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- Member
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- 5 posts
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I do the books for a small family run hardware shop in south london and am currently looking to transfering all the accounts from excel spread sheets to sage instants.
My problem is how do I post our sales from the till roll, I must have been thinking about this to much because now i am getting myself into a tizz about it.
Takings recorded on till roll
for example:
Sales @ 20% Vat £800.00
Sales @ 5% Vat £100.00
Sales @ 0% Vat - £100.00
This £1000.00 is paid by 3 different methods, Cash, Cheque, PDQ. and each tranaction is usually a mixture of Vat rates.
Does sombody know how I post these sales keeping the vat records and the Cash, Cheque and PDQ amounts for reconcilliation.
Penny
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Hi Penny
One of my clients has a pharmacy and this is how I do his;
I set up a cash account nominal 1235 and called it Takings and individual sales nominals for the different vat sales
eg 4000 Sales at 20% Vat
4001 Sales at 5% Vat
4002 Sales at Zero
At the end of each week I post the receipts to 1235 using the individual sales nominals.
Each Tuesday the owner banks the cash and cheques from the previous week and I do a sage bank
transfer from 1235 to 1200 (Bank Cheque Account)
The sales that went through the PDQ machine, while being accounted for within nom 1235
dont actually exist like the cash does and so for these I have a nom 1250 (called Credit Card Receipts) and I do a bank trasfer in sage from 1235 to 1250.
These transactions appear on the bank statement daily and from there I credit 1250 and debit
the bank 1200.
Hope that makes sense.
Steve
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- Member
- Practice Licence
- 5 posts
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Thank you Steve will try that.
Penny
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Hi Steve,
I was searching for some help on bookkeeping for pharmacies and found your post which I read with great interest. We have just opened a pharmacy hence the reason I'm doing the bookkeeping qualifications. I have recently passed up to level 2 but don't yet feel confident to take on the books so someone else is doing them initially. I will be keeping upto date with the goings on with the intention of mirroring at home all the transactions and seeing if I have done them correctly and I am literally starting today by attempting to set up the COA on sage.
I have loads of queries but just wanted to ask you initially whether it is better to input all the supplier invoices on a daily basis or just at the end of the month using the monthly supplier statement that comes in. The bookkeeper is doing it on a daily basis but I (and I say this with no experience whatsoever) would have thought it would be quicker to do it with the statement due to the sheer volume of invoices. Thanks for your help and I hope you don't mind me seeking your help on this.
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- Fellow PM.Dip
- Practice Licence
- 336 posts
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Hi Shazans
I would recommend doing it as you go along - firstly this makes the job much less onerous, but secondly you can do a double check at the end of the month that you have got all of the invoices, by cross-checking them with the statement. That way you can also ensure that you have a complete set of records should you have a VAT inspection.
Kind regards
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Hi Penny,
I agree with what Steve has suggested, with the exception of his last suggestion about a journal from Credit Card Rec to Bank. Instead of a journal I would use the Bank Transer option again, but both work fine. It is personal preference.
Martin
(Regional Training Manager for Sage UK Ltd)
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shazanssaid:
“Hi Steve,
I was searching for some help on bookkeeping for pharmacies and found your post which I read with great interest. We have just opened a pharmacy hence the reason I'm doing the bookkeeping qualifications. I have recently passed up to level 2 but don't yet feel confident to take on the books so someone else is doing them initially. I will be keeping upto date with the goings on with the intention of mirroring at home all the transactions and seeing if I have done them correctly and I am literally starting today by attempting to set up the COA on sage.
I have loads of queries but just wanted to ask you initially whether it is better to input all the supplier invoices on a daily basis or just at the end of the month using the monthly supplier statement that comes in. The bookkeeper is doing it on a daily basis but I (and I say this with no experience whatsoever) would have thought it would be quicker to do it with the statement due to the sheer volume of invoices. Thanks for your help and I hope you don't mind me seeking your help on this. ”
Hi Shazans
We post some of the suppliers to sage daily and some monthly. The big ones like Mawdsleys, Unichem, Colorama etc we do from the monthly statements as they have vat breakdowns on them and also if we didn`t we would be posting hundreds of invoices a week. The other suppliers we post individual invoices each day.
Steve
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Thank you for all your replies, much appreciated.
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Stevesaid:
“Hi Penny
One of my clients has a pharmacy and this is how I do his;
I set up a cash account nominal 1235 and called it Takings and individual sales nominals for the different vat sales
eg 4000 Sales at 20% Vat
4001 Sales at 5% Vat
4002 Sales at Zero
At the end of each week I post the receipts to 1235 using the individual sales nominals.
Each Tuesday the owner banks the cash and cheques from the previous week and I do a sage bank
transfer from 1235 to 1200 (Bank Cheque Account)
The sales that went through the PDQ machine, while being accounted for within nom 1235
dont actually exist like the cash does and so for these I have a nom 1250 (called Credit Card Receipts) and I do a bank trasfer in sage from 1235 to 1250.
These transactions appear on the bank statement daily and from there I credit 1250 and debit
the bank 1200.
Hope that makes sense.
Steve
”
Picked up this old post. What happens if what is banked is different to till receipts? Is there supposed to be a nominal for discrepancies? I am doing books for pharmacy too ( am employed ) and trying to get them organised but first time doing retail! I am going to,try the above system but been given 4 days of till receipts for Jan and already there are discrepancies in carndnet banked and Cardnet on till receipt!! help!
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> Hi Carol
The method as described by Steve is more or less the same I have used in the past the only difference being.
I think using 1235 as a cash control for banking and 1250 as a control for the PDQ entries is very sensible however i would post the PDQ entries directly to 1250 and not to 1235 and then transfer them. You should have the info to split them on the Z read and also you should have the daily pdq read so it should not be too hard to split them out.
Kind regards
Stuart
Sent from my ipad
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Hi there,
What Stuart is saying about the daily z reads and pdq is quite right, but when your doing it for 11 pharmacies it would be very time consuming so I do it as a transfer between 1235 and 1250 at the month end.
Regarding the difference between cash in till and cash taken from till reads - we have a nominal in the bank section, 1236, which we call till +/- and we journal the differences into here. At the year end, and so long as the balance in 1236 is within limits, the accountants write it off.
Steve
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Stevesaid:
“
Hi there,
What Stuart is saying about the daily z reads and pdq is quite right, but when your doing it for 11 pharmacies it would be very time consuming so I do it as a transfer between 1235 and 1250 at the month end.
Regarding the difference between cash in till and cash taken from till reads - we have a nominal in the bank section, 1236, which we call till +/- and we journal the differences into here. At the year end, and so long as the balance in 1236 is within limits, the accountants write it off.
Steve
”
Thank you for yr help. I had a meeting with the manager yesterday and am going to implement this system. What is a pdq printout? I have the z read from the till each day now as I requested he do this. He was initially just giving it to me once a month! we get Cardnet statements once a month. Is there a daily printout that Cardnet gives too? if so he hasn't told me this. As I said the first few days of this month the Cardnet going into the bank doesn't appear to match the till z read! So already I feel it's going wrong but the manager says it's probably because credit and debit cards take different amounts of time to clear the bank depending on what type of card is used by the customer. Is this correct?
the z read also doesn't give a breakdown of different VAT rates. It purely says , card, cash , VAT. I've asked him to check if the till can give a different report to breakdown the VAT. its a brand new pharmacy with robots and up to date systems so I can't believe a till can't do this but he doesn't seem sure.
thank you for yr help
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