The Book-keepers Forum (BKF)

Post Info TOPIC: Best way to input till receipts


Master Book-keeper

Status: Offline
Posts: 3086
Date:
Best way to input till receipts


I have a client with a retail shop who has a mix of cash and cards.  On VT you have a cash account and bank account but I don't particularly want to have to input cash and then cards, as I have a years worth to input, as I am effectively duplicating the process.

(My other retail customer inputs cash and I do the cards when I'm reconciling the bank, as they are date coded on the statement) 

One way I could possibly do it is to enter it all on a spread sheet, with a separate column for cash and card, then use the input sheet to bring it into VT.  

Just wondering how other folk do it?



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

Status: Offline
Posts: 7950
Date:

Hi John
Do I take it this one is Non VAT reg?
Does the Z have split between cards and cash? Or are they dumping all to a 'cash' type bank and then you are transferring from that bank to the current account via the date they appear on the Bank? Are they/you reconciling the card slips to ensure they are receiving all the correct income/dealing with any refunds (to the card providers data from the daily card totals/individual card slips?)



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

Status: Offline
Posts: 3086
Date:

Cheshire wrote:

Hi John
Do I take it this one is Non VAT reg?
Does the Z have split between cards and cash? Or are they dumping all to a 'cash' type bank and then you are transferring from that bank to the current account via the date they appear on the Bank? Are they/you reconciling the card slips to ensure they are receiving all the correct income/dealing with any refunds (to the card providers data from the daily card totals/individual card slips?)


 No, it's VAT reg, Z read does split between cash and card.  I'll ensure card total matches that received from card company via a rec. I won't see individual card slips, just the Z reads.

Question was more about how to log the Z reads.  I don't want to record daily cash totals then go back and record daily card totals, so I still favour logging both on excel on one line  eg  Date  cash card total then using the universal input tool on VT to log separately (which will also take care of the VAT element), but I just wondered if there was a better way.  If I do do it that way the card total will go to a dummy cards bank then I will do a transfer cards > current account when I input the bank details.

 



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Senior Member

Status: Offline
Posts: 102
Date:

What my clients do, takeaways, trades people etc, is to record each entry (cash, cards or other bank items) as an individual line with a code which indicates what the source of the funds is (for a tradesperson it may be the private bank account, a credit card or petty cash as well as the trading bank account). The system then tracks the different bank balances so that they can reconcile the trading bank account.


__________________


Master Book-keeper

Status: Offline
Posts: 3086
Date:

Hi John

Is that with your cash book?  I normally use VT Transaction+  but it doesn't allow you to split the incime into different accounts, eg cards/cash



-- Edited by Leger on Sunday 13th of October 2019 09:49:45 AM

__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Senior Member

Status: Offline
Posts: 102
Date:

That's with the cash book. It is only, however, orientated at regulatory returns (ie VAT, Self-Assessment) I have not yet made it do full double entry accounts. Hence although it is usable for MTD Vat for Ltd Companies, it is not usable for more general accounting as yet.

What tends to happen with tradespeople is that they reconcile the commercial bank account, but transactions in petty cash or from the private account are not reconciled merely recorded. (as many of the transactions otherwise are not relevant for tax purposes)

I will develop it on to full cloud accounting, but am for now concentrating on regulatory requirements and tax recording.


__________________


Master Book-keeper

Status: Offline
Posts: 7950
Date:

Leger wrote:
Cheshire wrote:

Hi John
Do I take it this one is Non VAT reg?
Does the Z have split between cards and cash? Or are they dumping all to a 'cash' type bank and then you are transferring from that bank to the current account via the date they appear on the Bank? Are they/you reconciling the card slips to ensure they are receiving all the correct income/dealing with any refunds (to the card providers data from the daily card totals/individual card slips?)


 No, it's VAT reg, Z read does split between cash and card.  I'll ensure card total matches that received from card company via a rec. I won't see individual card slips, just the Z reads.

Question was more about how to log the Z reads.  I don't want to record daily cash totals then go back and record daily card totals, so I still favour logging both on excel on one line  eg  Date  cash card total then using the universal input tool on VT to log separately (which will also take care of the VAT element), but I just wondered if there was a better way.  If I do do it that way the card total will go to a dummy cards bank then I will do a transfer cards > current account when I input the bank details.

 


Hi John

Hope Im reading this correctly.

If the Z's give you the split between card and cash they would also need to give you the split between VAT/non VAT for cash and split the same for cards.  Probably not the cash so it would get messy.

Just process all via the 'cash account' in VT, so you can show your standard rated v zero rated daily sales totals (as that takes care of MTD).   Although, Im unsure how you process that in VT (not having tried it - I take it you know?   Can you advise just as it might be useful for me at some point in the future?!)

Then I would make sure you get the daily card totals report from their card machine and check this off for your reconciliation (Ive seen missed payments to the Bank from card acquirers before now!).  I would just then do a transfer from the cash account in VT to the Bank account - on the day the funds drop into the Bank.  You will have a bit of a lag in timing on the cash account to be aware of when you do a cash check/reconciliation exercise (1 - x number of days worth of card receipts - depends on how many days your clients' card company takes to settle payments.

Hope Im making sense!!!!!!!

 

 



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

Status: Offline
Posts: 3086
Date:

Hi Joanne

Thanks.  All sales are VAT @ 20% so I don't need to worry about splitting but on VT you would go cash account P+R cash sale and enter on two lines   eg  £120 at 20% would be £120 put 20% in the VAT column which would then give you £100 in the analysis column and second line would be £100 no VAT* and £100 in the analysis column.

* VT automatically determines 0% rate VAT, outside the scope and exempt based on the category, so in this case would class as zero rate.

vat.png

 

You make sense but have to say that the process is entirely alien to me, as I have always treated cash account as strictly cash or cheques, but thinking about it cheques and cards both hit the bank in a similar way, so will follow your suggestion.  Many thanks. 



Attachments
__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

Status: Offline
Posts: 7950
Date:

Hi John
Thanks for the VT info - I thought they may be some way to show this as a connected transaction but it appears not. Eg in sage when you do the two split lines it wil show as 2 lines for most things but for the Bank (read any of the bank accounts, including petty cash) it will show as one entry if you use the exact same reference. Tweak the reference, even by using capitalisation then it shows as 2 distinct transaction on the banking screens and reconciliations. Nifty feature I think and in part one I hated with VT. But its horses for courses I suppose.

At least with this one its all one VAT value, so you could split the transaction so just treat cash as cash. Cards as cards. Its extra keying but might make the whole cash account easier to reconcile/agree to cash counts.

Might be worth a couple of weeks of entries and see which you prefer. Especially if you are mostly going to do the old work via a dump from excel to VT.

By the way - couple of thoughts. Random ones off top of my head....

Can you extract a whole year/month or whatever of 'z' info into excel from the till reporting system? Will save you typing!

Does the z reading always show the same card value as the close of play card report? Just wondering if there may be a cut off/timing issue when things drop through, which might determine the best way to go.


__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

Status: Offline
Posts: 3086
Date:

Cheshire wrote:

Can you extract a whole year/month or whatever of 'z' info into excel from the till reporting system? Will save you typing!

Does the z reading always show the same card value as the close of play card report? Just wondering if there may be a cut off/timing issue when things drop through, which might determine the best way to go.


 I don't know on the first question, but I've sat on this already for a couple of weeks so I'll get this one done but can certainly ask the question for the next VAT quarter.  (What I'm doing now is the 18/19 tax return, but by way of explanation he did the first elongated VAT return himself, and I have done the VAT return to end July 19) 

On the ones I've looked at the totals agree, so it is including all the days card sales.



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  

©2007-2019 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: info@bookcert.co.uk.

Privacy & Cookie Policy  About