View Full Version : First craft fair and a banking question!
04-10-2010, 08:52 AM
I did my first craft fair on Saturday. Craft sales were absolutely dire for everyone there, but I sold about 50 cakes and a couple of cards/gift bags. I took just short of £70 on a £10 table! Pretty pleased with that as my first go :-)
Anyway, my question is a bit silly really. I've just opened a high street bank account as I bank online and wanted something seperate that I could also pay cash into for the business. When you pay in cash, I know it has to be in bags, but my husband (who I think is being a bit daft, but I could be wrong) seems to think that they'll only take full bags. Surely not?! What about the odd 40p?!
04-10-2010, 09:52 AM
Are the the preprinted plastic bags? They will say things like £20 of £1 coins. That's what should be in them. It speeds things up as the cashier can weigh the bag instead of counting the coins.
I use the Post Office. I don't think they are more lack a daisical, but I often run out of the official bags and give them the eg £20 in little sandwich bags. The odd 40p I'd hand in loose. The ladies are lovely and friendly and smile no matter what I throw at them. The man is always grumpy so I try to avoid him like the plague.
04-10-2010, 11:06 AM
Best thing to do is check with the bank. I tend to only pay in notes as the coins are kept in a large cash box to ensure I never run out of change (amazing how quickly it can disappear - especially the £1 coins!)
If I do pay in coins, I wait until I have a complete bags worth and pay that in. I am sure if you needed to put a few pound coins in, it wouldn't be a problem but a ton of pennies would take up some time to count. (I think it relates back to the days of cashiers spending hours having to count up 100s of coins in large jars brought in by customers while a queue is building up behind and snakes out of the door!!)
Best to check with your particular bank/branch.
04-10-2010, 11:48 AM
You need to fill in a paying in book and the £1 coins will go in £20 bags and the 50p, "20p, 10p wil go in £10 bags and 1p and 2p in £1 bags. You will need a merchant account so you can take card payments. You need a good float for doing shows and often find you get low on 50ps and £5 notes. Often if you ask people if they have the right money they will have it and saves you getting low on change. LC
04-10-2010, 11:57 AM
I've never paid coins in only notes even when I had the shop. Some stayed as a float but we had a money pot where it all went and we dipped in if we needed change for anything...think hubby misses having that endless supply for the coffee machine at work or popping to the shop.
04-10-2010, 12:10 PM
Our bank will only take full bags. They don't take mixed bags either . The reason behind this is that they use a machine to weight the bags rather than count the contents manually. If the bag says x amount of type A coin it better have x amount of type A coins...We always take a few spares just in case we miscounted when filling the bags...
04-10-2010, 01:50 PM
I am afraid I don't sort, don't look at the amounts on the bags, take in one big bag they put it through the machine to count and sort, paid in and done. The bank know me by now and I have never had a problem with them.
04-10-2010, 02:09 PM
I use HSBC and they like full bags or very nearly full, got my wrists slapped once for only taking part full bags.
04-10-2010, 02:43 PM
A lot of the supermarkets have coin machines that will convert your cash into a voucher for the shop which you take to the service desk to exchange for cash or you can use it for your shopping at the till I think. They do take about 7.5% commission though.
Did you know that over a certain amount of coins are not classed as legal tender.
50p and 20p - exceeding £10, 10p and 5p - exceeding £5 and copper coins exceeding £1. That means that a shop can refuse to take more than these amounts. The law was brought in to stop people paying their council tax or fines for example in coins.
04-10-2010, 03:24 PM
Thanks everyone. I've got £80 in the right bags (all full) and 90p loose! I counted it wrong when I got home late on Saturday night, so I was pretty pleased when I bagged it up this morning! I'll take it in tomorrow and see what their policy is. There was a woman in there taking her team's skittles money in when I opened the account and they were fine with her big bag of coins, so I don't think there'll be a problem. If I just stick the 90p in my float, when I enter my takings in my books do I just put £80? I'm very easily confused, lol
04-10-2010, 03:37 PM
That was lucky you got all full bags. You should have no problem with the bank at all.
Your takings will still be £80.90 though it may mess up your float to have an odd 90p so I would put it in a separate pot at home.
I would do as the others have said and have two account lists. One for the bank and one petty cash, so your bank would have £80 in it and your petty cash 90p. If you buy something small like a clasp for 30p and pay cash you would then take 30p out of the pot and off your petty cash list. If you buy something larger for £30 out of your bank account then you would take £30 off that list. The two added together would always be your total amount. If you went to a bead fair and wanted to pay in cash you would withdraw the money from your bank, take it off your bank list and put that amount onto your PC list. Anything you spend would then come off your PC list and the change would be put into your PC pot.
Hope that makes sense.
04-10-2010, 05:00 PM
I list all my sales as total figures taken. My accountant doesn't care how much I pay into the bank and whether it was cheque, cash or credit cards taken. They just want to know the total amount taken in sales and the total amount paid out in expenses.
I do provide bank statements, etc as the interest (ha ha) has to be identified also and the expenses are separated into different categories but that is what I pay them for - I don't worry about the finer details. Yes, I could do it all myself but they know what expenses are allowable for the time I work from home and am using electricity, etc. The extras they manage to put in for me pays their bill and I don't have the headache!
04-10-2010, 05:42 PM
lol, it's only full bags because I've got a pot of coins at home that I swapped for the notes/5ps etc. Thanks, that's much clearer now :)
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