The banking journal
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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 journalled into the bank at the point you take the Z-read from the credit card machine or the date you see the money going into your bank on your bank statement. Decide which method you are going to use and stick to it.
More Information
Daily takings are posted to payment centres e.g. 'Z900 - Cash', 'Z901 - Cheque' and 'Z902 - Credit/Debit Card'. When the money is physically transferred to the bank you must use the banking journal to update your accounts system. This ensures that your bank account on Platinum accurately reflects your actual bank account.
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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