EFTPOS Clearing Account

This document provides a step-by-step guide on how to set up and manage an EFTPOS Clearing Account in HirePOS for efficient handling of EFTPOS payments.

To set up an EFTPOS Clearing Account in HirePOS, follow these steps:

1. From the main menu strip at the top, navigate to Setup > Bank Accounts.

2. Click on 'New Account'.

3. Enter the account name as 'EFTPOS Clearing Account'.

4. Ensure to set the Supplier and Customer, as every transaction requires one. This setup automatically creates Expense and Income transactions when a Bank Transfer is made.

5. If not done already, save the bank account record, set up Customer and Supplier records with just the Company name (e.g., ANZ Bank).

To configure default payment settings for EFTPOS payments, follow these steps:

1. From the main menu strip at the top, go to Setup > Preferences > Default Payment Settings.

2. Select the preferred Bank Account for EFTPOS payments as the EFTPOS Clearing Account.

When reconciling your EFTPOS terminal at the end of the day, follow these steps to enter a bank transfer:

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. Choose 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'.

By following these steps, you can efficiently manage EFTPOS payments in HirePOS by setting up a dedicated EFTPOS Clearing Account and ensuring seamless reconciliation of transactions.