Several times I have paid in monies, both cheques and cash, through the Post Office payment facility. I have then scanned the payment book page and the PO receipt as proof of posting. However when this appears in the COOP bank balance statement which I import into Quickfile, it appears as a variant of N.GIRO000000##### (the hashes being a payment book number). Quickfile in turn wants me to TAG this entry but I haven’t the foggiest what I should TAG it as?
I suppose one of my difficulties is that the N.GIRO entry contains multiple lines of payments for different jobs where the customer has paid me cash or cheque.
Joe and Glen your experienced advice would be gratefully received as these untagged figures seem to be appearing in a profit and loss report as ‘Suspense Account’.
Off the back of this question: How would I then attach the scanned “proof of postage”?
Although we can’t provide specific advice on accounting matters I think this scenarios is relative to banking a cheque that covers multiple client receipts. In this case you’d setup a separate bank holding account transfer it to there and add the split entries for each of the invoice payments.
I am having an issue making this split payment and wonder If you can advise me as I am going to have to change the way I am doing things when recieving any cash payment from a customer as this is the thing that is causing me issues.
up to now when a customer has paid me cash I have then paid it into my account via the Post Office payment book; I then scan the receipts as proof.
On Quickfile, as I have taken payment for the job I have manually received the money as ‘Cash’ into my ‘Petty Cash’ account.
Now here is my split payment issue:
On one day 4 invoices were paid by cash: 131037-134040 (one job was a part payment as well)
As I have gone to split this Post Office entry payment I can see I have actually already manually received the money as cash into my petty cash; however the payments are now in the bank and not in Petty cash! How can I account for this.
One of the jobs was a simple £9.99 but the lady gave me a £10 note and told me to keep the penny change. Do I enter this in as a Tip?
I am sorry to ask so many questions but am hopeful that you can help me sort this out once and for always as I change the way I record these cash entries.
Sorry Edgars, I’m probably not the best person to advise on specific accounting problems, I’m not an accountant so wouldn’t want to send you down the wrong path. I’ll certainly leave this open so if anybody else wants to comment or offer up any advice they can.
If you are booking invoice on QF then any cash or cheque you get can be logged against those invoice going to petty cash or cheques in bank, once you deposit cash in post office to show in your bank account, you can do interbank transfer between cash and main bank account. Any pennies difference just amend invoice to match up receipts
Many thanks for your advice. I will give it a go! One question though regarding the penny. As it has been banked should I just put this down as a tip or miscellaneous?