Sådån handler du dine kontante midler lovligt

money, wallet, finance

 

Det er ikke let for små virksomheder at administrere kontanter på den rigtige måde. Faktisk mener nogle virksomheder, at det både er for dyrt og for kompliceret og undgår det helt. Men fakta er, at kontanter er det næststørste betalingsmiddel, kun overgået af bankoverførsler men mere brugt end MobilePay og kort.

Handling cash comes with a number of rules that you, as a business owner, must know and respect in order to comply with the law, and banks’ regulations.

Here’s an overview of the rules you must follow, as a business owner.

Tærsklen på 8.000 kr

SKAT anbefaler nu at betale regninger på DKK 8.000 og derover, inklusive moms, digitalt hellere end kontant.

Denne grænse på DKK 8.000 gælder uanset om du betaler i en eller flere rater. For eksempel, hvis din virksomhed betaler for regelmæssige tjenester i flere rater (for eksempel rengøringsgebyrer, som du skal betale for hver måned), og det samlede årlige beløb overstiger DKK 8.000 inkl. moms, anbefales digital betaling.

Under alle omstændigheder, hvis du betaler kontant over denne tærskel på DKK 8.000, Skal du rapportere betalingen til SKAT, hvis du ønsker et skattefradrag (se her, hvordan du kan gøre det). here how you can do that). Else, you cannot deduct this from your taxes. The report to SKAT must be made digitally quickly after the payment was done. This way, they can identify the seller and check that there is no black money.

Be aware that if you pay cash above DKK 8,000 and the supplier cheats with the payment of VAT, you risk paying the VAT that your supplier should have paid. 

You will find all relevant information and how and when to report to Skat here.

The maximum amount for cash payment: the DKK 20,000 cash ban

Companies are not allowed to receive cash payments of DKK 20,000 or more, whether in one or several installments. It is also not possible to ask SKAT for permission to receive a cash payment of more than DKK 20,000. 

Not complying with this rule is punishable by a fine of 25% of the amount that exceeds DKK 20,000, with a minimum of DKK 10,000. As the company’s owner, you will also be personally sanctioned. 

Lawyers and accountants are legally obliged to demand and keep the identification of their customers and notify the authorities if they suspect attempted money laundering. So if you have a good accountant, he/she will remind you of this DKK 20,000 limit and keep an eye out for you.

In order to follow up closely on your cash transactions, you need to register the movements of your cash drawer: cash deposits (sales) and withdrawals (purchases, overcash, refunds…). 
 

Checking the cash balance

You must check daily how the amount of cash in your cash drawer matches your bookkeeping. 

Example: your business has a cash balance at opening time of DKK 3,000 in cash.

 At closing time, the cash drawer contains only DKK 1,600. The difference between the two amounts is DKK 1,400. You must be able to explain them.

 Items that have been paid for by customers electronically are not included in the cash statement, so you must only look at the cash deposits and withdrawals.

  • You see that some customers have withdrawn a total of DKK 1,300 ‘overcash’ at the Dankort terminal when they paid for their purchases. 
  • You bought supplies for DKK 400 with cash from the cash register. You document this by putting the receipt in the cash register and posting the DKK 400 as ‘paid in cash by the cash register’.
  • Some customers paid cash for their purchases, with a total amount of DKK 300.

You then have proof that DKK 1,700 were spent (DKK 1,300 overcash + DKK 400 supplies) and DKK 300 were collected (sales), hence the DKK 1400 difference with the amount of cash at opening hours.

Balance your cash drawer

You have a duty to balance your cash drawer with the cash account every day. That means you must count the cash you have in your cash drawer, and ensure that the amount matches the cash account. All you have to do is add up all deposits and withdrawals of the day, compare the result with the amount given by your Point of Sales Report, which lists all transactions of the day, and update the final amount (“cash balance”).

You will be in charge of this if you work alone. If you have employees, it is safer to always assign the same trusted person to this task. 

The cash account can be a paper file but it is better if it is a computer file so you can update it, save your changes and easily send it to your accountant.

In very practical terms, here is how you do it:

  1. Get the Point Of Sales (POS) Report from your cash drawer or computer, depending on how you track movements in your business: it will detail how much you should have in your cash drawer, based on the day’s activities (sales, refunds, purchases…) 
  2. Download or create a daily balance form on which you document the cash reconciliation
  3. List on the form the amount of cash you had in the cash drawer at the beginning of the day/ period
  4. Count the cash: record how much the cash drawer has in cash, coupons, credit card or Mobile Pay receipts, etc & list it on the form, by type of payment
  5. Counting individual cash and checking receipts in the cash register, summarize on the form the number of receipts by type of payment (cash, coupon, and credit cards, possibly MobilePay).
  6. After you total up your receipts and cash, compare the totals to your POS report. Do they match? Congrats, you’re good to go! If not, you have some research to do.

This is what a Balance form may look like:

Cash register balance

 

Errors in the balance

As you can see above, there can be a slight difference between the POS Report and the actual cash balance in the drawer. Many small differences arise because change is rounded up to the nearest 50 øre. Many discrepancies are also caused by human error, such as giving the incorrect change to a customer or misplacing a credit card receipt.

When balancing your cash drawer, look out for both overages and shortages

Overage: when you have more money in the cash drawer than your POS report says you should have. 

Shortage: when the amount in your cash drawer is lower than the amount your POS Report says you should have.

If the cash difference is large, investigate what has gone wrong to try and find the error. If you find a cash difference, you must post it as income or expense. This way, the bookkeeping for the next day is again based on the actual cash balance from the beginning of the day.

To make the process easier and if you have a lot of payments in cash, consider investing in a counting machine. With a counting machine, you don’t have to worry about manually counting cash or change by hand.

If you only have a few daily deposits and withdrawals, you can decide to reconcile them once a week. But otherwise, it is recommended that you reconcile the cash register daily at the end of each day.

Look out for regular discrepancies!

If you start noticing frequent cash drawer shortages, something might be wrong. You might be dealing with stolen funds if cash consistently does not match your POS reports. Watch out for patterns, such as routine shortages: for example, if you notice that the drawer is constantly missing DKK100, you might need to do some more observing.

Depositing your cash

Either you will be able to drop off your cash at your local bank, or your bank will have a partnership with a company that offers ATMs and/ or boxes to deposit your cash close to you.

Several banks, such as our partner bank Andelskassen Oikos, work with Nokas, whose ATMs offer the possibility to deposit cash safely and conveniently. You can check if your bank works with Nokas, sign up very quickly and locate the most convenient ATM for you on their website

If someone else than you picks up cash at the bank for your company

 The person who collects the cash must be able to identify him/ herself and be authorized to collect cash for the company or bring a one-time power of attorney, which the authorized person in the company has dated and signed. The power of attorney must clearly state that it is a power of attorney to have the ordered amount of cash handed over. The bank can make a check call to the company before they accept the handover.

If you travel across the Danish border with cash from or for your company, you can carry a maximum amount of DKK 75,000. The rule applies to amounts going in and out of Denmark.

If you need to carry larger amounts, you must report it to the Danish Customs. Violation is punishable with a fine and possibly withholding of the cash. 

In conclusion, be aware of the rules around handling cash for your company. If you are not sure, ask your accountant or SKAT. If you hire people, make sure they know the rules.

 

We are sure you will do great!

Leave a Comment

Your email address will not be published.