How should I manage my cash receipts and banking?
It is good practice to utilise a 'cashbook' approach when handling multiple cash receipts from various events. Using this approach, you record all cash and cheque receipts into your "Cash" account using the Receipts function. Then, when you do your cash banking you record this as a Transfer which moves the cash balance out of the Cash account into your Bank account.
For example, you run three separate fund-raising events within the same week, which raise £50, £100 and £150 respectively. As you will probably want to bank all £300 in one go, the most efficient way to record these transactions in Clubtreasurer is to create all your separate receipt/receipt lines into the Cash account. This will increase your Cash account balance by £300. When you bank the cash, create a New Transfer (Transfer>New Transfer/Cash Banking).
Select the Cash account that you are transferring from and either create a manual transfer, or preferably, select the specific receipt lines to create a 'Wizard" Transfer. (The Transfer Wizard will link the selected Receipt Lines to the Transfer and will not allow them to be edited, ensuring Receipt Lines are always reconciled to corresponding Transfers.). In the next screen complete the following:
- Transfer Date
- Details or brief description
- Transfer Amount (Note this is pre-populated if Transfer Wizard is used)
Transfer From:
- Account Transferred From (Option to change this account for Manual Transfers only)
- Cheque or Payment No Optional: Select "Cash" quickpick if required.
- Cost Code: Select appropriate transfer cost code
Transfer To:
- Account Transferred To: Select appropriate Bank Account
- Pay-in No Optional: Enter bank paying-in book number to help you reconcile this transaction against your bank statement later.
- Cost Code: Select appropriate transfer cost code
- Comments: Optional: Enter long description if required.
Record Cash Receipts
Bank Cash
