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Level 1

ATM transaction category

I have a flower business and in my store i have an atm which i own. I have a cash log which i keep track of petty cash and i use to replenish the atm. How do i log these transactions? Cash log -> ATM -> Customer withdrawl -> Purchase -> money in my bank account.

 

Any advice and knowledge is appreciated. Thx in advance.

Solved
Best answer February 23, 2020

Best Answers
Highlighted
Level 3

ATM transaction category

Hi Shumba411,

 

Am I understanding correctly?

  1. You use petty cash to fill the ATM
  2. User withdraws cash from ATM
  3. User makes purchase from your flower shop with cash withdrawal
  4. The cash from sale is deposited to bank account

There are a few ways to go about recording the transactions related to your ATM machine, here's one option:

 

To record petty cash into the ATM:

  1. Create a Bank account in QBO for Cash in ATM
  2. Create Transfer
    1. Enter date petty cash is transferred to ATM
    2. Transfer Funds From whatever account you are using to record Petty Cash in QBO
    3. Transfer Funds To the account for Cash in ATM
    4. Enter amount transferred
    5. Save

To record withdrawal of ATM:

  1. Create an Other Current Assets account in QBO for ATM Withdrawals Reimbursable (to keep track of the withdrawals that will be re-deposited by ATM transaction processor)
  2. Create Transfer
    1. Enter current date
    2. Transfer Funds From account for Cash in ATM
    3. Transfer Funds To the account for ATM Withdrawals Reimbursable
    4. Enter total all withdrawals to date to be reimbursed by ATM processor

To record purchases made by ATM users/ deposit of sale to bank account:

Record sale as you normally would any other sale. Also record the deposit from sale as you normally would any other customer payment deposit.

 

To record withdrawals reimbursed from ATM processor:

In the Bank Feed, add the deposit using the account for ATM Withdrawals Reimbursable. This will decrease the balance in that account.

 

To record ATM fee income (if you also charge ATM fees):

  1. Create an Other Income account for ATM Fee Income
  2. In the Bank Feed, add the ATM fee income using the Other Income account created

 

 

Of course, this is only one option as stated earlier. You may also want to consult with your accountant, as s/he will likely have more insight to your specific situation.


But hope it helps!

 

View solution in original post

3 Comments
Highlighted
Level 3

ATM transaction category

Hi Shumba411,

 

Am I understanding correctly?

  1. You use petty cash to fill the ATM
  2. User withdraws cash from ATM
  3. User makes purchase from your flower shop with cash withdrawal
  4. The cash from sale is deposited to bank account

There are a few ways to go about recording the transactions related to your ATM machine, here's one option:

 

To record petty cash into the ATM:

  1. Create a Bank account in QBO for Cash in ATM
  2. Create Transfer
    1. Enter date petty cash is transferred to ATM
    2. Transfer Funds From whatever account you are using to record Petty Cash in QBO
    3. Transfer Funds To the account for Cash in ATM
    4. Enter amount transferred
    5. Save

To record withdrawal of ATM:

  1. Create an Other Current Assets account in QBO for ATM Withdrawals Reimbursable (to keep track of the withdrawals that will be re-deposited by ATM transaction processor)
  2. Create Transfer
    1. Enter current date
    2. Transfer Funds From account for Cash in ATM
    3. Transfer Funds To the account for ATM Withdrawals Reimbursable
    4. Enter total all withdrawals to date to be reimbursed by ATM processor

To record purchases made by ATM users/ deposit of sale to bank account:

Record sale as you normally would any other sale. Also record the deposit from sale as you normally would any other customer payment deposit.

 

To record withdrawals reimbursed from ATM processor:

In the Bank Feed, add the deposit using the account for ATM Withdrawals Reimbursable. This will decrease the balance in that account.

 

To record ATM fee income (if you also charge ATM fees):

  1. Create an Other Income account for ATM Fee Income
  2. In the Bank Feed, add the ATM fee income using the Other Income account created

 

 

Of course, this is only one option as stated earlier. You may also want to consult with your accountant, as s/he will likely have more insight to your specific situation.


But hope it helps!

 

View solution in original post

Highlighted
Level 1

ATM transaction category

Thank you so much... thats what i need!!

Highlighted
Level 3

ATM transaction category

Happy to help :)

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