Lightspeed O-Series (Kounta) - What to do with daily variances?

It is probably each day you will receive a variance in the end of day takings. This is tracked and coded to a special Variance account in Xero and Kounta.

On a regular basis, the club might like to tidy up this Variance, and allocate to F&B Sales. Here is an example of how another club has handled tidying the Variance account:

1. Take the total of the Variance account in Xero.

2. Create a manual journal to balance the Variance, and allocate to F&B Sales (at the same time, accounting for GST)

This could be done weekly, monthly or anytime the club wants to, but should be done prior to producing any board reports for financial statements.

If you are unsure of the above process, we would recommend you speak with your accountant to confirm this process is the best approach.