Taxi firm - how to?!
CPenney
Registered Posts: 32 Regular contributor ⭐
Hi there all,
Sorry if this sounds really silly but I'm new to this and have tried to figure it out in my head and have just ended up with a headache!
If you were bookkeeping for a taxi firm, (I have considered cash accounting system but seems like everyone thinks this is a no-no - GAAP etc???), how would you record the sales, as they would all be fares paid for straight away?
I have thought about it from a cash book point of view - payments side would list fuel, insurance etc to be posted to main ledgers, but how would you account for the receipts in the main ledger (as there would be no Sales Ledger as such)?
Any help on this would be hugely appreciated!:confused1:
Sorry if this sounds really silly but I'm new to this and have tried to figure it out in my head and have just ended up with a headache!
If you were bookkeeping for a taxi firm, (I have considered cash accounting system but seems like everyone thinks this is a no-no - GAAP etc???), how would you record the sales, as they would all be fares paid for straight away?
I have thought about it from a cash book point of view - payments side would list fuel, insurance etc to be posted to main ledgers, but how would you account for the receipts in the main ledger (as there would be no Sales Ledger as such)?
Any help on this would be hugely appreciated!:confused1:
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Comments
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Journal entries
I would record this as a journal entry, credit sales and debit bank.
Hope this helps.0 -
When I did Taxi accounts I was using Sage Line 50. I set each driver up as a debtor and a creditor.
That way I could record the sales/fares taken in each drivers debtors account, and their % of the takings as a creditor, then I contra'd the 2 accounts and the amount remaining in their debtors account was how much money they needed to pay back in to the company.
Then just a bank receipt from the debtors account to the bank account to zero their account back down.
Might seem long winded, but it worked perfectly. Taxi drivers are not always know to be punctual on paying in their fares and I always knew exactly how much was due in and most importantly by which driver.
Not sure if this will help you at all, but I found it much better than grouping all the sales together.
Tracy0 -
Keep it simple
No Sales Ledger, its a cash business!!
Look on the web for taxi accounts cashbook templates.0 -
i do a lot of self ampolyed taxi drivers
Sales cash then petrol ect suppliers then pay either cash or bank0 -
golferdude wrote: »No Sales Ledger, its a cash business!!
The in laws used to run a company and half the income was apprently contract jobs such as school runs paid as and when the local council could be bothered, or courier/VIP work for a few local factorys on account....0
