Great video thank you. I use a SumUp machine for my business and they pay into my account daily, minus 1.69% transaction fee. So I never see the full amount going into the account. Does this mean that I can't use the above recording/reconcilliation method?
Hi Thanks for the comment, I am making an assumption you are a business which has a till. In this account you would put your entire takings in and then transfer the amounts which go into the bank account. This would leave a balance which your accountant should then be able to create an expense for the fees you have incurred. Please refer to your accountant for any advice
I’ve just start use FreeAgent. So I got lots of question, relate to pub acc. Do I need to create new bank account for card taking? What about if the Z Reading did not match with card machine end of day? And if Cash in the till does not match with the end of day reading. -do I need to record into account for any of the discount or house items that were made to customers.???
Hi Faye, you will need to create a Takings Account, when you run your Z reading from your Till. This is the figure you put in the software and then follow the instructions on the video.
Great video thank you. I use a SumUp machine for my business and they pay into my account daily, minus 1.69% transaction fee. So I never see the full amount going into the account. Does this mean that I can't use the above recording/reconcilliation method?
Hi Thanks for the comment, I am making an assumption you are a business which has a till. In this account you would put your entire takings in and then transfer the amounts which go into the bank account. This would leave a balance which your accountant should then be able to create an expense for the fees you have incurred. Please refer to your accountant for any advice
I’ve just start use FreeAgent. So I got lots of question, relate to pub acc. Do I need to create new bank account for card taking?
What about if the Z Reading did not match with card machine end of day? And if Cash in the till does not match with the end of day reading.
-do I need to record into account for any of the discount or house items that were made to customers.???
Hi Faye, you will need to create a Takings Account, when you run your Z reading from your Till. This is the figure you put in the software and then follow the instructions on the video.
Yes have done that. But what in case of when giving customers drinks on the house or discount? Do I have to record that ?