Cash Out with EFTPOS Purchases
One of my clients gives cash out to its customers when a purchase is made. I've created a liability account for cash out but my question is, how do I know when the cash out has been deposited into t...
Thanks for your post. From my days as a bookkeeper and as a treasurer for a football club that did a lot of cash out, the cash out amount is included in the eftpos total. So if the sale amount is $100 and the cash out is $50, the total eftpos amount is $150, which is deposited into the bank on the next business day. The eftpos deposit amount is increased by the cash out amounts and the cash takings are decreased by the cash out amounts.
Please let me know if you need further help.
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