Recording Monies Received and transferred to bank

Contributing Cover User BiancaBiz
6 Posts
Contributing Cover User
BiancaBiz
Contributing Cover User

6Posts

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0Solutions

Recording Monies Received and transferred to bank

Hi All

 

We have multiple inputs for income daily, being cash takings, Eftpos takings, and takings from a barter-system.  All funds are recorded as received into a 'Cash on Hand' account on the day of the transaction.  All funds are then deposited into a cheque (or barter) account on either the same day or a day or so later as either Eftpos reconciliation or a cash deposit to the branch.

 

Is it possible to 'Receive Money' for the total daily amount, and in the same transaction (on different lines), record the specific amounts for cash/eftpos takings as negative values, and assign them to the Cheque account on their respective deposit dates?  Could these individual line items then be matched to the bank feed?

 

Thanks in anticipation

Bianca

1 REPLY
MYOB Staff Post RienaP
1,734 Posts
MYOB Staff Post
New Zealand
RienaP
MYOB Staff Post

1734Posts

180Kudos

251Solutions

Re: Recording Monies Received and transferred to bank

Hi @BiancaBiz,

 

When money is received in any form, being cash takings, Eftpos takings, and takings from a barter-system, deposit it to an account, in your case you are using "Cash on Hand" account. When you go to the bank to deposit that money into the bank, I would then transfer the money from Cash on Hand account to your bank account. It will appear on your bank statement and on your bank feeds stating "One match Available".  Drop down the arrow far right and Match it to the transfer. To illustrate this I have worked an example and I am using a Petty Cash account (which is in my Chart of Accounts) instead of Cash on Hand (which you would use) See below:

 

Step 1 Receive Money into your Cash on hand account. 

 

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Step 2  - Likewise, you can do for other forms in which you receive funds

 

Step 3 - Transfer Funds from your Cash on Hand account to your bank account

15.png

 

Step 4 - Match on your bank feeds

 

16.png

Tick to match the transaction 

 

Hope this helps! Let us know how you go as we are happy to help. Smiley Happy


Regards,
Riena
MYOB Training Specialist
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