This document outlines the procedures for recording payment and expense transactions in HirePOS, emphasising the importance of associating these records with the appropriate bank accounts. Proper management of these records is crucial for accurate bank reconciliation and financial reporting.

In HirePOS, every payment and expense record must be linked to a designated bank account. This association is vital for maintaining accurate financial records and ensuring seamless integration with third-party accounting systems. When exporting payment data, it is necessary to assign a Chart of Accounts code to each bank account utilised for processing payments. See the help guide for setting up bank accounts.

When processing a payment, the following steps should be followed:

• Enter the amount received.

• Select a payment "Method."

• Select the appropriate payment "Bank Account."

The "Method" field is primarily used for end-of-day reconciliation, particularly for "over the counter" transactions. This allows you to track the total amounts received in various forms, such as Cash, Cheque, and EFTPOS. For remote card payments, the "Online" method should be selected.

Assigning the correct bank account to each payment is essential for effective bank reconciliation and accurate accounting reporting. Ensuring that all transactions are properly categorised will facilitate smoother financial operations and provide clearer insights into your business's financial health.