Cash deposits

[tumblesq]

Hi all,

I’m new to Square & am having trouble wrapping my head around how cash deposits are recorded in the register when you close out the day, I’m accustomed to another system so it’s really throwing me off.. Cash sales are up & down so we don’t pull a deposit every single day, I like to let it accumulate until the deposit reaches a reasonable amount, somewhere near $200. I hate that when you end the drawer, the register defaults to the set starting cash no matter what, makes it seem like a daily deposit is automatically assumed.
So

Is using Paid Outs to record cash deposits a good practice? Or do we just pull the cash without recording it in the register? Does a cash deposit even show up on a sales summary or similar report?? 
I use quickbooks desktop & do my data entry manually, just trying to figure out the best way to have cash deposits show up somewhere other than the bank if that makes sense..

Thanks for reading!

[DinaLRosenberg]

So- we have an accountant that handles that- but a few things..

When you open a drawer you can change the starting cash amount to whatever you want it to be.

If you're not closing out the drawer- definitely use paid out to take out the cash for deposit.

Keep in mind- Square doesn't know whether or not that paid out cash is hitting your bank account or your pocket- so you'll heed to reconcile your books on your own 🙂

[ehflower]

Rolling Cash Drawer Procedure – Square POS

At the beginning of a new shift or business day, if you choose not to remove the cash from the drawer, you may use a rolling drawer method.

When prompted by Square to “Start Drawer,” please follow these steps:

1. Count the total cash currently in the drawer.

2. Enter the exact amount shown as the starting cash balance. (this should match the end of the last drawer amount)

3. Cashiers or manager should confirm the amount to begin the new shift.

This process resets the drawer in the system while allowing you to maintain the existing cash balance without physically removing funds.

Using the rolling drawer method ensures accurate cash tracking while maintaining operational efficiency at the start of each shift.  

This will reflect on your end of day report

We do daily reports for our accountant.

[tumblesq]

Thanks so much for your reply! I assumed that this was the way but wanted to double check. In light of that, does it then make sense to record deposits as paid outs?

[ehflower]

I would just close the drawer, remove the amount you want to remove to get it back to the original start amount to  reset it.  Paid outs are if you did not want to say keep a $100 bill in it if you recieved for payment without bringing the drawer back to the original set start amount.  We use the paid out input for petty cash withdrawls if necessary.  Hope that helps.

[perkits]

@ehflower is correct I would also suggest closing your drawer. We keep a $200 opening cash drawer. We close our drawer everyday regardless of the amount of cash and do daily register reports.