How to handle face to face cash / card transactions

Hazelb

HI, Im very new to wave and trying to work it all out, so forgive me if my questions are basic:
I deal with customer face to face ( Im a therapist) . At the end of a session my clients may pay me in cash or with a card payment. I'm not an 'invoice' type business.

When I get paid in cash - should i record it as a sale into my 'cash on hand' account. When I do my weekly/ monthly banking and deposit that money into my bank account I assume I would deal with it through a journal entry ( cash on hand to bank account )?

Similarly should card sales be recorded as a sale into my 'money in transit' account ( my card supplier) . then this will be dealt with using a journal entry when it appears in my bank account a few days later?

The only thing that complicates this is that I have lots of £30 - £40 sales to customers and fewer lumped together payment to my bank account. How do I handle those?

Alexia

Hi, @Hazelb.

Welcome to Wave! You seem to have a pretty strong handle on this, you're very nearly there on all accounts! Instead of using journal entries, you can just create an income transaction to your bank account and categorize it as a "Transfer from a bank account, credit card or loan", and then choose the other account involved. Wave will create the other side of the transfer for you.

If you record your sales individually to Cash on hands or to a money in transit account and then record the transfer, you don't need to separate that lump deposit. It'll just be marked as a transfer, and your sales will be accurately accounted for in the other accounts. You'll see those transactions as separate in the Account Transactions report for Sales.

Does this help out? Let me know if you have any questions!