Sales / Cash Banked
Question asked by Steven Graham 6 years ago
I am evaluating Clearbooks for my salon and hoped someone could advise me on the best way to record sales and deal with discrepancies between sales and cash banked. I'm coming from Xero so my methods will be from that system, please correct me if I'm doing it wrongly for Clearbooks.
Assuming it's a cash only business, for daily sales I intend to raise a sales invoice against a customer called Sales, with the daily sales noted therein. When the cash is banked at the end of the week, I'd pay the invoice from the bank account transaction, this would then be considered reconciled. My issue is that there are sometimes discrepancies between the sales total and cash banked - it can be up or down by up to a few pounds, nothing to worry about other than staff errors due to lack of change, lack of attention etc. I'm confident that over the financial year it all balances out.
Dealing with the errors aside, how do I deal with this discrepancy when reconciling? Do I post the offending negative or positive balance to another account?
Many thanks in advance,