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attilabenko


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Z reports
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Hi,

I have a new client (a pub)- vat registered ltd who just handed me two month's sales. Z reports attached to till sheet - like normally, cash,float,card sales,cash spendings from till,etc.
Firstly I have card sales on Z reports, well - credit in drawer £(x) or credit card £(y), on the till sheet £(a) and on the bank statement £(b) so I've got four different amounts for the card sales for the day.
There isn't a single day where the takings on the Z reports are matching with the till sheet (cash in till plus credit card sales plus cash spending minus float)
Some days the net takings are more than gross takings according to Z report.

I am concerned I am doing something wrong, anybody any ideas what could the problem be?
I secretly suspect it is the client, have been advised they had problems with cash recociliation in the past, but I want to make sure it is not something I am missing...

Thanks

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Attila
BackOfficeGroup


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Attila

I am not surprised especially for a pub, as most will be cash sales and not ringing up the till is a regular occurence!

I would calculate by the amounts you have rather than the till reports, as unless the till does not open without a sale, you'll never get them to match.

P

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attilabenko


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Thanks Phil,

That's what I thought but is it not going to cause problems as they are VAT registered? Proof of their sales should be Z reports and not till sheet or does it not matter?
If I can just post the amounts on till sheet the only thing left is card sales on this are not matching amounts on bank statement what can be fee to the card company but for some reason I don't think that this is the case.

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Attila
BackOfficeGroup


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I think posting the amounts on a till sheet is ok, especially for a cash business but it would be much better from the till reports. Not always that easy though.

Card sales should always match the bank statements and card statements - many work in differing ways, some post gross amount to bank then have a monthly fee, others take the fee per each transaction, there are probably other ways too, so I would check to see how they are working. But, they should always match the card machine report in some way.

P

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Rhianrach


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It's always going to be hard to make z readings match actual cash, money gets dropped, in-correct change given out, theft.

When I worked in a cash business they never matched up and it was never a real problem as long as it was within a certain percentage (1% I think).

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Steve
attilabenko


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Thanks guys!

Most of the days it is over a percent or two, normally the till is up so probably it is the case of not ringing it through...
The card machine report is matching with the till sheet so at least I know now the right figures are not the ones on the Z report. On the bank statement when the payment comes from the card company it does say which day it is related to so I assume if there is a difference it has to be the fees.
In my cash business experience ok it happens the till and the z report not matching but on the till sheet you have to account for the difference on some way (make it match).
Any ideas about why is net sales sometimes more than gross sales? My take on this is that some employees don't use the till properly, and probably it is the reason for the almost every day problem of z rep card sales not matching with card machine report...

Did not even start with the books and already spent half afternoon investigating what is going on.. :(

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Attila
ADAS


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Hi Attila,

The card company should issue the business with an itemised breakdown of the transfers to the company bank account, you should then be able to match this to the companies card machine report.

The card company should also issue you with an invoice of their charges, it's possibly on the same document as the one mentioned above.

I run a control account in the books for one of my clients, to handle this.


hth




-- Edited by ADAS on Wednesday 13th of October 2010 07:24:03 PM

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Tony

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BudgetB


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attilabenko wrote:

. On the bank statement when the payment comes from the card company it does say which day it is related to so I assume if there is a difference it has to be the fees.



What you should see is the amount paid into the bank matching the Z report for the same date. The card companies then calculate their fees once a month and take those as a DD.  Now, as I found last time I did the accounts for a pub is that the problem with matching the amounts up was to do with the credit card company.

They have a cut off point in the day where they process the transactions, I think for the pub I was doing this was around 11pm, which meant that anything put through on the card machine after 11pm would show up on one days till reports but the next days card takings, very confusing. A quick call to the card company solved it, they moved their cut off time back to 2am and hey presto reports matched bank statements!

 



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Jenny

 

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attilabenko


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Very good point! Thanks for that!

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Attila
attilabenko


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Ok on the Z report I have gross sales for the day - what I assume is the sales total, it is a pub, should charge VAT on everything.
I have a section saying cash in drawer and credit in drawer, total of these are not matching up with gross sales?
There is another section listing cash,credit card, £5, £10, £20 total of these are matching with total in drawer but figures at credit card are not matching with the above and as I said total in drawer not matching with gross sales?
And I still can't get my head around why is with some employees net sales are higher than gross sales...

I am trying to enter all this in sage but for now I have no idea which figures to take as sales and what part of these is takings on credit cards...

Plus as I said none of the figures in any combination are matching with their till sheet(cashing up). Accountant's advice is to take the higher figure either Z rep. or till sheet but even this is not that easy. I have three different amounts just for sales: gross sales( I would love that), cash in drawer what is some days significantly higher than gross sales, and sales according
to till sheet. And than how much of it is credit card? Credit in drawer or credit cards(both on Z report) or card sales on till sheet or money coming from card company on bank statement - that is four different numbers just on this matter :(((

And what is hold table £xxx on the end of day z report if by the end of day everything should be paid?!!!

I started to do a spread sheet listing card and cash sales on z report and card and cash on till sheet, total and difference to see(show) the difference for each day but now don't even know what numbers to take as sales....

I am clueless...   clueless.gif

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Attila
BudgetB


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Just reading that has given me a headache! lol

I would love to help, but to be honest without being able to sit down with a cup of tea and look at the bits of paper in front of me I really don't think I could decipher that from here....

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BackOfficeGroup


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I would take the cash in the till (plus anything spent) and the credit card report from the machine. That should be the real true total. It should match their cashingup sheet, although why it doesnt is either a training issue or they are not telling you something!!

I would also investigate the card payments to the bank, as it depends when they take the charges.

P




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attilabenko


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Thanks for that everyone!

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Attila
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