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Join nowI 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! Go to Solution.
Hi Shumba411,
Am I understanding correctly?
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:
To record withdrawal of ATM:
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):
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!
Hi Shumba411,
Am I understanding correctly?
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:
To record withdrawal of ATM:
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):
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!
Thank you so much... thats what i need!!
Happy to help :)
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