Frequently asked accounting questions
Posted by Cameron Telfer, Last modified by Duncan Clarke on 08 November 2017 10:51 AM

Which accounting package would you recommend for use with Storman?

Storman supports several accounting packings and we recommend using one of these:
  • Great Plains
  • MYOB 2003-2013
  • MYOB 2014 onwards
  • Reckon (using the Quickbooks extract)
  • Quickbooks
  • Xero
  • Sage

Any MYOB product that has the Export Data / Import Data will work with Storman. 

How does Storman deal with credit card receipts given that each Customer receipt is recorded individually but deposited into the bank account as a group deposit daily?

You can choose within Storman whether you want certain types of deposits on a given banking day to be summed together or exported individually.

 

How does Storman deal with AMEX payments given that they are deposited into the bank less the merchant fee?

The export does not make an adjustment for merchant fees, they would need to be entered into MYOB when doing the bank rec.

 

If we operate on a 'cash' basis, how does Storman deal with payments taken at the end of the month (say by credit card) that are not cleared for several days and deposited the following month?

Exports to 3rd-party accounting packages (from Storman) are designed only for the 'accrual' method of accounting - not the 'cash' method.

 

How does Storman deal with cash & cheque's that are receipted individually, but deposited as a batch?

You can choose within Storman whether you want certain types of deposits on a given banking day to be summed together or exported individually.

 

Exporting Prepaid Journals - Are the ex or inc tax?

The figures in the exported prepaid journal are exclusive of tax.

 

Let's just say that we have several sites and use Storman Central to take payments for other sites. How does Storman deal with payments for other sites with regard to receipts deposited into the account of one site, but the income is for another site?

For the 'accrual' accounting method, the income relates to the charge and goes against the site which generated the income, whereas the receipt goes into the bank account of the site that took the payment.


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