Daily Book Processes & Procedures
Daily Book Processes & Procedures
The first thing you will notice is new large icons that clearly lay out the different functions within the Daily Book. The general layout of the body of the application remains the same.
Manually setting a Daily Book to a “Pending” status involves simply selecting the “Set to Pending” icon. There is no need to set each cash drawer to pending before setting the entire daily book to pending. Version 1.23 also contains a new feature that allows you automatically set the daily book to “Pending” status at a preset time. In most cases, this would eliminate the need to manually set daily books to pending status.
This is where the majority of the changes to processes and procedures have been implemented. As before, you will still first enter your values on the “Cash Drawer” and “Payment Summary” tabs to reconcile the daily book. These values include the Non-Invoice Cash In & Out, Counted Total for each cash drawer and the Net(Counted) for each payment method on the Payment Summary tab. Once you have correctly entered these values, selecting the “Set to Closed” icon will take you through the new closing process.
Manually setting a Daily Book to a “Pending” status involves simply selecting the “Set to Pending” icon. There is no need to set each cash drawer to pending before setting the entire daily book to pending. Version 1.23 also contains a new feature that allows you automatically set the daily book to “Pending” status at a preset time. In most cases, this would eliminate the need to manually set daily books to pending status. This is where the majority of the changes to processes and procedures have been implemented. As before, you will still first enter your values on the “Cash Drawer” and “Payment Summary” tabs to reconcile the daily book. These values include the Non-Invoice Cash In & Out, Counted Total for each cash drawer and the Net(Counted) for each payment method on the Payment Summary tab. Once you have correctly entered these values, selecting the “Set to Closed” icon will take you through the new closing process.The first thing that will happen is you will be presented with a confirmation screen in which you will confirm that you want to close the daily book:
Once confirmed, the Accounting Journal Entry for the daily book will be presented to you. Here you will notice some differences:
If there is a need to modify entries to some of the GL accounts, simply add additional balanced line items to the journal entry.
At this point, you MUST post the journal entry in order to proceed with closing the daily book. If you choose to quit the journal entry without posting it, the daily book will be reset back to a “Pending” status.
- The Reference# for the journal entry now defaults to “DB-YYYYMMDD” and the memo field is defaulted to “Daily Book Closing”.
- With the newly enhanced journal entry, you now see an accurate representation of the GL accounts affected by the journal entry.
If there is a need to modify entries to some of the GL accounts, simply add additional balanced line items to the journal entry.
At this point, you MUST post the journal entry in order to proceed with closing the daily book. If you choose to quit the journal entry without posting it, the daily book will be reset back to a “Pending” status.
Once the journal entry has been posted, you will be presented with the Account Reconcile application so that you can perform your reconciliation of the “Cash Clearing” GL account. It is highly recommended that you always reconcile your cash clearing GL account every time you close a daily book. This will allow you to ensure that all entries processed to the Cash Clearing account have been properly distributed to Bank, Over/Short and other required GL accounts. When properly reconciled your Daily Book your Cash Clearing GL account will always reconcile to a zero balance.
New to Version 1.23 is the ability to reset a “Closed” daily book back to a “Pending” status. Since the closing procedure now enforces the posting of the closing journal entry, we can post a reversing journal entry and set the status of the daily book back to “Pending.
When you choose to reset a daily book back to “Pending” you are first presented with a confirmation screen which explains the steps that will be taken:
New to Version 1.23 is the ability to reset a “Closed” daily book back to a “Pending” status. Since the closing procedure now enforces the posting of the closing journal entry, we can post a reversing journal entry and set the status of the daily book back to “Pending.When you choose to reset a daily book back to “Pending” you are first presented with a confirmation screen which explains the steps that will be taken:
When you confirm to proceed a reversing journal entry is posted and the book is set to a pending status:
The General Journal Entry icon is only active for “Closed” daily books or when a journal entry has been starting for a “Pending” daily book but has not been posted yet.
Simply select the journal entry icon to have the journal entry presented on the screen.
The General Journal Entry icon is only active for “Closed” daily books or when a journal entry has been starting for a “Pending” daily book but has not been posted yet.Simply select the journal entry icon to have the journal entry presented on the screen.
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