cash out via eft

[Sadeta21]

Customer was given cash out $100 from eftpos 25/08/2021 not sure how to record this as I need to reimburse the cash float. I have recorded it under undeposited funds to match up with EFT Settlement, i also have then recorded this in prepare bank deposit.

Have entered a transaction journal to reimburse the cash float, but it has increased the float amount by $100.

Need to match up in MYOB at the end of Month.

Please advise, Thank You

[Beansmutts · Accepted solution]

Hi Sedeta21

Receive Payment into Undeposited $Sale Value

Receive Money into undeposited of $100.00 expense is Petty Cash (or Cash Float)

Prepare Bank deposit into Bank for total of EFTOS

Your Petty Cash (Cash Float) will show the $100.00 being spent(deducted)

Hope this make sense.

Gillion

[Sadeta21]

When I go into receive money its says i should be using receive payments instead, this is doing my head in grrr

[Beansmutts]

Hi 

That is just a "Question" from the system, to say the Payor you entered is a customer and are you sure this transaction isn't for a sale.  You can just select OK.

You should also make sure the Memo (the one under Payment Method at the top) indicates that this is the monies paid out to this customer.

Gill

[Sadeta21]

But doing this wont match up with EFT Settlement, sorry if i sound dumb - just worried about end of month..

[Beansmutts]

Hi 

Both the Receive Payment from Customer and the Receive Money from the Customer are going into undeposited funds.  the Prepare bank deposit should show both transactions to balance with the EFTPOS.

Call me if you like 0402 761 466

Gill

[Sadeta21]

In the bank reconciliation it shows as follows

: Bank deposit $100

: Bank deposit EFT setllement less $100

: Bank withdrawl - cash reimbursement for float $100

Hopefully this is correct, if so I can't thank you enough for your help

[Beansmutts]

Hi Sedeta21

Ummm  no not really. 

Please give me a call 0402 761 466

Gill