I run a shop where I run a Z read for till sales at the end of the week. I understand how to create an invoice for cash sales and credit card sales. My problem is that if I take £300 in cash I don’t always bank £300. Perhaps £250. I presume my cash sales invoice must have to be tagged with my banked cash. How do i get around this? Do I have to account for the £50?
thanks
Normally you would pay the entire invoice into the petty cash account (or some other cash type bank account defined in QF). Then you would enter a “Money Out” transaction on the cash account and tag it as a transfer to your current account. Any remaining cash in the business just sits on the cash account.
Thanks Glenn will give that a try.
Hi Glenn
Transferred all the money to the petty cash account. For the life of me i can’t see how to do a “money out” transaction on the petty cash account and then tag it as a transfer to the current account. Please can you give me a nudge.
Thanks
On the statement view you’d manually add a transaction as follows…
When you’ve entered that transaction, click to tag it:
Then tag as a bank transfer.
Hope that helps!
Hi sg
I do a variation of this all the time. Mark the £300 invoice as paid by cash into the into the Petty Cash account.
When you import your bank statement and are tagging the transactions, tag the cash into the bank (£250) as a transfer from the petty cash account.
The £50 will sit there and would be expected to actually be in the cash tin, so if you pay cash for something enter it as a transaction out of the petty cash account and tag it exactly as you would for a bank transaction.
Then your actual cash tin will balance with the petty cash account. Usually!
Once it is working you just set up an auto tag for the bank to do the transfer. You can also set up multiple cash accounts under the petty cash one if you need to.
HTH
Sorted many thanks for your help
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