AugTool Documentation
Cash slips and Cash ups
The use of cash slips and the cash drawer is optional and is used if you want to reconcile cash in a draw (Physical cash) to what you think the Petty cash account balance is.
Should you wish to do this, you must set the Petty Cash account to "yes" for use cash slips. In this case, any cash used from the petty cash account will automatically create a cash slip that will be used in a cash up process to reconcile cash in draw to petty cash.
As you can see below, you can create cash slips for 4 types of transactions.
Sale: This is when you have made a cash sale and are receiving cash into the draw.
Purchase: This is when you have made a cash purchase and are removing cash from the draw.
Bank: This is when you have ordered or depositing funds/money from/to your bank and want to indicate to the draw that you have received or removed the money into or out of the draw. Please take note, this process can be done before you have done your bank recon or after you have done so. The affect of the cash in the draw only affects the Petty Cash account when you do your bank recon and import the statement and allocate the payment/receipt to the petty cash account.
Unallocated: This is where you remove or deposit money into the draw for something you do not have a description for yet. Such as asking a staff member to take some money to go purchase something and you do not have the exact customer/supplier details yet or do not have the exact amount that the staff member will pay. You can for example give a staff member R500 to go purchase lunch for a meeting. They can then choose to go to a take away, spend R450 at KFC and return with the slip. When the staff member has returned with the slip, you can then link the unallocated amount to an organisation and give an exact amount (the change will then be allocated back into the draw) . On the cash up, you will see the linked item. That is when an unallocated amount is linked to an actual sales or purchase cash slip (linked). The linked item may be more or less than the unallocated which will create change or a loss.
As you can see below, you can allocate cash directly to an invoice from the petty cash account. If your petty cash account has been setup to use cash slips, the system will then automatically create a cash slip so as to be included in the cash up process.
Once you are done with the day or the week you can now do a cash up and count the money in the draw and compare that to what you expected to be in the draw based on what the system tells you.
You can then allocate a difference to an expense account. In the below example you can see that I expected to have 10000 in the petty cash but I counted the cash and had 9900, allocated -100 to a petty cash difference account and completed the cash up.
In essence, all cash slips and cashups do, is assist you to manage your cash in your drawer and reconcile that figure with the open balance on the petty cash. If at any time your petty cash Chart of account open balance is not the same as your cash in draw, something or someone has done something wrong.
Example
Lets first make sure our setup is correct.
We need a petty cash chart of account (Asset - like a bank) - Accounts >> Chart of accounts >> Create
We need to create a Cash account under Account >> Bank Accounts >> Create
We have set our petty cash entity to use cash slips. In this case, anything that touches this account besides a journal will create a cash slip to be used in cash ups.
