Please excuse my complete lack of knowledge on the subject. I'm not trained in accounts at all and have never had to do this before. My manager is away and i'm having trouble getting my head around the way i was shown to process till discrepancies at end of day banking for our retail stores. Put in the simplest terms as i'm a complete newbie at this, i need someone to clarify for me when a bank receipt is used and when a bank payment is used. So if one of our stores contacts me to say that their till was down by say £25.00 when they cashed up, then their end of day report would state that they took £25.00 more than they actually have to bank. In that scenario would i process the difference as bank payment or a bank receipt?
I'm sorry if that doesn't make alot of sense, as i say i'm flying blind here! Thank you in advance :)
Please excuse my complete lack of knowledge on the subject. I'm not trained in accounts at all and have never had to do this before. My manager is away and i'm having trouble getting my head around the way i was shown to process till discrepancies at end of day banking for our retail stores. Put in the simplest terms as i'm a complete newbie at this, i need someone to clarify for me when a bank receipt is used and when a bank payment is used. So if one of our stores contacts me to say that their till was down by say £25.00 when they cashed up, then their end of day report would state that they took £25.00 more than they actually have to bank. In that scenario would i process the difference as bank payment or a bank receipt?
I'm sorry if that doesn't make alot of sense, as i say i'm flying blind here! Thank you in advance :)
If you are using Sage, you can create a cash discrepancies account. You may be able to do this on any software, if you don't use sage.
Lets say till sales are £100 and only £90 was banked. You have a cash receipt of £100, £90 is transferred to the bank, and £10 is paid to the cash discrepancy account, which is usually a cost to the company.
Thank you so much, that was a huge help!! Just another one for you, again please excuse my lack of knowledge on the subject. But if one of our stores reports a till issue to me- in that the money they have to bank at the end of the day is all correct, but the Z-reading at the end of the day on the till has a mistake on it for whatever reason, do i still need to fix this on Sage even if there wasn't actually a money discrepancy?
