I have set up my clients EPOS system to post sales in to Sales Ledger Control Accounts in the balance sheet. When I then see the money arrive in the bank either from the cash bank deposit or from the merchant provider I journal the funds in to the bank which leaves me with outstanding sums received after month end as an asset in the balance sheet.
Only fly in the proverbial ointment is that in Xero you cannot journal in to a bank account. Has anyone come across this or know of a solution
EXAMPLE
Cash sales in month A from EPOS = £5000.00
Cr Sales 5000.00
Dr Sales ledger control - Cash 5000.00
from the bank I can see that in month A £4700.00 cleared the bank so I now want to journal from the SLC to the bank (this is the bit Xero will not allow I think)
Cr Sales Ledger control - Cash 4700.00
Dr Bank 4700.00
Balance Sheet still shows SLC Cash with a £300.00 debit balance at the month end.
I cant see how to make the adjustment, any help gratefully received.
I have set up my clients EPOS system to post sales in to Sales Ledger Control Accounts in the balance sheet. When I then see the money arrive in the bank either from the cash bank deposit or from the merchant provider I journal the funds in to the bank which leaves me with outstanding sums received after month end as an asset in the balance sheet.
Only fly in the proverbial ointment is that in Xero you cannot journal in to a bank account. Has anyone come across this or know of a solution
EXAMPLE
Cash sales in month A from EPOS = £5000.00
Cr Sales 5000.00
Dr Sales ledger control - Cash 5000.00
from the bank I can see that in month A £4700.00 cleared the bank so I now want to journal from the SLC to the bank (this is the bit Xero will not allow I think)
Cr Sales Ledger control - Cash 4700.00
Dr Bank 4700.00
Balance Sheet still shows SLC Cash with a £300.00 debit balance at the month end.
I cant see how to make the adjustment, any help gratefully received.
Thanks
I am confused - you say you journal into the bank in your first line but then later say you cannot journal into the Bank.
Or have I read it incorrectly?
Or is it more that you cannot journal out of the SLCA? (I would suggest this might generally be the case because otherwise you will have an imbalance on an individual account within the SLCA, which is why most software dont let you do it). So taking it back a step - is the credit £5000 that you are crediting the main SLCA account or a dummy account or are you actually matching the card payments up to proper sales invoices?
-- Edited by Cheshire on Thursday 28th of September 2017 04:55:23 PM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
You are correct, this is how I operate in QuickBooks and it all works fine. What I should have said is that I would then wish journal in to the bank. My issue now is that Xero wont allow me to post a journal to a bank account which is where I need the money to end up. I to think Xero is pants!!
You are correct, this is how I operate in QuickBooks and it all works fine. What I should have said is that I would then wish journal in to the bank. My issue now is that Xero wont allow me to post a journal to a bank account which is where I need the money to end up. I to think Xero is pants!!
Ok I do think Ive lost the plot! Didn't I ask an either or type Q? Can you answer that part please and then hopefully I can assist
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
