Track cash or cheque receipts and payments

Summary

How to track cash or cheque receipts and payments in Sage Accounting.

Resolution

Once you pay the money into the bank, transfer the funds to your actual bank account.

TIP: By default, there is a cash in hand account already set up for you when you first sign up. If you take regular cash payments you might want to create a new cash account to keep receipts separate from your normal cash in hand account.

Create a new cash account >

Go to Banking, then select New then Bank Account.
In the Account Type list, select Cash in Hand.
Enter an account name, for example, Cash register.
Select Save.

Paying an invoice by cash or cheque >

If your customer pays you or you pay a supplier by cash or cheque, you can record this receipt or payment against an invoice. This will mark the invoice as paid.

Go to Sales or Purchases, then select Sales Invoices or Purchase Invoices.
Select the relevant invoice.
Select Record Payment.
Enter the amount of the payment and any discount given.
Enter the date of the payment.
In the Paid into/Paid From list, select your cash account.
In the Method list, select the pay method.
If applicable, enter a reference. For example, the cheque number.
Select Record.

NOTE: If a cheque has come back as returned, then you'll need to go into the invoice and record a refund.

Record cash or cheque receipts without an invoice >

If you don’t create invoices, you can record cash and cheques as bank receipts into your cash account.

Go to Banking, then select your cash account.
Select New Entry then Sale / Receipt.
Select the Other Receipt tab.
If applicable, choose a customer.
In the Method list, choose the payment method. For example, cash or cheque.
Enter the date, reference and amount received.
Select Save.

NOTE: If a cheque has come back as returned, then you'll need to post an other payment with the exact same details as the other receipt. Also make a note that the transactions is a returned payment.

Record cash or cheque payments without an invoice >

If you don’t create invoices, you can record cash and cheques as bank payments in your cash account.
Go to Banking, then select your cash account.
Select New Entry then Purchase Payment.
Select the Other Payment tab.
If applicable, choose a customer.
In the Method list, choose the payment method. For example, cash or cheque.
Enter the date, reference and amount received.
If you need to, amend the details of the payment, then select Save.

To deposit money into your bank account >

Go to Banking, then select your cash account.
Select New Entry then Bank Deposit.
Enter the following information:

Paying in Reference *	Enter a reference for the deposit.
Bank Account *	Choose the bank account you want to deposit the money into.
Date *	Enter the date of the deposit.
Cash	Enter the amount of cash you want to deposit.
Cheques	Choose Select, then select the cheques you want to deposit and select Save.

* These details are compulsory.

TIP: The Cash in Hand Remaining shows the remaining balance in this account.

Select Save.

We deposit the amount into the account you specified and the bank balances adjust accordingly.

CAUTION: If you delete the bank deposit from either the bank or cash account, the balances on both accounts adjust accordingly.

Track cash or cheque receipts and payments

Summary

Resolution

Create a new cash account >

Paying an invoice by cash or cheque >

Record cash or cheque receipts without an invoice >

Record cash or cheque payments without an invoice >

To deposit money into your bank account >

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