Hello, I am new to the lottery world and the restaurant I am supporting I think is over complicating it from an accounting perspective so I would love any insights and best practices.
We have a lottery specific bank account though we are NOT moving the lottery money received from customers to it, it is to specifically pay the lottery and receive from the lottery. We are mostly transferring money from our main operating bank account.
We then have on the balance sheet under current assets, Lottery non-revenue accounts to account for all of the lottery items we are selling and cash prizes we are paying out. On the P&L under Other Income, we have lottery commissions, cash/claims bonuses. I am having trouble reconciling them all together given how we have this currently set up, so the bank account is reconciled but it's not tying back to all of these accounts we have. Any suggestions are much appreciated. Thank you!
