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Accounting for cash payments - no invoice being issued

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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BusinessPA
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Accounting for cash payments - no invoice being issued

Post by BusinessPA » 07 Jun 2011, 11:13

Hi, I'm new to the forum so please be gentle :)
One of my clients (VAT registered) holds group therapy sessions. Some of the group pay by credit card which I have been asked to process monthly but others pay cash. I have no idea who is in the group (other than the details of the credit card payees) and am just emailed an amount that has been collected and told to treat it as including VAT.

Is this ok? I issue VAT invoices for all other aspects of this client's work and feel uneasy about this cash in hand / no records situation.

Any advice very welcome :)
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brucedenney
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Re: Accounting for cash payments - no invoice being issued

Post by brucedenney » 16 Jun 2011, 15:18

To be compliant separate VAT invoices should be raised for each client.

However in practice, no one is fiddling anyone, there just might ave a penny or so rounding error, no one will get upset about that, will they?
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