Counting the Cash at the end of the day in order to get good deposits is very important. If you close any debit card machines, credit card machines, or deposit funds from the day into the bank you should create a deposit journal entry at the same time. If you do this 2 times a day you should have 2 deposit journal entries each day.

Important Fact: These entries are important for being able to reconcile your bank account. Over 2 days if you did $200 and then $400 in VISA transactions $200 and $400 will show on your bank statement, not $600.

The POS Transaction Report, otherwize known as the end of day report has 2 main purposes. The most important bookkeeping purpose is to assist you in creating an accurate Deposit Journal Entry. The other important purpose is to help reconcile the monies you cellected today against the transactions you entered and find any problems. The POS Transaction Report does this by recording each action you make related to receiving monies and creating Sales throughout the day. Take a look at the section below for an explenation of why the minute by minute recording is important and what its ramifications are. After counting up you Cash, Cheques, and other monies, as well as printing your totals for Visa, Debit and other Banking machine transactions you should compare these to the totals in your POS transaction report. If everything matches up you can post the Deposit Journal Entry. If things do not match up you should follow your normal method of tracking down errors. Some of these techniques would be to check for missing or unentered transactions, looking for double entry of an invoice. The POS Transaction report really helps in this area because if the amount reported for Cheques is out, you can go look for cheques that were not entered. Once you get any errors fixed up you can then post the Deposit Journal entry.