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Petty cash - variation

Hi,

Hi

please can you help …

i do quickfileaccounts for a cafe and at the end of the day we have a variation in petty cash, sometime positive or sometimes negative

how do i record this in qucikfile ?

thanks

Hi @Lydia_Connery,

Have you looked into using the cash register tool? You might find that this would work well for Cafe sales

More information on this can be found here: Cash Register Tool

No we do use that tool anyway. What I mean is we have variations coming from the till! Like minus cash some days, how do we put that into QuickFile?

Regards

Lydia Connery

Hi @Lydia_Connery,

I’m not sure I understand, if you are making sales how do you end up with minus sales?

If you are making purchases then these would be entered as purchases and then the account used to make these would be the petty cash account. You don’t enter purchases with the cash register tool, this is for sales only.

You mean how do you record the variance between how much the till thinks you should have in the drawer and how much you actually counted? If you’ve taken out cash to pay for purchases then record those purchases in the usual way and mark them as paid from the petty cash bank account, but if it’s just cash that’s gone missing then all you can really do is tag it to a P&L nominal under overheads - maybe create a new one for “shrinkage” to keep tabs on it.

You’d use the “new transaction” button in the cash bank account to create a money out for the appropriate amount and tag it as “something not on the list”.

No we have minus cash sometimes at the end of the day, this comes from our till!
Nothing to do with quickfile, just transfer of info from our till system!\

For example today our till showed we had £820.00, we took 775.05 in card and 40 in cash! So we have a 4.95 variance.

Now in the cash register sales I would put card 775.05. cash 44.95. so it totals 820 - what do I do with the 4.45 variance which we actually had.

Make sense??? Sometimes its the other way round we have more card and cash takings then our total for the day

Many Thanks

Lydia Connery

You do understand surely that if there’s a difference between what your till reads and what cash you actually have, then you’ve either purchased something with the difference or its been pinched right?

This isn’t a how do I balance quickfile issue. Once you locate where that money has gone you can record the correct total accordingly.

And if your card total differs sometimes then perhaps someone who’s using your till is running up the sale wrong.

What I do with my shop is first cross-check the amount that the till tells me I took in card payments with the amount I actually received from the card company the following day - usually when there’s a discrepancy it turns out it’s because I recorded the wrong tender type on the till (either I recorded it as cash but they paid card or vice versa), which I can correct with a bank transfer one way or the other between the cash and the card holding accounts.

If this doesn’t account for it then it’s either that I mis-counted the till drawer, accidentally gave out too much or too little change, or someone has swiped some. If there’s more cash than there should be then I’d add an extra line to that day’s sales invoice in QuickFile to account for it as extra sales, if there’s less than there should be then I’d tag it to shrinkage as I described earlier. TBH if it’s only a couple of quid out I’ll often just leave it be and hope that the mix of overs and unders will more or less even out over time. These days hardly anyone is paying cash anyway so it’s rarely that far out, if at all.

Something as simple as the cash sales being correct but the float being under due to a staff member “going next door to get some milk” and not bringing back a receipt can add up over time also.

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