How to record cash out amount in settlement?

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  • Updated 4 years ago
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
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TamNguyen

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Posted 4 years ago

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VikingOz

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Cash out  from an account is just a transfer. If you don't have one, create a Cash Account. Cash out is then a Transfer of funds from the account you are accessing, say Savings Account to your Cash Account. Or if you take cash out for, say your weekly housekeeping money, then allocate it to your Housekeeping account.

I'm not an accountant but it makes sense.
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VikingOz

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I think I misunderstood. I thought you were the customer, not the vendor. Cash out is a short term loan. You give cash to the customer immediately and the financial institution repays you some days later. Not sure if you get compensation for the service but you should.
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VikingOz

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Cash out is like any other sale on credit. The goods just happen to be cash. Banks have turned all businesses into a Branch of their bank. Sneaky.
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Fred

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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)


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VikingOz

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Good response... better than mine.
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Andrew

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Close, but he is talking at the EFTPOS level. ie someone comes in to buy goods for $100 and then gets a $100 'cash out' as part of the EFTPOS transaction.

We don't allow cashout, so haven't really looked into it. Will allow someone else to handle it
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TamNguyen

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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 :(
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TamNguyen

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

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

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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


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Andrew

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Correct, as I posted above. This is a CASHOUT when someone buys something and pays via EFTPOS. aka Buys $100 product and gets $100 cashout for a total of $200

The picture is showing a end of data print out from Reckon Point of Sale software.

Sadly we don't allow cashouts for EFTPOS, so no idea how its setup.
(Edited)
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TamNguyen

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That is correct Janos.
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Andrew

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TAM - How are you doing a 'cashout' on the Point of Sale software?
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TamNguyen

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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.
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Andrew

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No worries. It would have been done on the machine, as its showing up as a 'cash out' on the docket.

Have you posted the end of day transaction file into Reckon accounts? What is that showing for the $200 cash out you had?
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TamNguyen

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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. 
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Rod

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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

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