What is cash posting, and how to do it correctly?

According to clause 11 of Regulation No. 148, cash received by a company for the sale of goods or services must be recorded in full and on the same day that the money is received at the cash desk. However, in order not to expose yourself to an administrative fine under Article 163 of the Code of Administrative Offenses for failure to post cash, you need to know how to do it in a timely and correct manner.

What is cash posting?

Cash posting is the accounting of money received by the cash desk for the sale of goods or services. In this case, each commodity transaction must be recorded in a cash book or income and expense ledger. If the entrepreneur does not use it and works with a cash register or software cash register, the reports are prepared in an electronic fiscal format.

Peculiarities of cash posting for entrepreneurs without a cashbook

If an entrepreneur works with a cash register but without a cash book, the following rules apply:

• Z-reports must be kept in electronic form for 1095 days;

• when using the book of accounting for settlement transactions (KORO), for example, when a cash register fails or there is a failure in the supply of electricity, you must enter all the necessary information in accordance with Z-reports. 

How do entrepreneurs with a cashbook post cash at the cash desk?

If an entrepreneur uses a cash register or a cash register and a CC, the following rules apply:

• cash is accounted for in full upon receipt of the amount in the cash book on the basis of a cash receipt order (CRO).

In this case, the PKO will indicate the actual posting of cash from the cash register to the cash desk of the company or to the cash desk of a separate subdivision. And the basis for drawing up such a cash receipt order will actually be a service issue from the cash register box.

But of course, such a transaction will take some time. Therefore, during the tax audit of the cash desk, the STS will pay attention to the time of the transaction and the availability of appropriate signatures in the PKO. Also, all records will be checked for compliance with the information in the timesheets and internal labor regulations.

Peculiarities of cash posting through the cash desk if the company refuses to use the cash register

According to Individual Tax Consultation No. 1319/6/99-00-05-06-01-06/ІПК, in case of a power outage, the Z-report will be generated on the next business day. However, the State Tax Service recommends that you additionally draw up an act and indicate the exact time of the power outage and the time of its restoration.

Recording cash by a sole proprietor

A sole proprietor shall post and record the income received in the books of accounts in accordance with the procedure established by the current Tax Code.

If a sole proprietor operates without a cash register but uses a cash register and is unable to issue a cash order for each commodity transaction, cash is posted at the end of the business day.

What is the use of BSE?

Entrepreneurs who use cash registers use KORO to:

• conducting commodity transactions on settlement receipts in case of failure of the registrar of settlement transactions or in case of power outage;

• storage of fiscal reporting checks and their gluing to the pages of the payment transactions ledger;

• accounting for technical work, including maintenance and repair of the cash register software.

In order to continue trading in difficult conditions of power outages and work without the Internet, you can use software payment transaction recorders, such as Torgsoft software ECR. The program operates offline and records all transactions, even when offline, ensuring uninterrupted and secure reporting to the tax authorities as soon as the power is restored. 

Unlike cash registers, software registrars do not require sealing agreements, regular paid maintenance, reflashing in the service center in case of legislative changes, or monthly payments. 

And most importantly, Torgsoft ECR are much more economical and functional in use, as they allow you to keep track of goods in a comprehensive manner, covering other important aspects of business management. 

A document confirming the posting of cash and the transfer of proceeds to the bank

It could be:

1. A payment terminal receipt when collecting funds.

2. ATM receipt.

3. An accompanying statement signed by the collector.

4. Receipt to the bank's receipt documents for the deposit of proceeds.

Each company individually develops a procedure for posting cash on hand, taking into account the specifics of its operations. However, this procedure must necessarily comply with the requirements of Regulation No. 148.

The company's internal document also defines the procedure for posting cash for each separate division.

Therefore, in order to avoid receiving an administrative fine for violation of cash transactions, make sure that the amount of cash to be received is exactly the same as the amount specified in the cash receipts.