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GreatMargins is designed as a point of sale system, where all transactions are done individually, not batch posted, except for the bank deposit, which will "deposit" cheques or swipe cards. All transactions which involve money movement, will ask for an answer to "how is it being paid" before posting, and the reply to that, governs the posting. Bank reconciliations are done by cross-referencing amounts by value and it is not necessary to `tick` off each item. Outstanding itmes are shown in pink [bank] and black [ours]. |
Up to 5 bank accounts can be used in a single company. Internal control of petty cash is governed by all transactions of cash, both in and out, to the petty cash account. Cash income does NOT have to be `banked`, it can be used for expenses. Different payment methods, easily chosen. Settlement discounts are easily handled. Payments in one company, deposited in another, make contra entries. We presently do not support on-line bank transactions from within the programme. |
| Files, Cash book will give these options : | |
| Bank statement, 1 ( or 2/3/4 etc.) | Access to view the bank statement transactions in the computer, with bank balance. The 1/2/3 are accessable with F6 on entering, and are the reference to up to 5 bank accounts. In this mode, in access level above 5, you can reset the bank and cash balances from the opening balance. |
| Bank debit | See only the debits on this account. |
| Bank credit | See only the credits on this account. |
| Cash | See all cash transactions, including movement of cash in and out of the bank by way of deposits and withdrawals, with a petty cash balance. |
| Expenditure | See expenses, i.e. all outgoing expenditure. |
| Only untagged | View only un reconciled cheques. |
| On cash sales, or receipts, these options are asked for as to how paying. | |
| Cheque/manual credit card. | These cheques will not be "banked" in the system, but lie in waiting for the generation of a Bank Deposit, which is done at Cashbook, Bank, Deposit. A manual credit card is where you are not connected to the bank, and fill out a manual form, which is deposited like your cheques. |
| Cash. | Cash received. If used, will ask for tendered amount, and thereafter calculate and display change to give the customer. The petty cash account will be updated by this cash amount. |
| Bank credit. | The customer has deposited, either electronically, or directly, into your bank account. You will see this on the bank statement, and no deposit is necessary in the system. |
| Swipe card. | An electronic payment, where the customer`s card is swiped through your machine, and a single total is posted to your bank at the end of the day. These transactions will not be "banked" in the system, but lie in waiting for the generation of a Bank Deposit, which is done at Cashbook, Bank, Deposit , and will be seen as a single deposit on your statement. |
| Split payment / cheque to customer. | A split payment can be made where you receive payment as a combination of any of the above. If you enter a negative amount on a cash sale, or receipt, and choose option 5 as payment, the system will treat this as money being returned to the customer by cheque, and you will be asked for a cheque number. |
| Processing income or creditor payments | These payments sometimes attract settlement discounts, sometimes they incur VAT amounts (payments or cash basis), and they are allocated against aged amounts. |
| Amount | |
| Settlement discount | |
| Payment methods | |
| Taxable ? | |
| Tax amount | |
| Interest | |
| Overdue amount | |
| 90 days | |
| 60 days | |
| 30 days | |
| Current | |
| On creditor payments or expenses, these options are asked for as to how paying. | |
| Cheque | You are paying out by cheque, and a cheque number will be asked for. |
| Cash | You are paying out with cash. The amount will be deducted from the petty cash account. |
| Bank debit | You are paying an amount that is directly debited off your bank statement, either because you have made an electronic payment to someone, or the bank has debited money off your account, for debit orders to an insurance, vehicle lease, etc. or for bank charges, etc. |
| Post to creditor | If you are entering this transaction, and not paying now, you can post the amount to the creditor account, for later payment through creditors. |
| Internal journal / cheque received. | If you enter a negative amount and choose this option when in Creditor Payments, the system will assume the creditor is giving you a cheque, and the system will treat this as income (positive). For the workings of the Internal journal, see Loan Account on How do I ? It is also used to allocate depreciation into expenses, off the balance sheet account, or any other transaction account. An internal journal can only post if there are two or more entries, both positive and negative values, that balance to zero. |
| Processing expenses or internal journals | Expenses can be made directly, without having to first enter the expense as a seperate transaction. If an expense is entered, and posted as "Post to creditor", obviously a creditor payment will have to be made later, when paid. |
| Ledger code | The ledger code to allocate to this expense |
| Description | The description, which you can edit. |
| Job number | In "Trucker" mode, you can allocate expenses to a vehicle. |
| Amount | The amount of this expense, or journal. For split expenses allocated, (see the next box) the full amount charged should be entered here, when the percent field will automatically change this amount. These type of debits should be linked to the account code in the supplier file, where the recurring debits can be linked. |
| Percentage | If the description field of the ledger code contains a % sign, followed by an amount, this amount will be brought in here. It is particularly useful where you have to split an expense, say, between 80% business, and 20% personal. You will have two ledger codes, with % 80.00 anywhere in the description field of the one, and % 20.00 in the other. When loading this ledger code, the percentages will be allocated. |
| Taxable | This code is brought in from the ledger/department file, when loading this item, where 0 means no tax, a "1" will add tax to the amount, and a "Z" will calculate the tax as a portion or the total, or as "inclusive". You can override a "1" with a "Z" if you have put the full amount in the amount field. |
| Tax amount | You can override the tax here to give the exact amount charged. |
| How paying or processing ? | When leaving this screen, you will be asked "how paying". The options are in the table above. |
| On Transaction Cashbook Bank, these options are avaiable. | |
| Bank deposit. | This option will show all un-banked receipts of cheques or cash. These are shown on screen, and would in the normal course of events, be what you are depositing. You can edit the cash amounts, as you may not wish to bank the cash, you can add to the screen any additional items, or you can unmark receipts to bank later. When accepting this bank deposit, remember that it should reflect the amount that will be shown on your bank statement. However, the trial balance will reflect undeposited cheques, in order to balance your receipts with what you have banked. |
| Bank deposit swiped card. | As above, but showing only items entered as paid by swiped card. |
| Bank statement. | This option will ask for current or history, and will then load all the computer transactions for that period into a temporary file. The computer will match any like amounts to your previously entered actual bank statement amonts, and show as pink items, those that are on the bank statement and not yet in computer, or in black, those that are not matched by any actual bank statement entry. You can print out a full reconciliation from here. |