The Daily Sales Report lists each payment made, credits given to teams, and refunds during a given period of time. This report should be reconciled at the end of each night with the deposit you are making to the bank. WARNING!! If you do not make sure your Sales Report matches your bank deposit, you will have reconciling differences between DaySmart Recreation and your books. The reconciliation process is also a good security practice to follow.
We recommend you treat DaySmart Recreation as your Accounts Receivable and Billing system. If you are familiar with accounting, treat it as a subsidiary ledger for AR and Billing. Set up a balance sheet account called Customer AR. At the end of every month, this should be zero, unless you use the Customer Credit function in DaySmart Recreation; see the Critical Accounting Details section for details.
For every deposit you make, print a Sales Report for that period of time (if you make a deposit every three days, run the report over that three-day period. If you close your tills several times a day, run the report for that span of hours.) Your Journal Entries will be:
Cash and checks: (Open to Closing time)
DR Bank Account $594.17
CR DaySmart Recreation Customer AR $594.17
Credit cards: Time Frame (Settlement Time, say 9:00 PM)
DR Bank Account $57
CR DaySmart recreation Customer AR $57
You need to know what time your merchant accounts settle each night. If at 10PM, you will want to run your Sales Reports from 10 PM the night before to 10 PM the day of the deposit. This will then match the amount deposited in the bank. Also remember, credit cards may take 2 or 3 business days to reach your bank account.
Customer Credits:
DR Team Credits Expense (or contra-revenue account)
CR DaySmart Recreation Customer AR
These show up on your Sales Report by credit type. They are non-payment credits to Team Accounts. These include Early Payment Discounts, Employee Discounts, and Manager Credits. You can see the detail for these on the Team Accounts Receivable report.