Cash register report in Denmark

The cash report is intended to document how much money has flowed in and out of the cash register during the day. If a trader receives a cash payment from a customer, he is required to make such a report, as Danish law requires it. Note that a cash report is not the same as a printed cash register report. It is possible to do the accounting without these reports, but in the event of an audit from the tax authority, the legal consequences for not completing daily cash register reports can be very serious

Cash report - step by step

1. First of all, you need to collect all the receipts from the whole day that relate to cash payments from customers or cash payments to suppliers.
2. You need to choose a cash report template, which will let you accurately determine the amount of money at the beginning and end of the day.
3. In the item "cash at the beginning of the day", you should record the sum from the beginning of the day.
4. On the other hand, at the end of the day, you need to calculate cash sales from the whole day and enter the value in the "revenue" column. You need to include credit card sales along with cash sales in the "revenue" column in case the sales are a combination of card and cash payments (you also need to include other cash in the same column, such as crediting the cash register with private money).
5. Sales of the credit card should be highlighted. The balance of the cash will be adjusted in the next line, in case you specify the amount from card sales transferred to the bank, then you need to add this amount to the column "outgoing" to balance the cash total. In the cash report template, there are separate columns for the bank and cash.
6. The next step will be to write out all cash expenditures during the business day. In case you had to buy some missing products at the market throughout the day, you need to put the receipt in the cash report for purchases paid in cash (not applicable to card payments).
7. After listing all of the cash expenses in the column "outgoing", calculate the amount at the end of the day. You need to open the cash register and count the money, then record the total on a spreadsheet or piece of paper, noting the number of bills and coins of a given denomination. If there is a cash difference, e.g., the cash report is DKK 2,300 and there is DKK 2,310, because the customer paid too much or too little, the cash count will show it. In the case of a cash difference, in the first line of tomorrow's cash report, you need to write "cash difference from yesterday" and in the incoming box of the cash register the value of DKK 10, the negative difference needs to be written in the outgoing box. Then DKK 10 must be added to the cash register or DKK 10 must be taken out of the cash register in the case of a negative difference. The next day, when you open the cash report, the amount of DKK 2,300 will appear in the "cash balance in the morning" column, and on the first line in the "cash differences from yesterday" column, DKK 10 will appear in the "incoming" column, that is, at the beginning of the day, the amount in the cash register will be DKK 2,310 in the cash register.

According to Danish law, the preparation of cash reports is mandatory and most entrepreneurs do it daily, but depending on the legal form of the business, you may choose a different period.