Daily Balancing Procedure

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Daily Balancing Procedure

When ready to balance for the day. Ask the staff not to receipt any monies while you are doing the banking as it adjusts the reports you are trying to balance.

1.   Print Cash Transactions Report
Reports, Owner Accounting, Cash Transactions, Tick Income Source, Specify Source box and Highlight Receipts, Build
This report is a summary of all receipts taken for the day broken down into payment type e.g. Cash, Cheque, Direct Credit, Visa, MasterCard etc.
Balance each income source. Rerun report once mistakes are rectified. Credit card totals should equal your EFTPOS settlement slip from your EFTPOS machine.

2.

Print EFTPOS Banking Summary

Reports, Owner Accounting, Banking Summary, Tick EFTPOS Summary, Build   
Once you agree to the totals on the Cash transactions Report, print an EFTPOS Banking Summary to show the credit cards taken for the day so as to take to the bank.

3.

Close EFTPOS Banking Summary

Once printed and totals agree, close EFTPOS Banking Summary. Therefore when you print the EFTPOS Banking Summary tomorrow, it will only include any new takings after this time.

Reports, Owner Accounting, Banking Summary, put tick in Close Deposit Slip on right hand side, build. It will bring up a copy of the Deposit Slip. Do not need to print.

4.

When ready to go to bank to deposit Cash and Cheque, Close Deposit Slip

Reports, Owner Accounting, Banking Summary, Tick EFTPOS Summary, Build   
Once you agree to the totals, you can print an EFTPOS Slip to show the credit cards taken for the day so as to take to the bank. These should equal the total on your Cash Transactions report.
You may wish to print a second copy to keep as a record for yourself.
Reports, Owner Accounting, Deposit Slip, Build.

NB: On the last day of the month, it is important to close the Banking Summary for both Deposit Slip and Eftpos Summary once all receipts processed.

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