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Accounts - Banking

Accounts - Banking

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Accounts - Banking

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As the business receives money, the In-Hand accounts balances for Cash, Cards, Cheques etc are increased. When we Bank, the amounts in these In-Hand accounts are reduced and the amount in the appropriate Bank account is increased.

To create a Banking

Select Accounts, then Bankings

Confirm the Account you are banking into, the banking date and a banking reference (eg: If banking card payments show Cards)

You would normally select to just show transactions that have been in a completed batch (End of Day), however you could select all if you wanted to see what was currently in the Cash Drawers

In the main section you should see the Payment Methods (In-Hand accounts) such as Cash, Cheques, Cards. You can click on the ‘+’ to the left of the Name to show the individual transactions for that payment method

Select the items you are banking by clicking or pressing [Enter]. The total amount needs to be exact so you will need to correct any mistakes first (see below)

When complete select Save from the left menu

Tip – ‘Close Batch’ (see section above) at end of day helps show up any problems. It the money is out we need to find out why and make the appropriate adjustments. EG: If a Card payment has been entered as Cash we could create a Journal from the Cash-In-Hand to the Cards-In-Hands. If the invoice was for 10.15 and we only took 10.00 we would have to create an adjustment sale (or credit in this case) for the difference (use a specific part number so we can track of all adjustments). Note: Adjustments will normally be in a different batch.