TIP: Handling Paid Outs?

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KSGarage31
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TIP: Handling Paid Outs?

Post by KSGarage31 »

I know that I ran across an article about keeping track of cash paid out through the management program, but now I cannot find it again. What is the best way to run "Paid Outs"?
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ricmorin
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Re: Handling Paid Outs?

Post by ricmorin »

KSGarage31 wrote:I know that I ran across an article about keeping track of cash paid out through the management program, but now I cannot find it again. What is the best way to run "Paid Outs"?
Hello and welcome to the forum.

Would this also be considered a refund? I found this article here.... https://kb.mitchell1.com/articles/id-1085
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KSGarage31
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Re: Handling Paid Outs?

Post by KSGarage31 »

I might be able to work with something like that. What we are trying to do is make sure that our end of day cash record matches our cash drawer. Sometimes we take $5-$10 out to buy some bolts or small parts from places we don't have an account with and they are more like shop items that don't end up being accounted for on a customer invoice. Then our drawer is short from what our report says we should have.
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ricmorin
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Re: Handling Paid Outs?

Post by ricmorin »

I see. I'm guessing that you have a pre-set amount of cash in your drawer at all times and after taking out the cash for payments to invoices it doesn't match due to these 'withdrawals'.

I can tell you that we have a separate sheet where we track this. It's essentially a count sheet to easily tally what's in the drawer vs what should be in the drawer. While we don't take cash out for this type of thing, a sheet like this could accommodate that scenario. We attach the sheet with our daily close-out stuff and is signed by the counter. Since Manager isn't really designed to track a cash drawer, anything done would be a workaround.

I remember an article about this but I'll be darned if I can find it. :oops:
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KSGarage31
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Re: Handling Paid Outs?

Post by KSGarage31 »

Same here, I remember reading something a couple years ago, but we had an in house bookkeeper that kept track for us. Now we have to keep track and I cannot find the article anywhere. I think we are going to create a customer called Paid Out and run a counter sale with the negative quantity like they show in the refund document. That will at least make our paperwork match the draw I think
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ricmorin
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Re: Handling Paid Outs?

Post by ricmorin »

KSGarage31 wrote:Same here, I remember reading something a couple years ago, but we had an in house bookkeeper that kept track for us. Now we have to keep track and I cannot find the article anywhere. I think we are going to create a customer called Paid Out and run a counter sale with the negative quantity like they show in the refund document. That will at least make our paperwork match the draw I think
That will probably work in keeping you drawer in balance, but remember that negative amounts over time affects your sales in Manager. If you track sales in QB or another accounting program then it won't really matter. If you're ok with that, then by all means.

IMO, you're better off buying those things with a credit card and entering those charges in your accounting program so they can be deducted as expenses easily. Doing this will keep your drawer in balance since the only money leaving will be payments to invoices, but you know what's best for you.
Ric Morin - Volunteer Forum Moderator, Shop Owner, ASE Master L1
Motorcar Alternatives, LLC
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