Accounting for daily takings

Please Note: From 19th January 2017 we have introduced a new tool for logging cash register sales (see here for details). This guide will explain the manual method which remains useful for more complex scenarios, e.g. where you wish to differentiate product lines.

Not all businesses provide invoicing facilities to their customers. Many shops, garages, restaurants, and retail businesses simply operate on a cash basis using a till and issuing customers with a sales receipt. How do we correctly account for these scenarios using QuickFile? Obviously it’s not feasible to enter every single invoice in QuickFile, therefore we would suggest you invoice on a daily basis to reflect the aggregate totals for that day. You can of course log your takings on a weekly or even monthly invoice depending on the level of reporting required.

When logging your invoice we would recommend creating a client called ‘Till sales’ or ‘Daily takings’. You can also create separate clients to differentiate cash and card sales, or any other payment methods for that matter, again it all depends on the level of reporting required.

Let’s start with a simple scenario. Maurine’s Cozy Cafe took £440 in sales on Monday. The business is VAT registered and Maurine is charging VAT to her customers who are eating in the cafe, this equates to £240 of VAT inclusive sales, the remaining £200 relates to take-away sales.

At the end of the day Maurine’s daily takings invoice will look something like this:

You can further categorise your daily invoices by posting subtotals to specific nominal accounts. You can create your nominal account first in the ‘Chart of Accounts’ screen then allocate a line total to that new account. You just need to click on the grey cogwheel icon () to reveal these options.

You can use the till’s Z report to key in the daily totals.

If you are offering your customers with different methods of payment you will need to account for these when marking the invoice as paid.

Once you have entered the daily takings invoice, click to save and preview. In our example £300 of the daily takings was received in Cash. We can log a payment to reflect the cash into the business:

The remaining £140 was received through card payments. This can be posted to a special bank account we have setup for Square Card Sales.

In this example we are entering the totals for the day based on the Z1 readings from the till. Each Z1 reading should be logged individually as a new invoice, therefore if you take the Z1 reading intermittently, then simply raise a new invoice for each Z1 as of the date taken. We would recommend that you attach the Z1 scanned copy to each invoice.
All the relevant nominal ledgers will track the sales, VAT, and payments relating to your daily sales.

You can also setup a custom report to show your daily sales and payments.