Retail sales - how to deal with it


M

Marion Mitchell

I've got a new retail store client who processes sales thru credit card,
debit card and cash. With the deposits into the bank being batches it is
hard to distinguish which is cr. card an debit and to try to balance with
the daily tally sheets.

does anyone know a good method of organizing, managing these types of
transactions so that when i get them it becomes easier for me.

Is there any method outside of QB which someone knows really helps to
organize - excel sheets, or just some sort of sorting system.

thanks Marion
 
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T

Tee

Marion Mitchell said:
I've got a new retail store client who processes sales thru credit card,
debit card and cash. With the deposits into the bank being batches it is
hard to distinguish which is cr. card an debit and to try to balance with
the daily tally sheets.

does anyone know a good method of organizing, managing these types of
transactions so that when i get them it becomes easier for me.

Is there any method outside of QB which someone knows really helps to
organize - excel sheets, or just some sort of sorting system.
I have two clients who are the same. My best advice to you is to:

1. Make sure you record the trans. type properly, particularly the card
type.
2. Check the bank statement online once a week if you can do so
3. Reconcile the merchant service statement before reconciling the bank
statement

If you're having problems with the bank statement showing lump sums and not
specifying a difference between counter deposits (deposits made via a
deposit slip at the bank) and direct deposits then I'd recommend talking to
the bank. I work with 6 different banks, 4 of them are big names, and all
of them differentiate between counter deposits & direct deposits. Your
counter deposits should be easy because you should have a carbon copy of
what made up the deposit (ie checks & cash). The direct deposits will be
those from cc transactions, deposited by the merchant service.

Most merchant services distinguish deposits made for Amex transactions from
those made by Visa, MC, Discover & Debit (granted they do lump the latter
four together). So if you can separate out the counter deposits first, the
Amex deposits second, then you should have a relatively easy time with the
rest because you can go by date. A deposit on 5/14 isn't going to include
cc sales from 5/15 or later so you look through the pre-date sales to find
the correct ones.

I don't think there's a way for any acctg software company to provide a
better solution for this because its not a software issue. Its a problem
with the merchant service first and the bank second. You can always request
that your merchant service give you an exact detail of what amounts were
deposited on what dates although you may not get too far with that request.
 

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