Working with a Float

The float should be a set amount, for example, $200. It is the amount of cash (coins and notes) kept in the till for giving change to clients.

Each time the till is balanced, remove the float, count the cash and cheques and remove from till and then replace the float in the till.

Sometimes additional coins will be needed for the float or a surplus of coins may be exchanged for notes. This should be kept separate from the banking and will have a zero transaction value. This is not recorded in VisionVPM.

Procedure

1. Establish an amount for the float, for example; $200.00.
2. Cash a cheque for $200.00.
3. Enter a cashbook payment to the Float account for $200.00.
   • This account should be marked as a Current Asset type and zero-rated for GST.

1. Before you start your banking, count $200.00 float (in change) out of the cash drawer.
2. Proceed with the banking as described in the Client manual.