How to Enter a Credit from Your E-Gaming Provider for Linked Bingo
In this guide, we will learn how to properly enter a credit from your e-gaming provider for linked bingo. Follow these steps to ensure your transactions are recorded accurately.
Step-by-Step Guide
Access the Link Bingo Expense Tab: When you receive a credit from your e-gaming provider, enter the transaction using the link bingo expense tab. This process is the same whether the transaction is a debit or a credit.
Select the Correct Details: Ensure you have selected the correct provider, date range, and premise. This is crucial for accurate transaction entry.
Calculate the Invoice: Click on the 'Calculate' button. The invoice details will populate on the right side of the screen. Note that prizes will appear as a negative number, indicating a credit.
Add Sales Tax for Diamond Games: If you have diamond games, remember to add the sales tax before proceeding to the next step.
Select and Apply Rows: Once the rows are selected, click 'Apply'. The selected rows for the date range will move below a thin line.
Enter Deposit Details: Enter the date the money was deposited into your bank account and select 'Direct Debit' as the pay type. Remember, you are saving a negative expense, which is equivalent to a deposit.
Ensure Correct Entry on Schedule F: Entering the deposit in the linked bingo expense tab ensures that line 13 of the Schedule F is populated correctly at month-end. Avoid entering the amount on the deposit side to prevent duplicating the transaction.
Bank Reconciliation: During bank reconciliation, check off the negative expense rather than a deposit. This confirms the transaction is recorded correctly.
By following these steps, you can ensure that credits from your e-gaming provider are entered correctly, maintaining accurate financial records and ensuring proper calculation on your Schedule F.