RMS Daily Balancing Procedures

 

 

The formulae to balance various reports in version 7 are as follows.

 

To Balance banking against receipts

 

Banking Summary = Cash Transactions - Cheque refunds - Direct Credits (all of these figures can be taken from the Cash Transactions report)

 

You can group the cash transactions report by income source to help identify the different payment types.

 

To Balance Income against Receipts

 

Daily Cash = Cash Transactions

 

To Audit GST figures (Not normally required)

 

GST audit report (Cash Accounting) = Daily Cash - Suspense receipts (take from the daily cash report)

 

or

 

GST Audit report (Accrual Accounting) = Daily Charge

 

Naturally these reports will only balance to each other provided they are run for the same date or transaction number range.

 

To Print GST Income reports at end of BAS period

 

Print the Cash or Charge reports (depending whether you are using Cash or Accrual accounting) from Management reports for that date range of the BAS reporting period.

 

NOTE.. If you close your banking summary off at the end of the day and take no further receipts, it is not necessary to do your reports by transaction number range. You may simply use the From and To dates.