Create a retail / cash bank account

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If your business is retail and deals with a high volume of lower value cash sales, entering these individual sales into the system can be time consuming.

Create one or more bank accounts to represent the cash that you should have in your till. This enables you to add an entry at the end of each day (or other timeframe). You should create an account for each till or place where cash is collected (including your safe). Find out more.

1. Go to Banking > Banks and select Add bank account.

2. Create a new bank account with a suitable Account name, such as Main Till or Cash on hand. This account represents the amount of cash that you should have on the premises or in your till.

3. The Account Code is the code that will be used on your chart of accounts. This is generated for you, but you can enter a different code.

4. The Reconcile Date should be a date before the first transaction. The Start Balance should be zero.

   If you have any existing cash balance, you can record an opening balance using a journal.

5. The remaining fields can be left at their defaults. Select Save.

6. Repeat this process for any other tills and an account for your safe so that you can reconcile the cash in each.