Cash Reconciliation

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Customers want a report to see exactly how much has been paid against specific products and know the Tax point as defined by HMRC. This is what the Cash Reconciliation Report is designed to do.

At the end of each day (00:15) a scheduled job runs to calculate and create new Cash Reconciliation Records that link a Booking Payment and a Booking Product. These records are then used in the CR Report.

Example Booking:

We have 1 booking, two booking products and one booking payment.

BP1 : 1x Ticket Product – £60 Sales Price, 20% Tax Rate

BP2 : 4x Food Product – £40 Sales Price, 5% Tax Rate

We have received one partial booking payment for £50

The scheduled job will create two Cash Reconciliation Records, one for each booking product, both looking up to the single booking payment.

A CRR can be broken down into three main elements, the Allocated Balance, Tax Allocation and the Allocation Net Tax. (Please see the below image for an example breakdown)

So for our example Booking it would be as follows:

Cash Reconciliation Record 1 –

Looks up to Booking Product 1

Allocated Balance – £30 (60% of £50)

Allocation Net Tax – £25 ((Allocated Balance – Tax Allocation))

Tax Allocation – £5 (30 – (30 / (1.2)))

Cash Reconciliation Record 2 –

Looks up to Booking Product 2

Allocated Balance – £20 (40% of £50)

Allocation Net Tax – £19.05 (Allocated Balance – Tax Allocation)

Tax Allocation – £0.95 (20 – (20 / 1.05))

Since the payment was only a partial payment for the total balance of the booking, the Booking Products are updated with a remaining balance as follows:

Booking Product 1 – £30 Remaining Balance

Booking Product 2 – £20 Remaining Balance

Visual Example

After the final payment has been made for the full balance of the booking the data would look as follows: