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Lesson 21 Notes The Cash Drawer

The document discusses using a cash drawer in MYOB accounting software to record small cash transactions, recording a cash sale and applying it to the cash drawer, how to record a dishonored cheque in MYOB by reversing the original payment and charging a bank fee, and creating an invoice for the bank fee.

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Barry Holmes
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Download as DOCX, PDF, TXT or read online on Scribd
8 views

Lesson 21 Notes The Cash Drawer

The document discusses using a cash drawer in MYOB accounting software to record small cash transactions, recording a cash sale and applying it to the cash drawer, how to record a dishonored cheque in MYOB by reversing the original payment and charging a bank fee, and creating an invoice for the bank fee.

Uploaded by

Barry Holmes
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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GOROKA TECHNICAL COLLEGE

Computerised Accounting Systems

LESSON TWENTY ONE

On completion of this unit you should be able to:


a) Use the cash drawer to process a receipt.
b) Record a dishonoured cheque.
c) Apply a finance charge.
d) Receipt commissions and royalties.
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The Cash drawer
The cash drawer can be used to record small amounts of cash received and petty cash payments. Cash
sales would normally be allocated to the 1.1110 cheque account; however, if Henry does not actually
bank the cash, the bank reconciliation will become difficult to balance. You could set up all your
customer payments to the cash drawer and then transfer amounts to the cheque account when banked.
We, however, are going to use the cash drawer for parts sales only.

Activity 5.13
Record sales of assorted parts for cash on 29th April 1998, for K36.00, but do not show anything
against Paid Today. When you record the invoice a debtor called Cash will have an outstanding
balance of K36 (allocate the sale to 4.6000 Miscellaneous Income). Compare your invoice with figure
5.31.

Fig: 5.31 Completed cash sales invoice

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You will now record a customer payment and allocate the amount to the cash drawer:
Follow these steps:
1) From the Sales commend centre click the Receive Payments button.
2) Key Cash as the customer and press enter.
3) Key in the date as 29/4/98.
4) Click the Accounts selection box next to deposit to account in the top left-hand corner of
the screen, select cash drawer.

Fig: 5.32 Completed cash sales applied to cash draw

Dishonoured cheques
On 21st April 1998 the bank advised Henry that the cheque for K100 from Pro Paint had bounced.
Follow these steps to record the dishonoured cheque and charge the K9 bank fee to Pro Paint account.

Follow these steps:


1) From the Sales commend centre click the Transaction journal button.
2) Click the Receipts tab.
3) Find the Pro Paint payment from 19th April (K100), and click the zoom arrow next to
the transaction. The transaction window will appear.
4) Select Edit from the menu bar.
5) Select the Reverse Payment commend. MYOB will create a reverse payment
transaction.
6) Key 21/4/98 as the date.
7) Click Record.

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8) When you return to the transaction journal, confirm that the reversal entry is correct.
The effect of this reversal is to make the original invoice outstanding (or open) again.

Activity 5.14
For 21st April 1998 create a miscellaneous sales invoice with Pro Paint as the customer and in
the Description field key Bank fee for bounced cheque. Allocate the K9 fee to the cheque
account.

Fig: 5.33 Invoice for Dishonored cheque fee

__________________________________________________________________________________
Reference:
Keeping Account with MYOB by Cathy Grundy & Doug Lyte.

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