The banking journal

Summary

This article describes how to journal takings into the bank.

• Cash and cheque receipts should be journalled into the bank when you are filling in the paying in book.
• Credit Card takings should be posted into the bank using either the bank statement or the Z-read from the credit card machine. Decide which one you are going to use and stick to it.

More Information

Go to " Nominal Ledger Journal Entries".

• At "Entry mode", choose 'Cashbook'.
• The "Money in/out:" should be set to 'In'.
• Enter your bank nominal code into "Centre" on the highlighted line on the list.
• On the next line:
  • In the "Centre" column, enter the centre to take the money from, e.g. for cash banked, type 'Z900'; for cheques banked, type 'Z901'; for credit card receipts, type 'Z902'.
  • In the "Date" column, enter the date you are paying in the money.
  • In the "Credit" column, enter the amount banked for each centre.
  • In the "Comment" column, enter the paying-in slip reference number and the word "CASH" or "CHEQUES", or the date that the credit card receipts were actually taken.
• Press <Esc> and <Accept> to post the journal.

See also

• Reconciling your bank account
• How should I handle takings?
• What should I consider at month end?
• How to process a month end
• How do I Create a Nominal Code?

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Keywords AND Misspellings

Month, end, journals, accounting, vat, audits, daybook, bank, banking, cashing up, cash, up

Tags

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