Settling Accounts
How to settle your accounts at the end of the day: Shortages and Overages.
- Open a new invoice from the invoice module in your tool bar.
- Type 'SELF' in the 'Customer' field since this is an internal transaction.
- Then click 'Adjustments'.
Click on 'Cash Till'.
- Enter the cash register you wish to adjust.
- Then click 'OK'.
- Enter the correct physical count in the 'Manual Count' field by selecting the line you wish to edit and clicking 'Edit Row'.
- The 'Manual Count' you adjusted will be evaluated against the 'System Balance' to produce the 'Discrepancy' in the count showing the shortage or overage and the conversion in the 'Adjustment LC' column.
- Then click on 'Apply Adjustments'.
- Here you will note an imbalance in the invoice.
- You must either pay or receive money into a 'Short or Over' account in order to balance the account.
- Enter 'Paid' next to the 'Buy/Sell' field then select 'Account' as the 'Payment' method.
- Hit <*> on your keyboard to bring up your account list.
- Use the 'Short or Over' account.
- If you do not yet have one created, you must create the account by clicking on 'Add New Sub-Ledge Account'.
Fill in the Subledger Accounts Entry
- In the 'Account Name' field name the account 'Short or Over'.
- To fill in the 'General Ledger Account' select 'Expenses' from the pop up menu then click 'Pick'.
- Choose your home currency as the 'Account Currency'.
- Then click 'Save'.
- Include a 'Reference #' and/ or 'Memo' if you wish.
- Then click 'Save' again.
- Now the account is balanced using the 'Short or Over' account to make the adjustments.
- 'Save' and 'Close' the invoice.
