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OpheliaPDX
Level 1

Cash tips

Hi! My normal journal entry for cash tips was:

EE TIPS IN OTHER CURRENT LIABILITY DEBIT FOR AMOUNT REPORTED TO PAYROLL

EE TIPS PAID OUT OTHER CURRENT LIABILITY CREDIT FOR AMOUNT REPORTED TO PAYROLL

SALES DEBIT TO REMOVE CUSTOMER TIPS FROM SALES DATA FOR AMOUNT REPROTED TO PAYROLL

EE TIPS PAYABLE OTHER CURRENT LIABILITY FOR AMOUNT REPORTED TO PAYROLL

 

Since Covid the restaurant has been card-only, but the owner has been withdrawing cash from the bank (I don't know what his system is for recording tips- he doesn't make the cash withdrawals on any particular schedule, that I can see. Sometimes they match payroll, sometimes he combines a few payrolls. It's chaos.). I've been recording the cash withdrawals to Petty Cash to track them.

 

HOW ON EARTH SHOULD I MODIFY MY JOURNAL ENTRY?!

1 Comment
BigRedConsulting
Community Champion

Cash tips

Your post looks jumbled and not like a Journal entry.

 

What does recording tips have to do with the owner getting cash from the bank?

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