Counting $$$

[Overachiever]

1. I use Quick books.
2. Vending income accounted for seperately because there is sales tax on this but not wash income.

Earl do you happen to be in IL? Which states aren't taxed for services vs vending products? This could explain why I didn't see a line for Services in the IL tax form but saw one for products and my accountant (maybe wrongfully) told me to put my sales in there.

 

[Earl Weiss]

No Illinois Sales Tax on Service. Some time ago the City of Chicago tried to put a tax on time for things like SS car Washes and laundromats and the courts voided it.

 

[Randy]

You guy's should count your lucky stars you don't have a car wash in Washington State. We pay 9.5% on every dollar the car wash brings in, Bays, Vac's and Vending 9.5%. Out of state purchases from suppliers are charged a 9.5% use tax.

 

[Fatboy769]

You guy's should count your lucky stars you don't have a car wash in Washington State.

Randy, there are many reasons I'm glad I don't have a car wash in Washington State.

 

[trentu]

I count all cash coming into SS bays, vacs, vending and automatics as sales.
I count only the token changer bills as sales (don't count tokens in the bay as sales only what I sale out of changer)
I use an excel spreadsheet for all of this daily or tri-weekly and Quickbooks just to input total sales.
The excel has built in validation of changers and automatics to reconcile machine counts with actual $ amount. Not hard to build in and worth the hassle of making sure your machine isn't messing up or something else is not happening.

 

[mjwalsh]

No Illinois Sales Tax on Service. Some time ago the City of Chicago tried to put a tax on time for things like SS car Washes and laundromats and the courts voided it.

Earl,

It is just my opinion, but I don't think it hurt any to have Laundromats assisting in that successful turn of events process. In our state, a highly skilled legislator on the tax committee ... to his credit ... even got the sales tax taken off of video games effective July 1st, 2012. It was no small coincidence that we put in our nifty instant height positioning countertop video game a short time after the exemption took effect. Everyone knows that video games' help to improve people's reflexes! Yes ... it is true that the video game does get a large number of dollar coins in its coin box ... simply because the dollar coins are just as available as quarters & five dollar bills(ATM) at our specific place. Too bad there are not more legislators like him ... especially since he is also pro dollar coin.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[Earl Weiss]

.................. dollar coins ,,,,,,,,,,,,,,,,,,,,,,
mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

MJ - You are sllipping. You let 25 posts go by before getting in the dollar coin pitch

 

[mjwalsh]

MJ - You are sllipping. You let 25 posts go by before getting in the dollar coin pitch
mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

Earl,

I have given some of my better customers strict orders after they over & over again keep on insisting on getting 100% dollar coins from us ... forcing us to special order more than otherwise needed. Here goes ... when they go into whatever bank, they are assigned to do the following: They are supposed to ask the bank for the golden dollar coins. If the bank says they don't have any or in the quantity they ask for ... they are supposed to in a very edgy voice ask them "Why Not?"

You can see why I need more than just local support ... just in case some of those local bank executives decide to tar & feather me for that

Let's see ... to be fair to the original poster ... it was something about "Counting $$$ dollars" ... then evolved into a do-able & practical ability to decipher & track the cash flow.

I sure hope that guy that JGinther described is not on the receiving end of a wacko auditor who is fixated on his resulting gross figure that he gets from the bank ... with potentially the auditor's wacko & corrupt superiors ...

Mike

 

[MEP001]

Let's see ... to be fair to the original poster ... it was something about "Counting $$$ dollars" ... then evolved into a do-able & practical ability to decipher & track the cash flow.

Did you even read the original post? He titled the thread as "Counting $$$" as in counting money. The question he asked had to do with tracking sales. Nowhere did he specifically mention dollars, paper or coin. Your Aspergian mind interpreted the dollar signs literally.

 

[Buzzie8]

I would always bag my money in Hefty storage bags marked with Sharpies by Vacs, Entry Units (IBA's), Changer, Self Serves, Vending, etc.. Keep in mind I had bill acceptors in all these areas as well. I kept a spreadsheet with this breakdown and it came in handy when I would do price changes and other promos to see how it affected sales. It also helped me evaluate how my numbers were effected when competition came in. Credit card income was always kept separate. Takes a little more time but always made me feel I knew where to put my emphasis on repairs and machine downtime.

 

[mjwalsh]

Just to add to my previous posts that hopefully have been understandable, we have a total of 8 hoppers in our 2 Standard Changemakers. Color coding sometimes helps. We dyed 4 cloth bank bags green & 4 red & also lettered the 8 bags to coincide with the specific A,B,C & D large hoppers ... so if we add the coins later to the changer hoppers from temporary storage in the secure safe we don't mix up the appropriate quantities. The ultra high speed (more reliable & maintenance free than our bill counter) Cummins Coin Counter that we use has a feature called bag totals & automatic preset stop for the desired amount based on what we quickly enter on the coin counter's keypad. Another advantage to the auto entry of the audit amounts to the database that I mentioned in previous posts is this: There are fields that do the needed subtractions automatically for the amounts to be put in the bags ... so coming up with the precise amount for the automatic preset stops of the coin counter actually is both useful & practical based on actual experience.

If we need to write anything down based on our revenue coming in, we use pre-printed template-forms so the information stays more structured in the appropriate boxes or lines on our forms. I really like my new HP Color LaserJet Printer that I got from Staples for about $150 after all the discounts etc. The Brother Laser that I considered some... needs eventual drum replacement instead of just the built in drum toner cartridge only needed in the HP. Hopefully, no one will pounce on & take the last 2 sentences out of context. I am thinking the printer comment is related because to have pre-printed template forms ... it means a printer is needed.

So based on the variety of answers given to the original posters question, we all have unique ways of handling the flow of our revenue coming in; including the way we record it. The variables of each of our operations will obviously be a factor on how we actually tailor our process.

Hopefully, if a few of us are wee bit crazy .... it is a good crazeee!

mike walsh www.kingkoin.com

 

[MEP001]

The Brother Laser that I considered some... needs eventual drum replacement instead of just the built in drum toner cartridge only needed in the HP.

You're still replacing the drum in the HP every time you change the toner cartridge. In the long run, the Brother would have been less expensive to operate.

None of what you just posted about really said anything about how you track sales. The original poster didn't ask about counting coins.

 

[cwguy.com]

None of what you just posted about really said anything about how you track sales. The original poster didn't ask about counting coins.

Mike, I remember you argued that currency handling wasn't that big of a deal? It looks like you and your partner are trying to make it as difficult as possible? Just use a piece of paper and your accountant (which you are anyway)? I have a MIS degree and use a paper ledger.... it's the easier method..... it doesn't have to be high tech.

I believe Mike and Mep1 are business partners? LOL


I do my accounting like Mep1 does also.

 

[mjwalsh]

Mike, I remember you argued that currency handling wasn't that big of a deal?.

Eric & others,

It is true that the bill counts from the Standard Audits are really accurate. When the data simply goes over the serial port to the database & no margin of error in terms of a typo or not neat enough handwriting ... I believe there is a gain & really the least techie in the final analysis ... in my opinion & based on experience. Granted, some manual entering of the tracking data is more practical. I do agree for operators who do not have a computer on site or with them ... it may not be practical in their specific case. From experience & observation, the same # of dollar coins vs the lowly $1 dollar bills process quicker & more efficient. I am just trying to pass along accurate information. Also too tiny & noisy of ERs that some (%?) have ... would also be a factor.

As far as Mep's comment: unless the thread starter is 100% credit card with 100% tracking ... wouldn't forms of cash including coins be integral in what the thread starter is seeking?

Mike

 

[JGinther]

Somehow all roads here on the forum get you to the same place...?

I will post the simplest form of keeping track that I use: Fill hoppers for change with what you have. Give rest of money to wife.

 

[cwguy.com]

Give rest of money to wife.

I though this was a required step? No need to clarify this procedure.

 

[MEP001]

As far as Mep's comment: unless the thread starter is 100% credit card with 100% tracking ... wouldn't forms of cash including coins be integral in what the thread starter is seeking?

Again, did you even read the first post? He asked about whether to count quarter income from bays or bill income from changers as sales, not how to count quarters, not how to track credit card sales, not how to get customers to make the banks stock dollar coins, and certainly not whether dollar coins are more efficient to count than dollar bills.

 

[Earl Weiss]

See;
http://www.huffingtonpost.com/2014/...grid7|htmlws-sb-bb|dl21|sec1_lnk3&pLid=455900

Now just think if they were using dollar coins he would only have deposited 450,000 coins instead of 1.8 Million

 

[mjwalsh]

See;
http://www.huffingtonpost.com/2014/...grid7|htmlws-sb-bb|dl21|sec1_lnk3&pLid=455900

Now just think if they were using dollar coins he would only have deposited 450,000 coins instead of 1.8 Million

Thanks Earl, for the link. To respond ... if I may ... Anybody with an electronic tracking - database tracking background specializing in coin ... knows that it is much more straightforward & less costly to verify coin counts than the bit too much "dependency created" on credit cards etc. Especially since the new revelations about chip-pin EMV transition liabilities have been gradually coming to light!

Too bad it took so long to finally catch up to the rascal-criminal. That delay must have been caused by a weakness within the person or group responsible for accountability & in charge of that specific parking meter department.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[bigleo48]

Every piece of gear I have counts pulses (quarters)...some in multiple ways. When I collect the cash, I can then reconcile with the counts. If say your vacs don't, you can buy non-re-settable counters from most vendors (like like this one from Kleenrite http://www.kleen-ritecorp.com/p-7527-24v-impulse-counter.aspx) .