- Created by admin, last modified by AdrianC on Dec 05, 2016
https://help.myob.com/wiki/x/ewmc
ANSWER ID:9431
This support note outlines the debit and credit transaction postings or journals that are generated by various processes in RetailBasics. These journals are then imported into your MYOB accounting software.
In the examples listed below, all journals are shown in a tax inclusive format. The rate of each tax code is applied to the amount shown in the Dr or Cr column, and the calculated amount is then posted to the linked account associated to the tax code.
For example an amount of $110 appears in the DR column with a tax code of GST. This means that $100 is posted to the displayed account number and $10 (GST = 10%) is posted to the linked account for GST in your MYOB accounting software.
This support note assumes a GST rate of 10%.
| Transaction | Details | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Sales | To record the money received whereby the income is recognised immediately. In this example a product at a tax inclusive selling price of $220:
| ||||||||||||||||||||||||||||||||||||||||
| Refunds | To record the money paid when a refund has been issued. In this example a product at a tax inclusive selling price of $220:
Any discounts that are applied will reduce the amount of Sales Income accordingly. | ||||||||||||||||||||||||||||||||||||||||
| Lay-bys | RetailManager does not treat a lay-by transaction as income until the last payment has been made and the goods have left the store, so there is no transaction recorded in the accounting program when a lay-by is created. GST is reportable on the amount of the lay-by payments when they are made. In the event where a service fee is charged, income is recorded upon the first payment for the portion of the service fee only. | ||||||||||||||||||||||||||||||||||||||||
| Recording a lay-by payment | The example below is an initial payment of $20 on a lay-by of $220.
| ||||||||||||||||||||||||||||||||||||||||
| Recording a lay-by payment (with a service fee) | The example below is an initial payment of $20 on a lay-by of $220, and a $5 service fee.
The $5 service fee is recorded as income while the remaining $15 is treated as a lay-by payment. The GST account is CR for $15 with GST charged and then DR for $15 with N-T, this clears the $15 from the GST collected account while allowing tax to be calculated on the payment amount only. | ||||||||||||||||||||||||||||||||||||||||
| Recording the final lay-by payment (item collected) | The example below is the remaining payment of $200 on a lay-by of $220. The initial $20 was paid previously.
| ||||||||||||||||||||||||||||||||||||||||
| Cancelling a lay-by | The example below is an initial payment of $20 on a lay-by of $220. This amount has been cancelled, and a $20 refund has been issued.
| ||||||||||||||||||||||||||||||||||||||||
| Cancelling a lay-by (with a service/cancellation fee) | The example below is an initial payment of $50 on a lay-by of $220. This amount has been cancelled, and a $35 refund has been issued. There was a $5 service fee, and a $10 cancellation fee.
| ||||||||||||||||||||||||||||||||||||||||
| Cash Till Shortage | Assuming total cash sales of $220 for the day, when the cash till takings were actually $100 with a shortfall of $120. To record the expenses incurred for a till shortage:
| ||||||||||||||||||||||||||||||||||||||||
| Cash Till Excess | Assuming total cash sales of $220 for the day, where the cash till takings were actually $300. (Was in excess by $80) To record the income received for the extra money found:
When the cash drawer is short, the shortfall is debited to the Till Shortage expense account. When the cash drawer is short, the shortfall is debited to the Till Shortage expense account. Alternately when the cash drawer is in excess, this excess is posted as a credit to the same Till Shortage account as a negative expense. |