How to Handle Cash: Receiving Deposits

During my travels in Germany I have come to learn that cash is king and frequently find myself saying mit karte bitte?? While we Aussies love the lightness of our plastic currency what happens if a client decides to pay you a cash deposit? How can you record it quickly and importantly, in a compliant manner? Especially if you have employees working for you there should be a known and secure process in place to minimize any risk of fraud or theft.
Naturally, cloud applications have come to the party, so you can record the funds immediately. Using QBO app today allow me to demonstrate:

1. Opening the drawer on the left, select Invoice Payments
   

2. Add the customer, note the payment method, date, amount and reference (such as deposit). Note that the software will report the money in Undeposited Funds. This is a suspense account which will move the funds into the bank account when it sees a bank deposit has been made.
   
   Note: If an invoice has already been raised, the software will alert you to the option of allocating this payment to the sale.

3. Email the client the updated invoice so they have a receipt for the funds they have paid.
   

And so your client has a receipt, your assiduous bookkeeper knows to be expecting to see a bank deposit and you have done your job using the tools on you. Tidy!