End of Day Cash Reconciliation

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The End-of-Day Cash Reconciliation is used for recording sales and purchases that are made away from access to Brightpearl. This is not an end-of-day process for Brightpearl EPOS.

This process can be used to quickly update and account for sales and purchases made away from Brightpearl. You might be using a separate cash register, or perhaps you are out all day selling on a stall. Using a print out from your cash register when you return to the office you can input all your sales and purchase figures, expenses incurred and all your takings for the day. This will create all the necessary accounting entries and allow you to easily transfer takings into your bank accounts, ensuring your financial figures and reports are accurate.

Related how to guides - End of Day Cash Reconciliation

How to enter your EOD takings

  1. Go to Accounting > End of Day.
  2. Today's date is entered as default, you can change this if you are entering figures for another day; perhaps you didn't have time.
  3. Click Submit. This checks to make sure the date you are using hasn't already had a cash reconciliation submitted; you can only enter one per day.
  4. In the Sales/Receipts tab enter the total amount received into your cash till account.
  5. Enter the amounts of each type of sale you made; there is one field per nominal code setup in the sales account range (4000-4999).
  6. Ensure the Total receipts = Total sales.
  7. Select the Purchases/Payments tab and enter the total amount you've paid out from your cash till account.
  8. Enter any purchases, expenses and overheads paid; there is one field per nominal code setup in the purchases (5000-5999), direct expenses (6000-6999) and overheads (7000-7999) ranges.
  9. Ensure the Total payments = Total purchases.
  10. Select the Summary/Cash tab. The start cash float is displayed, this is based on the balance on the cash till account at the start of the day. The cash received and paid out balances are calculated from your entries in the sales and purchases tabs.
  11. Use the available fields below the summary to deposit your daily takings into the correct bank accounts.
  12. The End Cash Float is calculated (opening float + receipts - payments - deposits to bank). If this is not the actual amount you have counted in your float you can use the Cash Error field to make any required adjustments/write-offs.
  13. When the End-of-Day balance is 0 you will be able to click Close day.

When the End-of-Day reconciliation is closed the relevant accounting entries are automatically created and posted.

How to setup the EOD cash reconciliation

You will need to select a nominal code as your "cash till account" and "end of day cash errors". Follow these steps to set your cash till and error accounts:

  1. Go to Settings > Company > Accounting: Nominal codes.
  2. Select the Cash till account code.
  3. Select the End of day cash error account code.
  4. Click Save changes.

How to add an account or nominal

  1. Go to Accounting > Chart of Accounts.
  2. Select the account type you are adding, e.g. asset, liability etc.
    - In the UK chart of accounts, the account type is denoted by the number range in which the account sits.
    - In the US chart of accounts, the account type is denoted by the number range in which the account sits, however, it can be manually changed after the account is saved.
  3. Click the Add a new nominal code button.
  4. Enter a name for the nominal code and select the relevant settings. The table below provides details on each option.
  5. Click the Save button.

Your new nominal code will be added to your chart of accounts and is ready to be used.

Field                               Description
Nominal code name The name identifies what this account is used for. It will be displayed throughout Brightpearl where ever you see nominal code fields.
4 digit code The code helps you identify what type of account this is, since different account types always sit within a specific range of numbers. You will see the code displayed with the name throughout Brightpearl where ever you see nominal code fields. You can hide nominal codes if desired, you may want to do this if you are used to a different number structure; enter your own number into the nominal code name.
Tax class This is the tax rate which you expect entries into this account to have. If an entry uses a different tax rate it will display on the VAT Exceptions Report. This rate is also used for recording tax on expense claims.
Is this a bank account? If this is a bank account it will display on the Bank Accounts List where you can view a balance, move money, view reports and manage reconciliations.
Reconcile this account? If this nominal code is a bank account you will probably want to reconcile the transactions that exist in Brightpearl with your actual bank statement to ensure they balance. Select Yes to activate the reconciliation process for this account.
Show on expenses screen? Select Yes to add this nominal code to the Expense Claim screen. To record tax on expense claims ensure you also select a tax class.
Allocate discounts to this account? This will add the nominal code to the Payment Allocation screen to allow you to enter adjustments. For example, a customer under pays slightly and you wish to write-off the remaining balance.
Is this account active? If you no longer want to use a nominal code you can make it inactive, this will remove it from nominal code field selections throughout Brightpearl. Codes that have been used for transactions cannot be deleted.
Export Trial Balance map code If you wish to view a trial balance using a different number structure than Brightpearl provides you can enter the reference here. When you export a trial balance you will see this code instead of the Brightpearl code. This is useful for accountants who work with IRIS.
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