Accounting entires from POS / Till system
Imagine a shop such as a Spar or Londis.
At the end of each day it has a number of totals that can be posted to a Nominal Ledger.
I am trying to get my head around what these postings might be. Can anyone make any suggestions as to what these should be?
These are some of the transactions totals / detail you would have.
1. The Opening Balance - Float
2. Total Sales broken down by a number of categories, dairy, tobacco, petrol confectionery.
3. Payment received. This can consist of different tender types such as cash cheque and credit cards. You might also have credit sales such as petrol accounts and manufacturer coupons.
4. Receipts for Credit accounts.
5. Expenses. You might pay some costs from the till, e.g. the window cleaner.
6. The closing balance.
And it starts all over the again the next day.
Would you run a separate account for undeposited cash etc.
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