on cash on hand amount and have the exact transaction for each day for that time period.