How to record cash out amount in settlement?

Reckon POS 2015
Hi guys,

I have trouble recording cash out amount in bank settlement and I have no idea what to do. From my understanding cash out amount should not be treated as income, so what account should I put it in? It is going back to the bank account anyway isn't it?

Please give me an example with this settlement statement.
Many thanks

Comments

Fred_7639421

Split the transaction i.e.

In your Bank a/c a Total payment $1171.50 then split

1) Category, Liquor or whatever you are using as this Category

2) Transfer $200.00 to whatever you are using for daily living (I use Cash)

st_6872571

Don't we all have Cash accounts. Anyway, Fred's right, split the transaction.

TamNguyen

Hi Mr Fred, I still couldn't get it

You mean (1) I am going to list of account then go to bank, then credit bank for $1171.50 then split to two accounts. One should be income account like cash sale and other should be bank? Or cash account? (2)Or do I do sale receive? Then ring up customer as cash sale then split to two other items? It doesn't seem right this way

(3) Or make deposit then split in two account (a) income as cash sale and (b) cash account. Then I have a complete vague understanding of this cash account.

my head just blow away

TamNguyen

Thank you all gentlemen for helping me out. Much appreciated.

Janos

Wait a moment.

It appears to me that Tam is running a business. People pay him by Debit Card. He records all payments received as income.

However...

Some customers asked for cash out as part of the purchase. He gives the customer the cash and he has to make an adjustment because not all payments received are income.

Is that the correct assumption Tam?

Janos

TamNguyen

That is correct Janos.

TamNguyen

I am sorry to inform you that I have no idea. That print out is end of day sale that I received from the pub. I am only working with the number. I will try to ask that for you and if I remember she done it with eftpos machine by pressing enter then 6 or something like that. Then print out report in eftpos at end of night it should appear like that. I will double check for you.

TamNguyen

I have no idea what you mean by post transaction file into Reckon. Do you mean recording the figure from the print out paper to reckon pos? I don't have access to the file at the pub and the pub is like 600km away from where I work. It just show that it is 200 cash out.

Rod_7542780

Hi Gving the money to the customer is like depositing in the bank. Dont worry about it. Post your sales from the till strip, and debit the bank the eftpos amount will be in the credit card deposit from the bank. the cash you take to the bank will be less.
not a problem