Daily Book and Cash Drawer System Settings
Daily Book and Cash Drawer System Settings
Here's how to learn how to close and balance the Daily Book and to deposit the funds into the bank:
GL Accounts - Before you begin setting up the Daily Book there has to be some consideration about how the money will flow through your accounting system. Following the money through the system you have money from a sales transaction that goes to a “Cash on Hand” account from the Cash on Hand account it may be moved directly to the bank account but if you do not deposit the money into the bank every day you may need to move it to a “in Safe” account which would be a holding account for your cash and checks until you can take them to the bank. If the Credit Cards do not post to your bank on the same day as the transactions then you will set up a credit card clearing account. If you plan on setting the cash drawers to the same amount every day you will also need a “till” account which would hold the value of your beginning cash. All of these accounts will be Bank type of accounts which will allow for the deposits and withdrawals as required. How these accounts will be used will be explained later.
System Settings - There are several settings that directly impact the Daily Book. We will first look at the ones that are in the System Setting>Accounting>Miscellaneous Settings on the General Tab.
The four highlighted settings are the ones that have a direct impact on the Daily Book,
- Default Daily Book Non Invoice Cash In GL Account - this would be the GL account that any non invoice cash that was added to the cash drawer would be posted to. Non Invoice cash is any money that is added to the cash drawer by any method other then a sale process.
- Default Daily Book Non Invoice Cash Out GL Account - some refer to this as Paid Outs.
- Default Daily Book Over/Under GL Account - this is the account that the shortage or overage in the daily book would be posted to.
- Default GL Account for Undeposited funds - this is the GL account that all money that is part of a sales transaction gets posted to.
The other setting that needs to be discussed is found under the unit Sales Tab called “Unit Sales Payment should be registered in the assigned cash drawer” (see below).
This setting allows the dealer to control whether the deposits and down payments made in the Unit Sales and Management section of DealerVu to be recorded as part of the Daily Book. If this setting is not checked than any payment made in the unit sales and management department as part of a deal will need to be posted into accounting manually, usually this is done through Non-invoice Cash in the Daily Book. To determine whether this should be checked you need to follow the cash flow currently in your F&I department. If at the end of each day that money is turned in to be add to the money from parts and service to be deposited into the bank then this setting should be checked, if funds received in your F&I department are held by that department and turned in only at the completion of the deal then you may not want to check this option. The other deciding factor for this setting is how much control is needed on the funds coming from F&I. If you need to have checks and balances in place then this setting should be set!
The next item that needs to be set up is the cash drawers that will be recording your transactions. To set up the cash drawers from the DealerVu Start window:
- Click on System setting
- Click on Company on the system settings window
- Click on Store, this will open the Store List of all the stores that have been set up in DealerVu
- Double click on the store that you will be adding the cash drawers to. Once you double click on the proper store the store detail window will open
- Click on the Cash Drawers tab to see the list of existing cash drawers for that store.
- To add a cash drawer to the list click on the Add Item icon . This will add a blank line to the bottom of the list where you will need to add a name for the cash drawer.
It is recommended that you name the cash drawer in such a way that you know its location just by its name; for example Front Part Counter instead of Part #1. This will make it easier when you are looking at reports and trying to solve problems. After the name column the next 2 columns are for reference only and do not print on any reports, that is the location and Serial Number. By placing the Serial number here it may make it easier in the future if you need hardware support from the Cash Drawer manufacturer. The fourth column is Control String, this is what the cash drawer needs to cause it to open at the end of the transaction it is some times referred to as the “Bell Character”. If you use a manual drawer then this column would be blank. The “Enable” column controls whether or not the drawer can be used to record transactions. If it is not checked then the drawer will not be available to choose from the list of available drawers. The last column “Model” is also a reference field that may be handy to have available in an easily accessible location.
After you have created all of the cash drawers that are to be in your system you must select one of them to be the default cash drawer. In DealerVu you must have at least one cash drawer where you can record your transactions. If you do not have cash drawers assigned when you try to receive payment on a sales invoice you will get an error and you will not be allowed to pay the invoice. Because of this requirement there is a default setting that you will need to assign one of the cash drawers to.
To get to this setting from the DealerVu Start window:
- Click on System Setting
- Click on the Miscellaneous on the system setting menu
- Click on Miscellaneous Settings. This will open the Miscellaneous Setting window
- Find the system setting “Default Cash Drawer”
- In the Value column, click on the drop down arrow and select the default cash drawer from the list.
Once the drawers have been set up you will need to assign the drawers to the appropriate workstation. DealerVu does not support multiple cash drawers on a work station. You can have the same cash drawer on multiple work stations but you can only have one cash drawer on the work station.
To assign cash drawers to the work stations from the DealerVu Start window:
- Click on Tools on the tool bar menu.
- Click on Options this will open the Options window at the bottom of the window is the cash drawer field.
- Clicking on the drop down arrow to see the list of available cash drawers.
- Click on the cash drawer that is to be assigned to the workstation.
If a cash drawer is not selected on the Options window the transactions that are done on that workstation will be recorded to the default Cash Drawer as defined in system settings. This could cause problems when it comes time to balance the cash drawers.
Note: Cash Drawer selection must be done on all workstations that conduct sales transactions.
Once the Cash Drawers have been assigned to the workstations and your system settings have been set for the Daily Book you will be ready to conduct business and receive payment on the Sales Invoices and Service Invoices.