EFTPOS Clearing Account

When using an EFTPOS terminal, it is best to set up a seperate bank account in HirePOS as 'EFTPOS Clearing Account' and receive all EFTPOS payments into this account by default.  At the end of each day when you reconcile your EFTPOS terminal you will get a total figure of the days transactions.  You then need to do a Bank Transfer in HirePOS to transfer this amount from your EFTPOS Clearing Account to your Business Account.

How to set up an EFTPOS Clearing Account

  1. From the main menu strip at the top, go to Setup > Bank Accounts.
  2. Click 'New Account'.
  3. Enter the account name, e.g. EFTPOS Clearing Account.
  4. No other details need to be entered other than setting the Supplier and Customer, as every transaction requires a Supplier or a Customer.  When a Bank Transfer is entered this automatically creates an Expense and Income transaction behind the scenes.
    So if haven't set these up already, save the bank account record you are on and then go to Setup menu and set up your customer and supplier records to link the bank account.  All you need in the customer and supplier records is a Company name, e.g. ANZ Bank.

How to set up default payment settings

  1. From the main menu strip at the top, go to Setup > Preferences > Default Payment Settings.
  2. Select the preferred Bank Account for each of the payment methods.
    The default account for EFTPOS will be the 'EFTPOS Clearing Account' you have set up.  All EFTPOS payments will go into the clearing account.

How to enter a bank transfer when reconciling EFTPOS terminal at end of day

  1. From the menu strip at the top, go to Banking > New Account Transfer.
  2. Select the 'Account From' as the 'EFTPOS Clearing Account'.
  3. Select Expenditure and Income accounts as 'Account Transfer'.
  4. Select the 'Account To' as your business account to transfer the EFTPOS funds into.
  5. Click 'Save New'.

Note the total EFTPOS for the day will show in your business bank reconcile as a transaction for the total amount for the day rather than a transaction for every single EFTPOS payment you have received for the day. 


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