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cash payments

  • 22-05-2019 8:27pm
    #1
    Still waters
    Registered Users, Registered Users 2 Posts: 1,166 ✭✭✭


    Hi, a quick question about small jobs for cash, can I take payment of cash and lodge it in my business account and just write up a receipt for cash or does the receipt of payment always have to have the name of the recipient on it, thanks


Comments

  • #2
    mrslancaster
    Registered Users, Registered Users 2 Posts: 1,930 ✭✭✭mrslancaster


    Depends. For instance if you're in any type of retail then your takings will be mainly cash/cash alternatives eg coffee shop, convenience, fashion, hairdresser, taxis etc no customer names.
    If it's a consumer service you'd probably issue a bill with customer details & they might pay in cash, e.g. car repairs, physio, house things like gardening or repairs etc.
    If it's b2b you'll issue an invoice with customer & other info so many variables.
    are you vat registered? registration limits are turnover of €37500 for services and €75000 for products in any twelve month period.


  • #3
    Still waters
    Registered Users, Registered Users 2 Posts: 1,166 ✭✭✭Still waters


    mrslancaster wrote: »
    Depends, are you vat registered?

    yes im vat registered


  • #4
    mrslancaster
    Registered Users, Registered Users 2 Posts: 1,930 ✭✭✭mrslancaster


    Personally I would lodge the cash & make sure to account for the vat element in your records. if I issued a receipt it would have customer details unless it was in a retail environment so it depends on your business


  • #5
    Still waters
    Registered Users, Registered Users 2 Posts: 1,166 ✭✭✭Still waters


    I'm in landscaping/construction, ok, so put all details of client and add vat, many thanks, I wasnt sure if I needed to make receipts for cash payments, many thanks


  • #6
    mrslancaster
    Registered Users, Registered Users 2 Posts: 1,930 ✭✭✭mrslancaster


    you are not required to issue a vat invoice to a private person & can just give a receipt. (different rules for homeowners for HRI scheme)

    It's not the method of payment from customers but how you record your sales and receipts. But if you are paid by cash & are vat registered you should account for the vat in your own records.

    cash sales
    Eg: work in domestic garden €300.
    private customer pays cash.
    you give receipt for €300. The receipt could include customer/address, date, amount & your business info - you decide
    Lodge €300
    Accounts record = sales €264.32 + vat €35.68 (due to revenue)

    invoiced sales
    eg: garden maintenance for vat registered company
    issue invoice showing net amount, vat rate, vat amount, total
    Invoice should include all the details required by revenue
    commercial customer pays by bank transfer/cheque

    some businesses issue receipts for invoices when they are settled, some send statements, email acknowledgements etc, or not, whichever suits you.


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