Cash Takings

Accounting
1

Hi there,

I’m really new to this, please bear with me. Had a good look through previous threads, but no luck on this subject.

My business is a mobile bar, we take some payments via bank transfer before an event, however, the bulk of our revenue is cash and card payments “on the day”. Of course, I follow the necessary cashing up procedure at the end of each event, I just can’t find a place to log these takings in QuickFile.

Any help or advice will be greatly appreciated!

Thanks in advance,
Laurence

2

Hi @thealevan

You should have a Petty Cash account which could be used for your cash takings. Card takings are slightly different because of the fee associated with this.

This topic could be of use to you:
http://community.quickfile.co.uk/t/accounting-for-daily-takings/8911

Although not specific to a mobile bar, the concept should be the same.

If you need further help, please let me know! :slight_smile:

3

The way I do it is to create a supplier called “daily sales” and for each days takings I create an invoice then log the payments relating to the amounts I received.

On the invoice I list the types of items sold, the amount for each e.g. Clothes £49.99, Jewellery £39.98 etc. When it comes to payments I enter what I have. So £29.99 into a “Cash Takings” account that I created, then £59.98 into our credit card merchant account.

Doing this adds all the relevant info everywhere it’s needed and everything is accounted for. You could creat different suppliers for different types of events, if you needed to keep track of things that way.

Hope this helps :smile:

1 Like
4

This was really helpful, and quick too - thanks!

5

This might not be the correct place for this as it is a question, but I can’t find where to ask a new question.
I Have been recording the ÂŁ5.00 contributions from my carer clients (this is a contribution to a comp therapy service subsidised by social services ) in petty cash bank. - I then bank the sums at the end of the month and record this as a transfer from petty cash to current account. - the monthly totals are then deducted as a credit in my invoice to the council.

I have been advised by my accountant that these should not be logged as petty cash as it is income not strictly petty cash. And for last year’s accounts it looks as if there was petty cash when there was not.

Is there a simple way to transfer all the logged takings into another place for the new accounting year (mine is November) so that it frees the petty cash bank for just petty cash?
Or can I somehow rename petty cash account as cash takings

I’m new to bookkeeping and need simple instructions please! I read the previous replies to the cash sales topic but don’t think it will solve my problem of reallocating entries from November to date.

6

It sounds like you just need to create a second cash type “bank account” in QuickFile. You can move the balance over as a normal bank transfer transaction on the new account.