Accounting Advice.I am a newbie so please excuse any mistakes and long sentences to explain myself.I am a new treasurer for a charity so still in the learning process.Please help anyone.
One candidate had not paid for their certificate and gave the booking officer £50.00 in cash for it. Another candidate who had paid for a certificate did not complete the assessment successfully, so the booking officer took the opportunity of refunding his certificate payment with the £50.00 cash rather than getting a cheque raised.
How do i enter this in Sage?
-- Edited by sasha 20 on Monday 7th of April 2014 07:21:16 PM
You would use the cash account to post the transactions. How you post, depends on whether there is a sales invoice for the first £50, and whether there is a sales credit note for the refund of £50.
If not using a sales invoice/credit system, you have a cash receipt and cash payment to the appropriate sales code
Thanks for your reply FoxAccountancyservices.
There is no sales/credit note system.No invoice was raised.I was thinking of using a journal to account for the cash because the cash did not go through the bank so that way when I am reconciling, my bank statement will balance.Or would that be wrong?
You know how you highlight the bank and do a bank payment/bank receipt? Well, you just do the same, but highlight "petty cash" instead.. So you do a cash receipt to sales for the £50 in, and a cash payment to sales for £50 refund.
Sage usually has code 1230 set up automatically, even for a charity, so it sounds like someone perhaps decided to create their own code listing?? You'll need to identify the coding range being used for bank and create a cash account, by the sounds of it
