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Contributing User
Neat74
Posts: 15
Registered: ‎10-10-2010
Australia
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cash out with eftpos

Have a transaction with a cash out of $100.00

 

Unsure how to record this, as we use Premier and don't use an electronic till.  All monies is balanced at end of day with bank deposit. 

 

How do I record this transaction ?

 

 

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Ultimate Partner
Julie_A_C
Posts: 2,560
Registered: ‎07-09-2010
Australia
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Re: cash out with eftpos

It all depends how you do your entries to record the takings, if it is one receive money for the days takings to undeposited funds and then you take the eftpos out of the undeposited funds, or if you record eftpos sales as a receive money to bank and allocate to sales and do a saperate entry for the cash takings.

 

Either way, in the end the $100 cash given out will be allocated to the asset account you should have called till float.

 

The amount showing in this asset account should be equaling what you have in your till.  If it is all done through the undeposited funds account, then the balance of that should equal what you have in your till and what you have to take down to the bank and deposit (if anything).

 

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Contributing User
Neat74
Posts: 15
Registered: ‎10-10-2010
Australia
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Re: cash out with eftpos

Thanks Julie

 

All sales are recored to undeposited funds, then banked.

 

I'm not sure I understand, as the Estpos transactions are banked each night, and the sales transactions balance with the eftpos deposit but the cash out ?????

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Ultimate Partner
Julie_A_C
Posts: 2,560
Registered: ‎07-09-2010
Australia
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Re: cash out with eftpos

You must though have some sales done in cash and some of that cash left in your till at night.

 

Let's go by an example.

 

You start the day with $400 cash in your till (this is shown in your MYOB assets as either the balance of undeposited funds or a separate asset called Float, till float, cash on hand or whatever you called it.  It would have been created when you first started up your business as you could not open the doors with no money in your till, unless you were working on the basis that the very first customer you got would have exactly the right amount of money and no change would be needed).

 

At the end of the day your Z total shows sales of $500. $350 of this is by eftpos and the rest, $150, is cash sales.  Your eftpos settlement though should read $450 as you gave out cash.  You go to the bank with $150 and make a deposit, you gave out $100 in cash and you are left with $300 in your till ($400 + $150 cash sales - $150 deposit - $100 cash out)

 

You would record this as receive money to undeposited funds $500 allocated to 4-xxx sales GST coded. 

 

You would record a receive money to bank account for $150 allocated to undeposited funds coded not reportable for the bank deposit.

 

You would record a receive money to bank account for $450 allocated to undeposited funds $350 coded not reportable for the sales part of the eftpos settlement and $100 allocated to whatever asset account that your till float is showing in coded not reportable (this account may also be the undeposited funds account depending on how it was first set up).

 

If your Z total from your cash register showed the eftpos sales figure for the day as being $450 then someone has rung up the cash given out as a sale.  If your eftpos settlement was for only $350 then they have only processed the eftpos for the amount of the sale and forgotten to include the cash they gave out.

 

 

 

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Ultimate Partner
Geoff_
Posts: 1,198
Registered: ‎21-11-2007
Australia
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Re: cash out with eftpos

Hi Julie and Juanita

 

Sorry Julie don't mean to tread on anyones toes and probably repeating some of what you said

 

However If it were me I would record my sales for the day as probably two lines.

 

I line showing that Eftpos Sales were $350.00 and cash sales were $150.00. These would be put to undeposited funds.

 

When I make my deposit I would use the Deposit Adjustment bottom Left hand corner and take out the $100 there to whatever account it should go to.

 

The benefit I would see is that the $100 would be recorded against the Sales 4-1xxxx and the money spent would go against whatever cost account you are using i.e.. 6-xxxx.  It also keeps the transaction in one place.

 

Anyway that's how I would do it.

 

PS by the way what is a Z total. Is that the total sales for the day?

 

 

 

 

 

Geoff
Busselton Bookkeeping Service - Bookkeeper and
MYOB Certified Consultant , BAS Service Provider,
Servicing Busselton, Vasse, Yallingup, Cowaramup, Margaret River, Dunsborough, Augusta
www.busseltonbookkeeping.com.au
e-mail geoff_bookkeeper@hotmail.com
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Ultimate Partner
Julie_A_C
Posts: 2,560
Registered: ‎07-09-2010
Australia
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Re: cash out with eftpos

Hi Geoff

 

The Z total is what you get at the end of the day when you do your cash register print out.

 

Why would you be ringing up the cash out as a sale?

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Ultimate Partner
Geoff_
Posts: 1,198
Registered: ‎21-11-2007
Australia
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Re: cash out with eftpos

Hi Julie

 

Sorry I thought the $100 was coming out of the cash sales. I thought Juanita took $100 out of the Cash sales to buy something.

 

No doubt I have it all wrong.

 

Just as well you are there to check up on me.

 

Regards

Geoff
Busselton Bookkeeping Service - Bookkeeper and
MYOB Certified Consultant , BAS Service Provider,
Servicing Busselton, Vasse, Yallingup, Cowaramup, Margaret River, Dunsborough, Augusta
www.busseltonbookkeeping.com.au
e-mail geoff_bookkeeper@hotmail.com
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Contributing User
Neat74
Posts: 15
Registered: ‎10-10-2010
Australia
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Re: cash out with eftpos

Ok, I understand what you are saying, but .......

 

Here is the exact amount etc:

 

Eftpos sales for the day: $237.55

Cash out (eftpos) $100.00

Total to be banked $337.55

 

Start of the day - Float $250.00

Eftpos Sales - $237.55

Cash Sales - $0.00

 

All receipts go to undeposited funds, I then check the summary total at end of each day from the eftpos summary and match to undeposited funds on myob.

 

I can match the eftpos sales to receipts - no problem there.

 

I am down $100.00 in my till, but can't match the $100 cash out, as it can back into my account that night.

 

How do I record the $100 cash out transaction.

 

I do not use an electronic till, money in till is checked against the undeposited funds account at end of each day.

 

Would I:

spend money from float account then receive it back?

 

Thanks for all your help

 

Juanita

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Ultimate Partner
Julie_A_C
Posts: 2,560
Registered: ‎07-09-2010
Australia
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Re: cash out with eftpos

You should have recorded all this as

Receive money to undeposited funds $237.55 allocated to sales

you would then do a receive money to bank account for $337.55 with $237.55 being allocated to undeposited funds and the other $100 being allocated to the till float asset account. 

 

If the till float asset is just run through your undeposited funds (ie you check what the balance of this account is and it balances with what is in your till) the you would allocate the whole $337.55 to this account.

 

After all entries are processed you should be able to check the balance of the till float asset account in MYOB and the balance of that should be $150.00.

 

When your till float runs short (which it will if you keep giving out cash and not taking cash in) you would do a spend money on the bank and allocate to your till float asset account.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Contributing User
Neat74
Posts: 15
Registered: ‎10-10-2010
Australia
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Re: cash out with eftpos

Thankyou, Thankyou, Thankyou

 

All is well now.

 

 

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