Receive Money

Melissa Elstone

I work for a retail outlet in the office. They have 5 stores and the funds get deposited daily for each store. I am a MYOB user and have only had minimal time with Reckon Hosted. My question is how can I record this??? Do I need to create an invoice to each store and then receive money or is there a receive money function I can use? I need to track it to each store. Just wanted to add that the funds all get deposited into the same bank account I just need to track each store they came from.

Shannon Sciuto

Hi Melissa, 

For these transactions, you should be creating a Sales Receipt issued to Customer: Cash Sales (or Eftpos Sales).  I would create a new Sales item called Daily Takings (you may also want to create separate items for each store so you can track store sales - you can also use classes or jobs to do this).  

A sales receipts is *technically* how it should be processed in MYOB also - the end result is the same but by using sales receipts instead of receive money you get better reporting and tracking... 

Once upon a time, we could use the Make Deposits function similarly to Receive Money but to avoid misuse they took away the tax code column so that we couldn't enter sales directly through the deposit window.  As a bookkeeper though, I've found that this causes more problems than it solves as I often find clients who have still used the Make Deposits function without entering a tax code and I get the fun job of telling them they owe more than they thought to the ATO.  

Melissa Elstone

Thank you so much. I really appreciate your help :-)

cosmic

Agree fully, follow Shannons suggestion.

Melissa Elstone

Ok can I please ask one more question.... when I click on Create Sales Receipts and it asks Customer:Job do I just make a Customer Daily Takings? Or who do I put there, do I put each store? Thanks so much :-)

Shannon Sciuto

I'd pop in either Cash Sales or Eftpos Sales

Melissa Elstone

Thank you thank you thank you I sincerely appreciate your help!!!!

Shannon Sciuto

No probs

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You may also want to consider class tracking for the stores and make sure you are allocating the correct GST in the sales receipts 

cosmic

hi , i noticed   your website is not opening, i had the same issue with mine, i think you have to enter:http://cairns...........

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Thanks