When you make cash sales over the counter, you can record these as Sales orders and as Till Receipts. This updates your Cash Book so you reconcile your Cash Book to the bank statement, and also updates your stock levels.
Cash sale payment (Till receipt)
Entering a Till Receipt in the Cash Book
Introduction
When Cash sales customers come in to purchase items, and pay by cash or EFTPOS, you need to record the sale so that you can keep your stock records updated, and also account for the cash or EFTPOS transactions deposited to your bank account.
The Till receipts (or Cash sale payment) process in your Cash Book allows you to record all miscellaneous cash sales. You would code them to a Cash Sales Receivable account customer.
TIP: You might have a customer wanting to make a cash purchase, where they belong to one of your client companies, and they have been given permission to use their company account to get the usual company discount, and then pay by cash, EFTPOS or their personal credit card.
There are different ways that you could manage your Cash Sales.
- You could use a general Receivable account and code all sales from walk-in customers to that account.
- You could create a separate Cash Sales account for an individual customer who also pays on invoice if you would like to keep track of their cash sales separately to their account sales. Refer to Hints to create a second Receivable Account for Cash Sales for an existing Receivable Account to read about this.
The process below is the same, except the Receivable account you will use for the sale and cash transactions will be their company account instead of your Cash Sales Receivable account customer.
Your counter staff should enter a Sales order and code it to a Receivables client called Cash Sales. This will record the items sold and amounts paid and will produce an invoice for the customer.
The customer will pay for the goods, perhaps by EFTPOS or cash. Cash will be deposited into your bank account. EFTPOS transactions are closed off at the same time each day by your bank. You'll need to know that cut off time to be able to reconcile your Cash Book to the bank. More below on how to do this.
The next day, your Cash Book manager will download the banking from the previous day and match the incoming cash and EFTPOS transactions to the sales.
The processes to close the till for the day are outlined below.
Cash Sales at the counter
The process to record cash sales at the counter has two steps:
- Add a Sales Order.
- Record the Cash sale payment.
1. Add a Sales order
When a customer purchases an item and pays by cash or EFTPOS, the counter staff should add a Sales order to record the sale.
You will need a Cash sales Receivable account customer.
- Start at Sales > Sales orders.
- Click New sales order.
- Select your Cash Sales customer code.
- Enter the details for the items sold.
- Click Save to save your line. It will now display on the lower part of the screen.
Your next step is to record the Cash sale payment and print the invoice for the customer.
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Stay in the Sales order screen.
2. Cash sale payment (Till receipt)
- In the same Sales order, go to the Cash Sale Payment tab to record the cash or EFTPOS payment transaction.
In the Primary payment section:
- Select the Payment method that the customer pays by, e.g. EFTPOS or Cash.
- This will then display the total gross amount (including tax) of the Sales order in the Amount field.
- Click Create packing slip and pay now.
This records the payment and pops up a screen so you can print an invoice for the customer.
- Click Yes or No, as required. The invoice will show the sale details, and the payment method at the foot of the page.
- Click Save and Close.
TIP: If you don't record the payment here, you can go back to the original Sales order to do this, or you can go to Sales orders > Enter Till receipts or Cash Book > Enter Till receipts to record the cash payment.
Entering a Till Receipt in the Cash Book
You can enter Till Receipts via the Cash Book.
- Go to Cash Book > Enter Till Receipt.
In the Receipt details:
- Branch: Select the Branch from the dropdown list.
- Staff: Your staff code should be pre-populated, or select another Staff code from the dropdown list.
- Client: Select the Client from the dropdown list.
- Payment method: Select the Payment method from the dropdown list.
- Amount: Enter the amount.
- Transaction date: This defaults to today's date, but can be changed if necessary.
- Receipted Date: Optionally enter the receipted date. You might use this if a transaction missed being entered on the correct day, and you need to have the correct date recorded.
- Receipted time: Optionally enter the receipted time.
- Click Save and close.
Cash Book Tasks
The following day, the Cash Book manager will update the Cash Book to reconcile the cash received for the previous day's cash sales to the bank statement.
Close Till
This process closes off the previous day's till receipt records so that they can be reconciled. This process produces a report that shows the transactions that have been included. It also shows the User who completed the process.
TIP: You will need to know the time of day that your bank closes off your EFTPOS receipts.
If you enter that time and leave the date field blank, then click Save defaults, the correct cut off time will be saved as the default, and the system will automatically select the previous day's date for you when you enter this screen.
For example, if your close-off time is 4.00 pm, you would close till receipts for the 1st September the next morning on the 2nd September. The fields should then show the date as 1/09/2021, and the time as 4:00pm.
- Go to Cash Book > Close till.
- Ensure that your date and time refers to the close off time for yesterday.
- Click Search to display the items for the day.
In the header section of the screen, the total of all items for EFTPOS sales will be added to the EFTPOS total and the total for all Cash and Cheque sales will be added to the Cash and cheque total.
Each cash and EFTPOS sale will show separately in the lines in the lower section of the screen.
You must close each section individually, so that the Cash Book recognises that the day has been closed and you are then able to match with the imported bank transactions.
- Click Close (EFTPOS).
- Click Close (cash and cheque).
- If you have Amex or Direct credit items, you can close these also.
Backdate a transaction
If you have a transaction that needs to be backdated because it was not entered on the correct date, and you need to match it to the correct date on the bank statement, you can edit the Entered Date and Time while you are processing the Close Till.
In the Close Till screen:
- Double click the transaction you wish to edit.
In the Edit till Receipt screen:
- Entered date: Edit the entered date to backdate as necessary.
- Entered time: Edit the entered time to backdate as necessary.
- Click Confirm.
Once you have completed the Close Till process, you can continue with the normal Cash Book processes to Import Bank Transactions, and Analyse Transactions routines.
NOTE: In the Quick Analyse Transactions screen, the cash sales items will be amalgamated for all Cash and cheque items and all EFTPOS items.
Search Historic Till Close
If you need to search for historic Till Closing details, you can use the Search Till Close option from the Cash Book menu.
Here you can search by Branch and Date range, and click Advanced Search to enter an amount and keywords to search by.
You can click the printer icon to the right of a line to reprint the details of an historic till closure.
Can I correct a transaction that was included in error?
If you should accidentally include a transaction that you didn't want in today's transactions, you can remove that transaction and include it in tomorrow’s process. Perhaps the transaction time was too late to be included in your bank transactions for the day. Here's how to correct this:
- Go to the Cash book transaction and select the one you want to exclude.
- Click Split selected analysis.
This takes that transaction out of today’s list and creates a new Cash book transaction that can be merged when you run the Close Till process tomorrow when the correct payment is received.
Next Step: Download and Import Transactions
Your next step in the daily Cash Book processing is to Download and Import Transactions.
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