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How to use Finances tab correctly
How to use Finances tab correctly

Let's take a look at how to add transactions so that your actual account balances match those in Poster.

Max avatar
Written by Max
Updated over a week ago

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.

🔗 Link 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:

  1. Go to Access → Locations

  2. Click Edit next to a needed location

  3. Match your accounts from Finances → Accounts with:
    • Bank account
    • Cash account
    • Account for safe drops

  4. Save changes.

⚖️ Balance correction

Now that we have accounts bound to the location correctly, let's see how to adjust their balances with the actual figures:

  1. Close the cash shift to upload recent sales from the POS register to the management console.

  2. Confirm your actual balances: online acquiring, banking, or safe actual balance.

  3. 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.

  4. Make sure all the transactions have been added to Poster. Cash shift transactions can be edited in Finances → Cash shifts.

In case of significant variance between the actual and Poster balances, add an adjustment transaction to make it up:

  1. Go to Finances → Transactions and click Add.

  2. 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.

  3. Enter a transaction amount.

  4. Select an account and category.

  5. Set up a time and date.

  6. Type a comment explaining the adjustment reason for your information.

  7. Click Save.

💰 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:

Use Poster Boss app to track Poster reports on your smartphone.

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