If a café has a cash register that takes card sales, cheques and cash would you split the takings so that only the cash is paid into the cash register bank account and pay the card payments directly into the main company bank account or would you pay all sales into the cash register and then transfer the card sales into the main bank account?
I would post the cash and cheques amounts seperately in the 'Cash Register" and post the card takings to the 'Credit Card Receipts' account.
This way you can easily do transfer postings from Cash Register to Bank for the actual amounts banked (with paying in book reference) Any balance left would be the float... (or any discrepancies in banking)
The same goes for the credit card receipts - This will take care of timing differences with the credit card receipts... (always an issue at month end with some receipts coming in a day later...) Also you can post the transaction charges as a bank payment...
Hope that helps
Jeremy
-- Edited by GJRobbins on Tuesday 25th of June 2013 12:56:57 AM
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