This is my first "retail client" and not sure how I post the takings to VT. They have a mixture of cash and credit/debit card sales and don't bank the cash daily, only on a as and when basis.
So, my question is, what is it I use to post the sales into VT, is it the daily till receipts or do I use the bank statements at the end of the month? And what about the VAT element?
The way I do it is to set the till up as a bank account in the same way you would petty cash. Enter cash sales here for each day, then when money is paid into the bank do a cash transfer. I have recently given my client a sheet to complete each day for their takings, any cash payments made from the till and any monies banked. Before this they were paying for things from the till but having no note of it.
There was a very recent discussion about how to handle debit/credit cards, it's worth having a look.
VAT depends on the type of goods sold. My client sells a mix of standard and zero rated items. Because his till doesn't differentiate between the two I use the retail apportionment scheme. 80% of his goods are standard rated I use 16% VAT for his sales. Put in the total sales and VT will work out the VAT for you.
OK thank you, but what is it you are using to post to VT , are you using the till receipts? Or should I give them a sheet to complete each day like you and they record their takings on that? Sorry stupid question...
Get them to do a z-reading on their till at the end of the day. It prints out a receipt with all the sales taken since the last z-reading. Make sure they don't do an x-reading. It looks the same, but doesn't clear the figures so day 2 sales include day 1 too and day 3 includes day 1 and 2, and so on.
The sheet I gave them is a table for a week. It has columns for opening float, z reading, cash purchases, cash in till, variance, banked and weather. The weather is for the client, they like to see how the weather affects sales. This is something we made up with the client to get the information I need and they need. I'm not saying this is the best way, but if you do think of better let me know.
