How do I enter Lottery sales in Reckon Accounts?

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Glenda Miners
Glenda Miners Member Posts: 4 ✭
edited December 2017 in Reckon Accounts (Desktop)
I need to enter Lottery sales into Reckon Accounts Premier. I receive an RCTI from the Lottery detailing gross turnover, payouts, commissions, and fees. They then sweep my account for the balance (i.e. Turnover minus payouts minus commissions plus fees). Is it possible to enter all of this in one sales receipt/invoice? How do I record the sales of the tickets to my customers as some of these are cash sales, some on customer accounts. Finally how do I record the payment that the Lottery takes from my account. I have spent hours trying to find answers but keep getting stuck. Anyone found a solution to something similar? I am quite a novice to Accounts. Thanks 

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  • Shakir
    Shakir Alumni Posts: 54 ✭
    edited December 2017
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    Hi Glenda, thanks for your post and Welcome to Reckon Community.

    Please click here to know how to handle RCTI in Reckon Accounts Business.

    Hope it helps.

    Regards
    Shakir
  • Glenda Miners
    Glenda Miners Member Posts: 4 ✭
    edited January 2017
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    Hi Shakir

    Thanks I have looked at this and already use this process for another company that also sends me  an RCTI. The trouble I have with this one is that I receive the payments in many small transactions from many customers and then have to forward this on to the merchant rather than receive a payment from them.
    Glenda
  • Janine White
    Janine White Member Posts: 25 ✭
    edited January 2017
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    Hi Glenda, one of my clients is a Newsagency, and this is how we handle lottery receipts and direct debits by NSW Lotteries:

    All lottery products sold, whether over the counter or on account, are recorded as GST free sales, called Lottery Sales/Payouts and Instant Lottery Sales/Payouts.  All direct debits are recorded as GST free COGs and call this Account Lottery purchases (we classify all sales and product purchases as COGs, not income or expense).

    At the end of each month, or quarter, we use the summarised RCTI to obtain commission amounts and terminal fees and journal these amounts to a GST income account called Commissions Received and a NCG expense account called Terminal Fees. The only drawback here is you need to journal in two steps, as Reckon won't let you include different tax codes in one journal.  I use a Suspense account with no tax code to facilitate this.

    Hope this is useful.  If it doesn't make sense, I am happy to send you a demo of the journalling.

    Regards

    Janine
  • Glenda Miners
    Glenda Miners Member Posts: 4 ✭
    edited January 2017
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    Hi Janine Thanks so much for your reply. It sounds exactly like what I am trying to achieve. Could you please send me a demo if possible.
    Thanks
    Glenda
  • Janine White
    Janine White Member Posts: 25 ✭
    edited January 2017
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    I'll whip something up in Word, and cut and paste it to you shortly.

    Janine
  • Janine White
    Janine White Member Posts: 25 ✭
    edited January 2017
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    Hi Glenda, I am having a major problem trying to pass on the info you want in this platform.  Do you want to email me and I will send you the Word Doc I have prepared to assist you?  My email is cocoma1@bigpond.com.

    Janine
  • DebonAir
    DebonAir Member Posts: 392 ✭
    edited May 2017
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    I used to handle this differently.
    Total Sales would go into a Current Liability account, no GST codes applied, because this is NOT my income to be accounted for. This is done either singly or bulk, however you receive the funds. I set up an Item for Lottery Sales which links directly to a Current Liability account.
    When the summary is issued,
    Commissions would be journalled from Curr Liab to Sales with GST included.  
    Fees would be journalled from Curr Liab to Expenses, with GST(NCG) included.
    Balance left over is the amount the Lottery company will take from your bank, which is then a transfer or journal from Bank to Current Liability account. 

    This works the same for all commission based sales, including florist with interflora.


  • Janine White
    Janine White Member Posts: 25 ✭
    edited January 2017
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    I like that method too! 

    Regards

    Janine :-)

  • Glenda Miners
    Glenda Miners Member Posts: 4 ✭
    edited January 2017
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    Thank you both for your help I think I am getting there with this one. As a novice to journal entries I have found it quite overwhelming but hopefully my accountant will be able to at least follow what I my records now. Thanks again

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