Get your account in order and start keeping records at any convenient moment. It's never late to understand finances and start tracking your business viability.
Start at the beginning of the month, on Monday, or just right now. No need to recall and edit all the cash shifts. Let's see how adding transactions equalizes your actual accounts with Poster finances.
💵 Finances → Accounts
To keep transaction records, make sure you have 3 primary accounts in Finances → Accounts.
Cash account — gets income from orders paid by cash.
Bank account gets income from orders paid by cards.
Account for safe drops — gets cash income from your cash drawer transfers to the safe preventing the accumulation of enormously high amounts in the cash box in terms of security.
In case of having multiple locations in a single Poster account, create 3 financial accounts for each location. So you can track incomes and expenses per location.
If you're missing any of these accounts in Finances → Accounts, add them as described here.
🔗 Bind accounts to the location
Once the required accounts are created, make sure they are bound to the location correctly. Sales and transactions added on the POS register are automatically displayed in your management console if the financial accounts were bound to the location. The management console is updated every time you close a cash shift.
To bind the accounts:
Go to Access → Locations
Click Edit next to a needed location
Match your accounts from Finances → Accounts with:
• Bank account
• Cash account
• Account for safe drops
⚖️ Balance correction
Now that we have accounts bound to the location correctly, let's see how to adjust their balances with the actual figures:
Close the cash shift to upload recent sales from the POS register to the management console.
Confirm your actual balances: online acquiring, banking, or safe actual balance.
Compare actual balances to Finances → Transactions balances displayed in the management console.
💡 To display the account balance on a certain date, select Account, date, and add Balance column at the top right of your Finances → Transactions tab.
In case of significant variance between the actual and Poster balances, add an adjustment transaction to make it up:
Go to Finances → Transactions and click Add.
Select an Expense or Income depending if you increase or decrease Poster account balance.
☝️ If your actual card balance is $3000, and Poster displays only $2500, add an adjustment of $500 income.
Enter a transaction amount.
Select an account and category.
Set up a time and date.
Type a comment explaining the adjustment reason for your information.
💰 Correct records
Accounts configured correctly allow keeping correct records even if your accountant is away or on vacation. Few tips to keep data accurate and updated:
While processing cash, record the cash movements on the same day. Add income, expense, and safe drops regularly. How to add cash transactions on the POS.
Use cash shifts and analyze cases with variances between expected and actual balances. Here's a use case for fixing discrepancies and adjustments.
Use transaction categories and subcategories to get detailed reports on your expenses on utilities, rent, or salary.
Record new expenses. For example, if you purchased equipment with business funds, add an expense transaction to be reflected in Finances → Cashflow.
Run an inventory check each month to track ingredient costs and dish food costs.
Use Poster Boss app to track Poster reports on your smartphone.