Can the settings be changed so that the Cash Register Sales are accounted for on the date they are entered, rather than a preset 5 days in advance? I want to enter each day’s Cash Register Takings at the end of each day, and have them accounted for on that same day. Also, why do they have to go to a petty cash account? Not that this really matters to me, as I am only currently using Quickfile for the stupid new MTD for VAT. It is important however, for my Cash Register Sales (in retail, my only sales) to be accounted for on the date that they are taken.
Can I just clarify where you’re seeing this date please? The cash register tool should open to the current day.
Regarding the petty cash query, this is just the default account for cash takings. If it’s banked, this would be treated as a separate transaction, and tagged as a transfer from the pretty cash account to the current account.
When I click on “show all sales” in the sales tab, then view any of the Cash Register Sales, it produces an invoice on screen. The due date on these is always 5 days after the issue date. Cash Register Sales should not be treated as an invoiced sale, as they have occurred there and then, and payment has been made. The only way that I can see to change this is to click on modify invoice, where the 5 days can be changed to 0. There should be somewhere to change the default setting for this, rather than have to create and change each Cash Register Sale “invoice”. It was confusing me why some of my sales were not being picked up for the VAT report, and it appears that it was because of this very thing. When I changed the 5 to 0, then they were included in the VAT report that I wanted them in. Can this setting be changed so as not to manually have to change each one?
The due date on the invoice wouldn’t affect the VAT report. If you’re on accrual accounting, it would be the issue date that would decide if it’s included, likewise, if you’re on cash accounting, it would be the paid date of the invoice that decides this.
Is it just the cash register sales you are looking to change the default due date for? If so, the “Cash Register Sales” is just treated like a client. If you go to Sales >> View Clients and select the client, you can then modify them and edit the default payment terms there.
This wouldn’t affect anything previously created, but it shouldn’t cause a problem in regards to your VAT return.
I’m on cash accounting, because VAT to be reclaimed has to be claimed on the date any invoiced are paid, rather than when they are raised, or so I’m led to believe. I’m pretty new to all this, as I am now entering my 1st VAT period that has to be submitted by the MTD rules. I’ll see if I can change this as per your suggestion. Thanks.
Yes, that’s correct. When you’re using the cash register tool it should log payment on the same day the invoice is created.
This is precisely why, as a retailer, I don’t use cash accounting. My sales “invoices” are always paid in full on the same day they’re raised, but my purchases often have an invoice date one week but a payment date a week or two later. If that week straddles the end of a VAT quarter I can claim the VAT back on that purchase three months sooner than I would if I were on cash accounting (where the reclaim has to wait until the date of payment rather than the date of invoice).
The only time it makes sense to use cash accounting as a retailer is if you routinely pay for your purchases before the date of the supplier’s invoice. If you always pay on or after the invoice date then accrual accounting will work in your favour.
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