Correctly classifying and tagging sales invoices and payments for a print shop

We work in a busy print shop where card, cheque and cash payments are taken through the till which uses Elavon Merchant services to process card payments. Additionally we produce some sales invoices which we class as charge through the till on the day they are paid and create other invoices where a direct bank account payment is made.
We create a daily till sales (cash and card) invoice that splits sales by categories, excluding charge/invoice sales from these to avoid double counting.
We have set a current account that directly updates and have set up a petty cash and a Elavon merchant account too.
The daily Elavon payments goes directly into the current account, less monthly processing fee deductions and we pay in cash and cheques weekly to bank account.
Getting really confused about how to reconcile the daily till sales invoice to the different accounts and then link them to the actual bank account movements. We have unsuccessfully tried to follow the guidance in knowledge base but it’s complex for the business model and we aren’t managing to tag everything correctly and it’s very time consuming.
Could you please help us work out the best way to do this,

That sounds fairly standard, you’d raise an invoice in QuickFile for the total till sales and then assign three separate payments to that invoice for the three payment types. Card payments go to the Elavon merchant account, cash payments to the petty cash account, and cheques you could either just tag to petty cash as well, or create another merchant account for cheques.

Settlement payments from Elavon would be tagged as bank transfers from the merchant account to the current account, weekly bank deposits as transfers from the petty cash account (and optionally the cheque holding account) to the current account, and Elavon fees would be purchases paid from the Elavon merchant account.

This topic was automatically closed after 7 days. New replies are no longer allowed.