Pub Accounts

Pub Accounts

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Hi

I have recently taken over the accounts for a large pub.  I am not particularly experienced at excel and am trying to set up a spreadsheet that will reconcile the takings to the credit card receipts.  The problem is that the takings are recorded on a daily basis but the credit card receipts on the takings sheet do not match up with the entries on the bank statements.  There must be any easy way to do this but I'm unable to find it.

Does anyone out there have a template for this type of accounting?

Thanks

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By zarathustra
25th Oct 2011 10:24

Workaround

I know what you mean, credit cards are always in issue in retail type businesses.

I have got around this problem in sage by setting up the credit card control as a separate bank account. Individual credit card takings appear on one side on the day the customer dines, and the receipts from the card processor appear en-bloc on the other (ie, a transfer from the bank current account). Periodically someone reconciles it. But it means that the main cash takings account and the bank current account can be independently reconciled quite easily.

Does the client use an accounts package? Best solution I have found.

 

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By rampanesar
25th Oct 2011 11:06

We have about 20 pubs and been dealing with them for years. I understand your problem.

The only way to deal with these entities is to forget the way you have been taught to do regular accounts.

You have to post them the way the publican thinks and records and then go back into the records and basically "kick" the accounts into shape!

We took over the practice that had 30 pubs and the first few we tried to do the way you are doing it - via spreadsheet. It was hard work and very difficult to produce accounts.

The other practice used VT Transaction and showed us the way - that was 2007 and pubs are a "piece of cake" for us now!

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Replying to Moonbeam:
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By hettydehaan
25th Oct 2011 12:30

Thank you for your reply but how did you actually 'kick' the accounts into shape?  I use Sage but thought i could combine using Sage and spreadsheets.  I'm not sure what VT transaction is

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By Steve Holloway
25th Oct 2011 11:31

+1 for a 'takings control bank account'

The till should provide some sort of analysis on a daily basis that lists takings by code and then breaks gown the total between cash, CC, cheques. Cheques are easy and can be posted straight to the main bank account. Cash should be posted to a separate takings control from which cash payments are posted. Similarly with CC takings. Then when cash is banked this is recorded as Dr Bank Cr Cash takings control. CC sales are journalled Dr Bank & Cr CC Takings control every time the streamline receipt hits the bank (after taking account of the charges per the statement).

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By Monsoon
25th Oct 2011 11:49

VT Transaction+

I'd use VTT+ or similar instead of a spreadsheet. As others say, it's far easier! Big complicated spreadsheets can be a nightmare to work with and they have more room for error. If not VTT+, use a similar bookkeeping package. It really is worth it.

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By Chris Smail
25th Oct 2011 12:43

Check cut off time

Credit Card machines have an end of day procedure wich is run at a fixed time every 24 hours. In the past I have found the default to be about 9pm which is fin for a retil shop but of course a pub or restaurant is still open.

Once you have got this sorted out then the card total per the till should turn up in the bank two days later except fo Amex who are different.

If this is working properly you should be able to process the card receipts total as a transfer from Till cash each day and reconcile it to a matching total on the bank statement (Yoiu are using a Till cash control arn't you?)

 

 

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Replying to Flying Scotsman:
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By hettydehaan
25th Oct 2011 13:16

The problem is that the card total never goes into the bank as a card total, it is often split over several days.  I have no idea what a till cash control is??

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By Ken Howard
25th Oct 2011 13:42

Yep, break it down into separate control accounts

I've only got a few pubs, but plenty of shops, cafes and guest houses.  I know the problem only too well.  The answer is indeed to split out the takings into component parts and create control/bank accounts in a book-keeping system  - like others I also use VT for this as it's quick to view and easy to adjust any mistakes (either input onto VT or till mistakes).  Even worse is where they have on site vending machines or cash dispensers which require more control accounts.

You need a good till that breaks down the takings into the necessary components and then good control, i.e. checking till totals against cash in the till and investigation of differences, good records of cash taken for expenses, wages, to put in machines, etc.

I used to use spreadsheets but they were indeed an absolute nightmare to keep up to date and right.  I've used VT for a few years now and with some daily cash control sheets (hand written by the client to explain the ins and outs), it's quick and simple to keep track and find errors/differences.

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