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• # 103619
• Sat 10 Jan 2015 09:30 AM

Hi

i have been logging daily till receipts into the Cash Register bank account. Using two lines in sge to split out the vatbale item and zero rated items to come to a daily total.

My theory is to transfer the amounts to the bank account when I see the paying in appear in the bank account and the cash register should come back to zero each time.

my problem is that the takings are a mixture of cash and cardnet. But the till receipt doesnt give seperate totals for cash and cardnet as far as the VAT is concerned

i have just been lumping the takings together and cannot do seperate totals for cash and card transactions. 

For example, gross sales £300. £100 zero rated.  £167 net + £33 vat (for standard rated sales)

Cash in till - £225

cardnet £75

so the till doesnt distinguish between cash and cardnet for vat

is this just tough luck?

Hoping someone can advise

many thank

 arol

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• # 103624
• Sat 10 Jan 2015 11:54 AM

Hi Carol

The cash register account is a holding account for the takings so when you post the takings you  should be accounting for VAT ( as you state the till splits vatable and non vatable sales).

The transfer from cash a/c to bank a/c, is processed as outside the scope (T9 on sage) as you have already accounted for the VAT as above.

Not sure why you need the know the VAT on card sales?

Regards

Linx

• linx
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• # 103625
• Sat 10 Jan 2015 12:08 PM

Linx

sorry i think you misunderstood my question.

my employer wanted to know if we could enter the transactions seperately for card and cash

for example 

1st entry - cardnet. zero rated sales + standard rated 

2nd entry cash sales. Zero rated items plus standard rated items

so that he can distinguish between the two when it appears in the bank

The till receipt purely gives total sales of zero rated plus standard rated. Which as you say i enter in the cash recgister bank account

ive told him its not possible and have said when we see cardnet appear on bank we transfer that amount across to bank account and cash deposits the same. They should match up the same in the end but he wanted to see the split

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• # 103626
• Sat 10 Jan 2015 12:22 PM

Hi Carol,

What you are doing is correct (as previously discussed!).

Why on earth would he want to see the split between the methods of payment?

Think he is over-complicating matters as it is irrelevant to the accounts.

Marilyn

• A clever person solves a problem.

  A wise person avoids it.

  Albert Enstein

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• # 103629
• Sat 10 Jan 2015 03:05 PM

Hi

I do split the cash and card elements in the books (makes sense for reconciliation, as cash and card show up separately on the bank statement when I transfer them over, and cash is far less likely to reconcile to zero - they don't deposit all the cash). However, I put the VAT split in the card section, regardless of whether the VAT was on cash sales or card sales (so my daily entries split up into 3 lines:

1235 Cash sales (all T1)

1252 Card receipts (T1)

1252 Card receipts (T0)

(In this case, they also sell online, so I have 2 further bank codes to run - Paypal and Online card sales)

Just thank your lucky stars they are using a till. One of my clients only just started using one, so we used to have to go through the receipt books and do all the calculations manually!

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• # 103631
• Sat 10 Jan 2015 08:01 PM

I have 2 different clients that have card payments - one of them ( a restaurant and bar) gives me the till receipts from the restaurant, and the till receipts from the bar till - but neither till roll differenciates as to what has been paid by card and what by cash. Consequently, I do as you do, and put it all to a holding account, then go down the bank statement doing a transfer of each of the amounts that have been paid by card after the event, but prior to reconciling the bank statement. It's not really ideal, but the only way it can be done without a Z-poll from the card machine.

The other client (a shop) gives me the polling reports from each night which shows the breakdown between cash and card receipts, so I can therefore direct the card payments direct to the bank account and the cash payments to the holding account - it's much better -but can only be achieved like this if the client does 'their bit' and provides you with the tools for the job.

The only other way you MAY be able to achieve it, is to have a login to the credit card account and see what sort of reports you get from that, as to whether you could transfer the card payments from the holding account to the bank using the online account login info. I have another client that is a shop and they run a Paypoint terminal. This is how I deal with that.

• Carol Saunders
  Lady of Ledger Book Keeping
  Telford, Shropshire

  
  

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• # 103636
• Sat 10 Jan 2015 10:50 PM

Thanks everyone for your ideas. 

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