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Cloud solution for posting cash receipts to dept.

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Looking for a cloud accounting system that will allow me to allocate cash receipts to a project/department/class from the bank feed.

Tried freeagent but you have to raise invoices to enable the income to be allocated to the project - this is too time consuming.

I know xero can track items. Are there any others?

Basically I am trying to allocate income and expenses to 4 different shops.This has all been done on spreadhseets previously. Thanks!

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Chris Downing
By Chris Downing
10th Jul 2020 07:31

Sage Accounting enables you to do this:

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By johnt27
10th Jul 2020 16:49

All cloud systems will allow to do this but will have the same limitations as FreeAgent.

What you haven't explained is where the cash receipts come from? I'm assuming some form of shop or OTC type business so your problem isn't with the financial accounting it's with the initial recording of the transactions. There are a number of solutions you could explore to solve this problem which would then feed into a cloud accounting solution and provide some form of cost centre/tracking reporting.

The most likely accounts packages would be Xero and QBO as they have the most and best integrations. Sage and FreeAgent are, unfortunately, a long way behind the market in this respect unless you prefer 2nd best and lots of compromises...

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Replying to johnt27:
By JoJoArmaniiiii
10th Jul 2020 19:25

Thanks. The cash is banked by a n other from the shops. (I need to look into this further as I am unsure if they reconcile the til to the cash). So I will just see the cash banked on the bank statement. I will allocate as income but with i want the ability to link this to the specific store, to monitor the profitability of each store.

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Replying to JoJoArmaniiiii:
By johnt27
10th Jul 2020 20:24

Well the reconciliation, or lack of, to the till is the first issue to be addressed. But if there is a till in place then these can easily be upgraded to a proper POS system you could integrate with a cloud system to record sales/takings etc from shops on an individual basis

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Noel Fraser
By noelfraser
15th Jul 2020 12:53

Hi - hope you are well?

I believe our solution may be just the answer to your problems. I have sent you a direct message by way of introduction. You can find out more about our solution here -

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