According to HMRC you must keep a record of your Daily Gross Takings if you are on a VAT retail scheme, click here to learn more. In this example, we are using the point of sale retail scheme.

To record your DGT in Clear Books the first step is to create a 'Till' account. Once this is done the DGT can be recorded as money in to the Till account. 

The movement of money from the till to the business bank account can then be recorded as a transfer between the two accounts. 

Step 1.

Proceed to Money > Bank accounts.

Step 2.

Click on the Add account button.

Step 3.

Under Account type select the add icon next to Cash account and fill in the details of the account as required. If you have a till which takes both cash and card, you could create a Bank account to represent the till instead.

Step 4.

The DGT can be recorded as money in to the Till account. 

For example if you have a DGT of £1200 including VAT of £200, click on the Money in link beside the Till account.

Step 5. 

Enter £1200 as the amount, a date, an appropriate description and hit the Explain money in button.

Step 6.

When explaining the DGT you can create a generic customer using the + icon beside the From box if you don't already have one.  Add an account code, a VAT rate (entering a manual rate allows you to type in an amount in the VAT amount box) and a payment method. Hit the Add new transaction button to complete.

Step 7.

You can then record any payments you make to your business account from the DGT as a transfer, click here to learn more

If you import a statement for your business account you can explain the receipt of money as a transfer, click here to learn more.

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