The banking journal
Summary
This article describes how to journal takings into the bank.
More Information
The information in this article is intended to apply mainly to retail outlets where customers are paying at point of sale. If the majority of your customers have credit accounts and pay directly into your bank account, then this information may not be appropriate.
Daily takings are posted to payment centres, e.g. 'Z900 - Cash', 'Z901 - Cheque' and 'Z902 - Credit/Debit Card'. This allows you to produce daily takings reports to reconcile the money that you have received. This is very important to ensure that everyone is aware that all money received is being checked to ensure that there is nothing untoward going on.
It also means that if you take for example more than one or two credit card transactions per day, when you come to do your bank reconciliation, you will have one entry for the total amount of the transactions rather than having to work out which items make up the credit card amount for that day. The same applies to cash and cheques.
When the money is physically transferred to the bank, you must use the banking journal to move the receipts into the bank out of the payment centres. This ensures that your bank account on Platinum accurately reflects your actual bank account.
- Cash and cheque receipts should be journalled into the bank when you are filling in the paying in book.
- Credit Card takings should be journalled into the bank at the point you take the Z-read from the credit card machine or the date you see the money going into your bank on your bank statement. Decide which method you are going to use and stick to it.
Go to " Nominal Ledger Journal Entries".
- At "Entry mode", choose 'Cashbook'.
- The "Money in/out:" should be set to 'In'.
- Enter your bank nominal code into "Centre" on the highlighted line on the list.
- On the next line:
- In the "Centre" column, enter the centre to take the money from, e.g. for cash banked, type 'Z900'; for cheques banked, type 'Z901'; for credit card receipts, type 'Z902'.
- In the "Date" column, enter the date you are paying in the money.
- In the "Credit" column, enter the amount banked for each centre.
- In the "Comment" column, enter the paying-in slip reference number and the word "CASH" or "CHEQUES", or the date that the credit card receipts were actually taken.
- Press <Esc> and <Accept> to post the journal.
See also
- Reconciling your bank account
- How should I deal with takings?
- What should I consider at month end?
- How to process a month end
- How do I create a nominal code?
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