Setting up Accounting - General Settings for CAKE
Cake allows for three types of Posting Methods Journal Entry, Summary Sales Receipt or Itemized Sales Receipt. To learn more about the types of posting methods and which is right for you see link below:
Class - Customer - Deposit Account
Class: is an identification that allows tracking of different segments of your business
Customer: Sales receipts may optionally have a customer defined, such as "POS Sales"
Deposit Account: This account is where the net cash deposit should go.
See links for more information:
If you choose to enable the Book inventory/COGS preference a journal entry will be created to adjust inventory value against Cost-of-goods sold, based on the item costs defined by the Point of Sale.
If your business accepts personal checks and if your bank combines checks and cash deposits into one amount on your bank statement, you will want this set to ON.
If you do not accept personal checks or your bank lists them separately on your bank statement, you will want this OFF
If your Point of Sale supports cash drawer operations but you do not want to include any reported over or short in your accounting postings set this to ON.
The cash over and short account is used when the primary currency is cash for retail situations. Petty Cash is also an example. Use of an Over/Short account allows for fraud tracking, and identifying employee training needs.
Auto-Payout of Tips
If you pay credit card tips out as cash each night, turn this ON to automatically create a cash payout entry to reflect the debit. If you are recording tip payouts directly in your Point of Sale do NOT enable this option.
Custom Transaction Number
If you want QuickBooks to generate a transaction ID or should we generate one? Transaction numbers are used to count each transaction entered into the QuickBooks File. These can be generated internally in QuickBooks or by Shogo.
If you choose to Shogo to generate the transaction numbers you will want to use a prefix. This can be anything you want.
After making all your appropriate selections, select “APPLY”