Recording Daily Transactions in Gnucash
In Gnucash, record the transactions from the day. (You need to be a member of the beancounters group on ryukin to do this.) These are frequently called "the Dailies."
Note on Double Entry Bookkeeping
- check out this page for some basics of Free Geek accounting.
Start with Credit/Debit for Front Desk and Thrift Store
- When people pay with credit or debit cards, this payment is automatically shuttled into our checking account (unlike cash and checks which we physically deposit at the Bank). This is why we track credit/debit payments separately in the books
- Credit/Debit payments are entered into Assets:Bank:Main Checking. There are two entries per day, one for the Front Desk and one for the Thrift Store
- Make sure you enter the amount from the credit card summary slips, not from the database report. Normally the credit card deposits will be split out into the categories in the database, but if there is a discrepancy between the database and the summary slip, you will probably need to create a special line for the discrepancy (such as a tech support ticket paid by credit card)
Then Enter the Front Desk Transactions
- Bookkeepers keep track of how money comes and goes at the Front Desk till. In addition to credit and debit cards (see above),the Front Desk receives cash, checks, and some coins. In addition, when staff members need to be reimbursed (for mileage, buying a plunger for the toilet, etc.) they generally go to the Front Desk for this.
- Front Desk transactions are entered into Assets:Cash:Front Desk
- First off, we track the cash and checks that the database says we received that day. On the Income Report printout, this line is called Till Total. Enter this in the books (under Assets:Cash:Front Desk) as Cash Income. Please note the difference between mandatory Fees (i.e. monitor or pickup fees) and Suggested donations.
- Secondly, we track the money that the Front Desk staff actually ends up with at the end of the day. This amount should be equal to the Till Total amount, but it may be different because someone was reimbursed or someone bought a sticker. This amount is noted on the Till Worksheet for the Front Desk as C - Money for Safe. Why is it called Money for Safe? Because this is the amount that is physically transferred into the Safe, as part of a daily deposit.
- So, in the books (still under Assets:Cash:Front Desk), enter a Daily Transfer, using the amount on the Till Worksheet next to C - Money for Safe
- So now we've tracked incoming donations AND the actual amount of money in the till at the end of the day. The 'Balance should read $300.00. If it doesn't, then read on:
- What does the Till Worksheet say under D - Cash out*? If there were any reimbursements or IOUs, (ideally) they would be detailed in the Cash out notes section.
- Did any money come in that was not recorded in the database such as cash-only donations or tech support income? Make sure that it is entered either as misc cash in (checks go here as well) or misc credit in and is itemized properly.
- see here for more info on recording income and expenses
- Can't find the discrepancy? Then write it off and enter the discrepancy as an overage or a short till.
Now Enter the Thrift Store Transactions
- Bookkeepers keep track of how money comes and goes at the Thrift Store till. In addition to credit and debit cards (see above), the Thrift Store receives cash, coins, and very rarely checks (people have to be approved to pay by check). In addition, when staff members need to be reimbursed (for mileage, buying a plunger for the toilet, etc.) they can go to the Thrift Store for this.
- Thrift Store transactions are entered into Assets:Cash:Thrift Store
- First off, we track the cash that the database says we received that day. On the Income Report printout, this line is called Till Total. Enter this in the books (under Assets:Cash:Thrift Store) as Cash Sales. Please note the differences between Bulk, Friend, No Discount, and Volunteer - this is not always in the same order!
- Secondly, we track the money that the Thrift Store staff actually ends up with at the end of the day. This amount should be equal to the Till Total amount, but it may be different because someone was reimbursed. This amount is noted on the Till Worksheet for the Thrift Store as C - Money for Safe. Why is it called Money for Safe? Because this is the amount that is physically transferred into the Safe, as part of a daily deposit.
- So, in the books (still under Assets:Cash:Thrift Store), enter a Daily Transfer, using the amount on the Till Worksheet next to C - Money for Safe
- So now we've tracked sales AND the actual amount of money in the till at the end of the day. The 'Balance should read $750.00 (because Thrift Store tills start out with $250). If it doesn't, then read on:
- What does the Till Worksheet say under D - Cash out*? If there were any reimbursements, (ideally) they would be detailed in the Cash out notes section.
- It is possible for the Thrift Store to get money in that is not recorded in the database, just as at the Front Desk.
- see here for more info on recording income and expenses
- Can't find the discrepancy? Then write it off and enter the discrepancy as an overage or a short till.
And then invoices
If there are any amounts for invoices go to this page
Special tills
- When there is a special till for an event, the initial amount of the till is a transfer from "Assets:Cash:Safe" to "Assets:Cash:Miscellaneous Till"
- Cash out items are put in "Assets:Cash:Miscellaneous Till" just the same as reimbursements at the front desk with the debit side being the appropriate expense type.
- The amount above the initial amount plus the cash outs (box "F" on the End of Shift form or Till Worksheet") is a transfer from "Income:Fundraising Income:Fundraisers" or "Income:Fundraising Income:Outreach Events" to "Assets:Cash:Miscellaneous Till"
- Unless the miscellaneous till is going to be used again immediately, the total amount that comes back is the amount in box "B" and is then transferred from "Assets:Cash:Miscellaneous Till" to "Assets:Cash:Safe"
- This should equal the initial amount, plus the income minus the cash outs.
- If the till is going to be used again, then the amount in box "C" is the amount of the transfer and should equal the income minus the cash outs.
This assumes that none of the contributions went into the database so there is no correction for differences from the database.