We use sales receipts for our daily sales. Eftpos refund greater than takings. How do I record the negative amount please.

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  • Updated 5 years ago
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We use sales receipts for our daily sales. Had to give refund one day and therefore had a negative amount to bank. How do i record this pleae
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Anne Bell

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Posted 5 years ago

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Kevin Silberberg, Accredited Partner

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If your credit card receipts/sales are posted to your bank account, you need to perform a journal: Credit Bank and Debit Sales with the appropriate GST code which is normally "GST".
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Anne Bell

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We are a caravan park and I probably did not give enough info.  On the sales receipt for the daily takings we list:

caravan sales
accommodation sales
gst shop sales etc and then we receipt on same page

cash
shop items
eftpos

because I have listed refund I have a figure of $-1323.00 remaining, which is the amount debited from my bank account by the eftpos carrier.

I cannot close the sales receipt window because of the negative amount.



Thank you
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allana

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hi anne I am new to reckon how did you set up your daily takings?
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Sally McIntosh, Accredited Consultant, Accredited Partner

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Hi Allana,

What Anne has done is on the Home page used the Sales Receipt icon as it will enable you to deposit directly to the bank account.

You can do this as long as you have the options.

If they don't show click on edit drop down menu > preferences > desktop view > company preferences > tick sales receipts.

Then to deposit straight to the bank, whilst in preferences go to sales & customers > untick use undeposited funds as a default deposit to account.

Kind regards,

Sally McIntosh (sally@samsolutions.com.au)

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allana

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Thanks
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Anne Bell

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Hi again  I think I have solved the problem.  I created a new payment method (charge) and called it eftpos refund and which bank account to debit.  Appeared on reconciliation page, so fingers crossed.
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Sally McIntosh, Accredited Consultant, Accredited Partner

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Hi Anne,

How I would have done this is to process the Sales as per normal (so your income on your profit & loss is correct), then create a separate transaction in an adjustment note, so you can also record correctly your reduced income.

When you save the adjustment note it will ask you if you wish to give a refund, which will create a cheque in the bank account.

Then when reconciling you will have 2 transactions to tick off in the bank reconciliation window as opposed to 1 transaction on the bank statement.

But at least you know everything is recorded correctly for income, GST, etc.

Kind regards,

Sally McIntosh (sally@samsolutions.com.au)

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