Hi Veronica, thank you for the great video. Did you ever have a chance to get around the Tips "mapping" video? Many of us are still waiting to learn how to clear out tips from "Tips Payable":)
This is so great. I've been using you're method for 2 weeks and it saves me so much time. I do have a question on crediting/ debiting Accounts Receivable. If I do encounter a customer that does not pay, do I have to create an invoice for that specific customer? And when I receive the payment? At the moment, I received a payment towards A/R, I created a Bank account, titled it A/R clearing. From the sales receipt I routed the product/ service to A/R clearing and matched it to the specific customers invoice.
I don't know what type of business you have, but normally if you're selling something on terms, it's best to enter an Invoice in QBO to track the receivable from that customer. When that customer pays, you enter a customer payment and apply it to the invoice.
Veronica, I just set up my first daily sales receipt! It was such a relief for me to set it up and see the balance equal zero. However (and I know this has been mentioned before), how do I record merchant fees if deposits coming through the bank feed already have fees taken out. So at the end of your video, when you show an increase of the clearing account from the sales receipt and then a decrease in that amount to show the clearing account clearing out, my clearing account is not equaling zero. There’s a $25 difference which must be the fee. What am I doing wrong here? Thank you in advance for your help.
Hi Danielle. If the amounts received from the merchant service is net of fees, you also have to record the fees. You would need to record a split deposit for the amount received. For example, if the sale is $1000, the fee is $25, and amount received is $975, then the split deposit would be as follows: Visa/MC/Discover/AmEx clearing account $1000 Merchant fees -$25
Hi Veronica, your videos are very helpful. I used your daily sales on my clients and it works great. I am stuck though on how to get rid of "tips payable" my client pays through payroll. Can you please advise on your method.
Loved the tutorial. The only thing is the closed caption is very large. I was unable to see what was going on in the bottom of some of your slides as the words from the CC were covering it over.
thank you! this worked great! I do have 1 question ... i was able to make the transfer from cash on hand to cash in bank, but have an issue when I go back to my banking transactions to match the actual deposit. I can see the deposit made for the correct amount. When I select it to match nothing shows up to match it to.
Hello. I have been using this method and my chart of accounts is working correctly. HOWEVER, QBO thinks my sales are ZERO b/c each sales receipt comes out to ZERO! that is a problem for using the budgeting/cash flow features of QBO and QBO thinks that my sales taxes are also zero. HELP!
Hi. The Daily Sales Method does not use the sales tax center to manage sales taxes. It is assumed that a POS system would collect and track the sales taxes. As for the zero sales receipts, the sales totals do show up in the Profit & Loss report but they do not show up in Sales Reports.
Thanks for the tutorial! How would you suggest setting this method up for multiple sales locations? My wife vends at a few different farmers markets, in different sales tax jurisdictions. Would you set up different accounts and items for each location? Thanks a bunch!
Hi Veronica, I am just completing my first month of posting our Shopify activity in qbo through your Journal Entry method. We are about to pay our Sales Tax and the Sales Tax report does not include any of my journal entries. All of my sales receipts are there. Is there a step I am missing?
If you use the JE method or the daily sales method using sales receipts, the sales taxes will not show up in the sales tax center in QBO. The only way they will show up in QBO is to use the sales receipt method and to mark the sales as taxable so that QBO will calculate the sales taxes for you on the sales receipt.
Thank you, this answered something I have been trying to figure out for months!! Quick question - from where do you access "Asset Register"? I can't find that option, but I do have a "reconcile" option within my chart of accounts page, however my Merchant Services Clearing account doesn't appear here. Thanks in advance! Nathan
Hi. The "asset register" is just the detail of the account when you click to view the account register in the chart of account. If an account does not appear in your chart of accounts, then you would need to add it to the chart of accounts.
This is a helpful tutorial. Thank you. However, when I create the Non-inventory item in Product/Service, I don't have the option to make it a sub-item of Daily Sales. What am I doing wrong?
You may be using a different version of QBO than I am using. If you can't set up sub-items in QBO, you can skip that part and just use the items in the sales receipt.
Excellent informative video! One question, might be a silly one...when creating the product and services group "Daily Sales", what income account do I use? Or does it not matter bc it just exists as a category group? Tks in advance! Also, would love to use your accounting services, but I see that you are only accepting shopify and amazon customers. Sadly, I use Square. Let us all know if that changes in the near future👍
Hi Alexander. That's not a silly question at all. You can use any income account you choose as long as you set up the Item correctly in the Products & Services list. I am only working with Shopify and Amazon sellers at this time.
Does this method work only for "accrual method" Will it work for "cash" method? I set up everything as you stated but dont see any balance in my clearing accounts when I save the sales bundle.?
When I get to the part about adding products/services, my menu doesn't quite look the same, as in I don't see a box for "subcategory". Am I possibly on the wrong page?
Hi. I'm not sure why you don't see sub-categories. But if they are not available in your version, just skip that part. Add all the items to the products and services list with no sub-categories.
May I ask a question about taxes? I live in Europe, but I use QBO online anyway, sorry for my english. When I put sales taxes (I mean VAT) in the list of products I select as income account the VAT account that I already have but when I try to save and record the product it says that it's not possible to use the account in use for the taxes. Should I create a specific new account only for the "shop daily sales VAT"? But in this case I should then every month or so transfer the money from this account to the VAT payable anyway. How to solve this?
@@5MinuteBookkeeping I'm aware of that, but still I wonder why I can't put the taxes in the list seperately it doesn't accept current liabilities, what kind of accounts do you select for your taxes) and if I select tax inclusive it asks me to put it also in the assets, like bank or cash... Thank you if you find a moment to try and help me!
Veronica, I have a client who I need to record daily sales. This client takes prepayments on a job that will post later in the month or sometimes the next month. in the sales report for the POS it clearly marks when the prepayment(previous advanced pay) is applied and/or when it is received(Advanced Pay) How would I record this on a daily sales receipt? *can this be done? I am hoping you say yes!
Client prepayments received or applied are recorded to a Deferred Revenue account on an accrual basis. You should set up an Deferred Revenue account in QBO (account type is other current liabilities). Then set up two items in the Products and Services List - one for advances received and the other for advances applied. Then, use the corresponding item in the sales receipt.
@@5MinuteBookkeeping How would I match the prepayment for deposits? Do I still map them to undeposited funds? When would the Deferred Revenue Account be used (once for the applied...no that can't be correct?). Thank you for your help on this.
Thank you so much for the Video. I have a quick question. This method works very well for sale recept but in POS we use it gives the total sale including AR and in GL(POS GL) Accounts receivabe shows as increase or decrease. I entered AR by making a customer called Daily sale AR and created a invoice for incresae and created a Credit memo for decease each month this helped me see AR in B/S for each month and Sale in P&L too. I also checked the taxes it seems fine too but I'm not sure what I'm doing make sense or not. Please share your view.
Hi. You can use an invoice and credit memo if you want to. There is more than one way to enter daily sales in QBO. Regarding sales taxes, I can't give an opinion without having additional information. There are multiple ways to track sales taxes as well.
This is a great video! I have to constantly argue with my restaurant clients about how complicated they make their accounting in QB. I own a point of sale software development company and I'm going to recommend that all of my restaurant and bar clients review this video. If I may ask, where are you located? I might be able to refer some business to you for consulting, which would make my life so much easier...
I have a query entering Visa card and other card sales. They have a fee which needs to be deducted from the sales amount. How do we easily account for that when using daily sales?
Using my method, credit card deposits are entered to the Visa/MC/Discover/AmEx clearing account. You would have to record the fee by crediting the clearing account and debiting the merchant fee expense.
I have followed through the video and have completed everything as stated. My issue is when I go to transfer under the tab transfer from I can not select cash on hand. When I try to add cash on hand it states there is already an account by that name. When I go to chart of accounts and run a report it shows the negative balance in the account cash on hand. What am I doing wrong? Thank you for any assistance given. Also I am using the online version.
what about the discounts we have given. Moreover my QB is automatically calculating tax as i have activated, is this ok to calculate tax automatically instead of mentioning manually
If you have discounts, you would need to set up an item in the Products and Services list for discounts and map the item to a Discounts account on the chart of accounts. In answer to your second question, that would all depend on whether you are using a POS system. If you are using a POS system, the POS system is calculating the sales taxes already.
Hi Veronica, would this method only apply if your POS is not connected to a bank account or QBO? My client uses a POS that deposits directly into her business bank account, usually these are bulk deposits. Would I still use the daily sales method shown in the video?
VISA/MC/amex we must use other current assets ? or we can use undeposited funds ? which of them better or same thing ? and i have delivery company and credit customers we will make them on other current assets or Account receivable
Hi, First of all your videos are GREAT, REALLY HELPFUL. I have a question. In Canada, when I try to save and close the sales receipt I get the following error message " Make sure all your transactions have a GST/HST rate before you save". Do you have any idea how I can solve this issue? Thank you so much!!
I assume it's because your items are not set up as taxable. Although I don't work with the Canadian version in great detail, it seems to me that you should be OK as long as you are properly tracking GST/HST.
@@5MinuteBookkeeping Speaking of GST/HST tracking, with this method, Line 101 is not reflecting sales and line 103 is not reflecting tax collected either. Is their any work around on this? This video is really helpful. Thank you!
When you set up each of the original line items make the all tax exempt. Just like she shows in the video. (line 2 - daily tax. Set up as posive#: daily sales (net sales) and HST as separate line item. (the HST should be setup to connect to a new HST payable acct in chart of account - it will not let you use the existing account as it's locked.). These together generate the total gross sales and funds collected for the day. Then deduct cash, check, visa/MC etc. Until you zero out. The tax will now be reflected in the new tax payable account. You cannot make the items taxable as you will no be able to zero out the sales receipt. If you tey and do it that way it will always have a balance and your acct receivables will always be inflated.
HI! When using this method, how do you account for fees that make it negative? Do you just counterbalance the fees with the over/short category? If so, how do you clear that account later?
Hi Kristen. Using this method, you can't have a negative balance. If fees are being deducted from sales, then you have to gross up the sales amount so that the net equals to 0. Example: Net amount received $975 Amount of fees deducted $25 Sales Receipt: Sales Income $1000 Fees $-25 Credit card clearing $-975
@@5MinuteBookkeeping yessss, been looking for this answer for days, I've setup a 'credit card fee' account or do you just use the credit 'card clearing account'.
Hi Veronica, I always return to this video because it is so helpful, but how does it work to show a refund within this Daily Sales method for Stripe, for example? A client has issued their customer a refund for a fee through Stripe. How is that separated out from the general Stripe payout as recorded in the Daily Sales?
@@5MinuteBookkeeping yes, it is a sales refund. So right now the refunds account is mapped to the undeposited funds account. If it's a refund to the Stripe or Square account, should it be mapped there, or to either a refunds account instead?
@@5MinuteBookkeeping that's why I'm confused I guess. I don't see where the refunds account used in the Daily summary should be mapped. Does it get mapped to it's own refunds/returns account in the COA?
I tried to set this up but don't have the option in the Chart of Accounts Account Types for Bank, Other Current Assets or Other Current Liabilities making it very confusing. I have only recently signed on with Quickbooks so not sure in my version is different. I suspect there will be other problems with setting up Product/Services exactly as your tutorial. Hope you can help. Thanks
@@5MinuteBookkeeping Hi Veronica, thanks for the reply. The version I have is QuickBooks Online so yes everything should match up. I spent nearly 2 hours with QuickBooks chat trying to work it out. Initially they told me something wasn't right after I explained the Account Type's I was after appeared on my mobile version but not on the laptop version of QuickBooks. They then suggested to try another browser which gave the same result. They asked if I could email them screenshots which I did showing the Chart of Accounts. The Chat operator then asked if they could access my laptop which I allowed them to do (I suspect someone else took over). After looking around they told me that what I was seeing is what everyone sees and there was nothing wrong. Something along the lines that the mobile version is basic and doesn't include Detail Type etc which didn't make sense as there are more Account Types. So Account Types Bank, Other Current Assets, Other Current Liabilities don't exist. I have substituted with Cash & Cash Equivalents, Current Assets and Current Liabilities in that order. Interestingly if I set up Account Type, Bank on my mobile it appears as Cash & Cash Equivalents on my laptop. I have started using your system and appears to work ok. Made some adjustments for GST as I'm in Australia. If you want any more information, I'm happy to provide as it may help some others in the future.
@@5MinuteBookkeeping is there a process you recommend. This seems to fall in your don't on apps because it seems to make the process a lot more cumbersome. So much so is I'm thinking of ditching the square app in qbo and just using a "square card" as an item instead of "amex/mc/visa" Any suggestions? I have a restaurant so we are talking quite a bit of entries transferred from square.
Hi, I own a gym, and I have multiple sales but all the sales come out once a month on the 15th. Can I just input monthly sales after all the money is deposited to my account on the 15th?
You could enter on sales receipt for all the sales for the month. You would have to make sure that the sales are recorded to the month in which they were earned.
The proper way to do this is to make it as an invoice, not a sales receipt. You'd have a few lines for various sales items (depending on how you want to categorize), a negative line for discounts, a line for tips received (if relevant), and an adjusting line for sales tax (rounding difference between a single transaction and multiple transactions). Then, you receive payments based on type (cash, check, credit card, gift card). When you make the deposit, you grab the relevant payments, subtract any fees, and the deposit should match what's showing on your bank statement. Your "Cash on Hand" account, and the other clearing accounts mentioned, are redundant since you should already have "Undeposited Funds".
Thank you for this tutorial. I have a query specific to restaurant. Since the account "Visa/MC/Amex Clearing" is created as an Asset account, it will not show up on P&L. Is there a way to figure out the breakdown of revenues generated, like how much sales were made from Cash, Credit cards, and various Delivery services, since Deliveries will be credited in the banks just like Credit Cards and i believe should be treated the same way in quickbooks?
That's a great question Jimy. You would have to set up separate items in the Products & Services list for each type of income. Then, enter the corresponding income amounts for each of the items in the Sales Receipt.
This was so so helpful, thank you for this tutorial. I use Toast POS service and sometimes there are UNPAID items or items that don't clear on the specific day. Do you have any suggestions on how you would account for those? Currently I have to subtract them from sales in order to match my daily deposit.
Hi. I don't work with Toast but it sounds like you are referring to timing differences. If so, I would record timing differences to a clearing account.
This is great! How close does this relate to Quickbooks Desktop? I LOVE QBO, but am helping a client with desktop. I'm hoping I can follow all the same instructions for COA and product/service list at least?? Matching transactions may be a different story...
My merchant deposits as individual transactions. Says my daily sales reported credit card total $50 and bank feed has $20, $20, $10. How can i match them up?
In the video, I mentioned that you should use clearing accounts for merchant deposits. So, you would not match amount in the banking transactions, you would add them to the corresponding clearing account.
Thank you very much, Veronica! I love how you explain things in an organized and effective manner. The recording of daily sales receipts definitely takes care of the income side of the transaction. Do you also have a training video on recording the cost of sales transactions from the clients' POS reports? I would love to learn the same efficient way of recording them against the COGS and inventory accounts.
I am doing exactly the same "system" only with journal entries. My Visa/Amex deposits as well as Online Sales Deposits are also set up as bank type account, which allows me for daily reconciliation.
@@5MinuteBookkeeping What do you see as the advantage of sales receipt for daily sales over a journal entry - is there is a difference with reporting? (recently switched to QBO from Enterprise and am cleaning up books from where QB POS used to pull the individual sales over.)
Im assuming this process would apply to weekly sales too? My scenario: I receive a payment of $100 from a third party They deduct a service fee of $10.00 They deposit to bank directly balance of $90.00 Does this process work for that scenario? I need to pay the sales taxes on the $100.00 and make sure it noted correctly on my balance sheet and yet match up the deposit. Thank you in advance. Jo Anna
This process would also work for recording sales on a weekly basis. However, if the end of the month falls in the middle of the week, you would need to make two entries so that the sales are reflected in the correct month.
If you don't have a bundle functionality in QBO, just skip that part. You'll have to add each of the items to the sales receipt individually. Everything else works the same say.
I do sale lottery and instant tickets. lottery amount I collected from customers paid back to lottery provider twice a week while instant tickets I a pay back to provider after every month once I activate in terminal....how can I implement this things in your well explained QBO.
Hi. I do not have experience with lottery accounting. You may want to look for a book written by Alicia Katz Pollock about QuickBooks for convenience stores. I believe she has a section in the book about accounting for lottery transactions.
Hello hi this is very helpful, tried it but it seems the sales I entered does not appear on my Profit & Loss report. Do you have any idea why? Please help, I'm lostttt. Thank you so much!!!
If you follow my process, the sales will show up on the Profit & Loss report. Check all the mappings in the products and services list and make sure that they are mapped to the correct accounts in the chart of accounts.
I don't see a way using the single daily sales transactions to enter more than one method of payment. I want to record all daily sales at once but split cash from checks from CC totals. Thanks!
I believe I covered that in the video. If I did not, you would need to add a clearing account for checks and another one for cash to the sales receipt.
When do you select a sales receipt over a journal entry? I have to enter cash i received and gc redeemed in my qb. I hardly ever have cash sales, so when I do I just record as owner draw. (since I don't deposit). I am just confused on how enter this correctly to adjust the gc and record the income
A sales receipt or journal entry will work as long as you are using the correct account categories. You can follow the instructions in my video but record the cash to Owner's Draw (instead of cash on hand). Gift cards are recorded to Gift Card Liabilities.
How do I get the subtitles to go away cause they block a lot of what you are trying to show us on the bottom of the screen? I do not have them turned on in my RU-vid I don't think.
You can but it might be challenging to reconcile your clearing accounts. You could try it monthly and if you have problems reconciling, you could make the entry weekly.
The clearing accounts will always have a balance because they are meant to hold the amounts that are not received yet from the payment processors. You should not zero out the balance each month.
@@5MinuteBookkeeping okay, that eases my worry a little. So when you say “you should reconcile the clearing account”, what would be the process? I know you answered my question in the shopify video for shopify clearing accounts (I’m working on getting my client set up with A2X) but what about the visa/mc/Amex/disc clearing account? I’ve been looking at the Translink/Transfirst account for my client and there is a statement each month. I guess what I’m confused about is the process since it’s different from reconciling a checking account. I also posting the question on BBL Family page but didn’t get a response. This is my first retail and e-commerce client and I just want to make sure I’m doing it right. Thank you in advance for your guidance!
@@danielleteague4248 It's hard to answer since I am not familiar with the merchant account. However, typically, a merchant service pays the company roughly 2 days after the transaction takes place. That means then that the balance in the clearing account should equal roughly two two days of transactions (processed but not payed yet by the merchant service).
Thank you for posting this. I'm confused by the part where you set up all the items under Products and Services. When I'm adding new items there, I have to choose from Service, Non-inventory item, Bundle, Batch import, or Import from sales channel. Which one should I choose?
@@5MinuteBookkeeping Sorry, I'm still confused. Even though I'm recording sales of my store's inventory, I should still classify them as non-inventory items?
This is extremely helpful, but i have a question. How do you record a credit card refund issued to a customer a couple weeks after the sale? Also, more specifically, how do you record a chargeback? I'm in the bar industry and it happens from time to time - a customer will dispute a charge and then the CC processor will deduct that amount from my account.
A charge back or refund is a reduction to the clearing account balance and a decrease to sales (and possibly sales taxes collected). You can enter a Journal Entry in QBO to Credit the Visa/MC/AmEx Clearing account and to Debit the Sales account.
What would be the best way to do this for Jan 1 through to present (Nov. 15) if I were wanting to begin using this sales receipt system starting now? Would I set up the accounts and do JE’s to adjust?
First, you would set up the accounts and items in QBO. If you have already recorded transactions via deposits, you would need to recategorize the deposits to the corresponding clearing accounts. If you have entered individual invoices or sales receipts, they may need to be deleted. You can use an app called SAASant to mass-delete transactions in QBO.
Please help - I am getting an error creating the Sales Tax Payable product. "Something’s not quite right You cannot use this account to create items as the account is used by system to track the tax amount." I am connecting the product to our Tax Payable account.
@@5MinuteBookkeeping Thank you. Is it a problem to use the daily sales bundle to record all but Sales Tax and Tips- instead using the QBO fill-in data fields at the bottom of the report?
THANK YOU! Your videos are laid out so clearly and logically, you are an excellent TEACHER! My wife and I are purchasing a Bar, and we need to do this exact thing, only, I am somewhat enamored of XERO, rather than QBO. We are going to be a Mom n Pop, so I will be doing the bookkeeping...Any thoughts on how the same Sales entry would be handled in (the somewhat simpler from my newbie perspective) XERO? THANK YOU!
Hi. I don't work with Xero. The logic is the same, however, you would need to see if there is a Sales Receipt in Xero or a comparable transaction type.
So if your client's one weekly deposit (from digital sales paid from customer's AMEX, MC, VISA, Debit) was deposited by WIX as the payment processor, do you change that line item to Wix or do you change the Sales Receipt Client to "Daily/Weekly Wix Sales"?
Hello. Where and when do I enter the merchant fees for the credit card sales? In my case the rate is 4%. I know that I must enter in the sales receipt the full amount of credit card sales. For example, if daily CC sales are $100, but I actually receive $96 in my bank account. The bank automatically deducts $4 in fees from my bank account. When and where do I enter those amounts?
I mentioned in the video that you have to use clearing accounts for merchant payments. If the merchant reduces the amount deposited by the amount of the fee, then you need to enter the fee manually. I normally recommend doing this once a month. You can enter a Journal Entry to Debit merchant fees and to Credit the clearing account.
Quick question - we are not using QBO at this time but use QB for Mac (desktop) - they are a bit different in format (ok - a lot different in format)....I am not seeing the bundle option under items and didn't know if you knew another way to "bundle" the items to report over to the Sales Receipt. I wonder if I should just memorize either the sales receipt with all of the items or a general ledger transaction...do you have any input? I just have to say thank you so much for giving me insight on how to handle our new restaurant business accounting...your tutorial is making everything seem more manageable!
Hi Andrea. You don't have to use the bundle option. Just add each item to the sales receipt. You can also memorize the transaction (it's called a recurring transaction in QBO).
Can I do a "monthly" sales receipt with this method? My clients POS breaks down all type of payments in monthly totals. It would be so much easier to do one monthly sales receipt. Especially since I have it all broken down already.
Hi Veronica, i have a question regarding the Visa/mc/amex clearing account. When i receive the credit card funds from our CC processor it also includes sales tax and/or tips collected. How do i break this down in the daily sales receipt so that i don't have a difference in the clearing out?
You need to set up an item in the products and services list that is mapped to a sales tax liability account (other current asset type account). Then, enter the amount of the sales taxes to the item on the sales receipt.
Hello, I a using QB 2021 online and trying to set the items in the products and services list. When I add the Sales tax as above I get the following error messsage: Something’s not quite right You cannot use this account to create items as the account is used by system to track the tax amount. Do you know how I would fix this?
It sounds like you are trying to use an existing sales tax liability account. In the video, I show you how to set up a separate sales tax liability account (account type Other Current Liability) so that you don't run into the problem where QBO doesn't let you use the existing sales tax liability account.
Can the Daily Sales Bundle be used to log the amounts collected for the year for a cleanup job for tax purposes?m Also, how would you account for 3rd party vendors like Grubhub, uber eats, etc?
I would recommend making one daily sales entry per month, as long as you're able to reconcile all the activity. Third party vendor transactions would need to be entered to a clearing account for each vendor.
Thank you your videos! How do you record marketplace facilitator taxes in QB? These taxes are collected and paid by marketplace facilitators such as UberEats, DoorDash, etc. As a marketplace seller, how do I reconcile these taxes in QBs when I create daily sale receipt?
Typically, sales taxes are recorded to a sales tax liability account in QBO. When sales taxes are collected, you increase the sales tax liability account. When sales taxes are paid, you decrease the sales tax liability account. You would use a similar process for marketplace facilitator taxes.
Hi I need help please I've sent the Money for visa sales to Visa account as suggested, however I cant get it to balance as money paid in bank is different due to deductions by merchant. How can I balance this I only want to make 1 daily sales receipt a month to minimise workload. When I create an expense it seems to increase the amount and not decrease to balance to zero.
Adam, you would need to enter the merchant fees to be able to clear out the clearing account. You would need to enter a Journal Entry for the fees: -Go to "New" and select Journal Entry. -You would enter an amount in the Debits column and categorize it to Merchant Fees. -Then, enter an amount in the Credits column to the Visa clearing account.
If my register is set up to sell 5 categories....gas, merchandise, food, clothing. Do I set up separate Daily Sales Accounts in Bank categories or keep all sales lumped together?
You can set up separate income items in the products and services list and map them to separate income accounts. You would not change or add any bank account categories.
Thanks. Method is great. Only issue is when you pull an income report it shows sales but if you check under tax liabilities it doesn't reflect the sales tax as it was zeroed out. Tax account under COA will show but it won't display under tax liabilities. Do you have a solution? Also for cc clearing, I just add create transfers from clearing acct to bank in order to match. Is there a difference in your method? Thanks for the hard and clear work.
My method doesn't zero out sales and allows you to track sales tax payable if you set up a sales tax liability item in the products and services list. Perhaps your items are not set up correctly or your specific situation is different from what I show in my video. Payments received from the merchant service should be added to the corresponding clearing account in the bank feed. I believe our methods are the same. Thanks for the feedback!
I was wondering how you add a cash register monthly sale in quickbook. I’ve tried what you just explained but I can’t see the sales. What did I do wrong?
When setting up the product and service list, you said to make sure the items have the correct income account, the Visa/Mc/Amex chart of account is a other asset, so when doing the product and service list for Visa/MC/Amex under the income account choices I would mark the visa other asset account? Sorry for my confusion,
That's a great question. Make sure that the items are mapped in the section that says "Income" in the products and services list. The Visa/MC/Amex would be mapped as an other asset account even though it's not an income account - that is correct.
Awesome video! Please just confirm that if I was adding 'Electronic Transfers/Debit' to Products and Services list, the sales description would have (+) correct? And Returns/Refunds would have a (-)? Sorry, I've been watching videos all day.... Yours was the best!
It would depend on whether Electronic Transfers/Debit are sales or payment received from a merchant service or other payment processor. If they are sales then it would be +. Otherwise, it's a minus. Returns and Refunds are (-).
Thank you for the clear tutorial. I've usd this method. Only concern I have is that with a sales receipt Zero'ed out it doesnt register the tax amount properly. When you go to Sales Tax (Tab) it doesnt reflect an accurate number. It only reflects actual sales that have been invoiced through QB. D you have a solution for this?
You would not be able to use the sales tax tab in QBO with the method I showed. You could try marking the items in QBO as taxable and then mark them as taxable in the sales receipt so that it calculates the sales tax for you.
Is there a way to upload a daily entry? I have the ability to format a report with my GL codes from my POS it would be ideal if I could just upload instead of typing each line item. BTW, thanks for this, it was a great tutorial.
Hi, finally found what I was looking for, brilliant + thanks! I am very new to qb, and am trying to set up properly, adding past sales etc... We have square + mercato. To record the 'fees', I believe you said in older replies that, one had to record that as a split deposit. But, first, do I create a new account in Chart of Accounts, and if so, what Type and Detail Type should it be? Do I create separate ones for each company (i.e Square, Mercato etc)? Also, refunds and returns... I believe you said the type there is 'income', but what would appropriate 'detail type' be? Apologies in advance if question is too long...
Hi Annika. The account types are important but the detail types are not as important. Use Other Current Assets for both and you'll be OK. Square, Mercato, and others should each have a separate clearing account.
i had recently set up my quick books for my restaurant via sales reciept method. i was not sure about matching the deposits with the sales reciept. this video did explain some but i still have a quick question. when i try to match or apply the deposit to a specific day i am not having any luck. of course the amount is different than what is listed with my CC merchant as they take the fees out automatically. how would i proceed to make sure everything is accounted for. when i try to search for the amount it is not brining back results. not sure what i am doing wrong.. TIA Karen
The main goal of the Daily Sales Method is that amounts recorded in the sales receipt need to equal to the amounts received in the bank account. If they don't agree, then you can enter the amount of the credit card fees in the sales receipt. One of my clients had this issue and he contacted his merchant service provider to ask them to charge for the fees separately. That solved the problem.
Hi Jessica, I indicated in the video that the daily sales bank account should always be 0. I don't recommend having multiple bank accounts for separate sales activities.
Excellent presentation. One question. I understand that under this method I can't see my sales progress report on dashboard. However, when I run a P&L report it seems that the report gets data from the banking statement thus ending up in double-counting the sales figure. How is this possible? Isn't the report supposed to contain only data that only the bookkeeper puts in? Please help. Thank you in advance.
It sounds like there's something wrong with your workflow. You are adding the amounts deposited directly to Sales. You should be matching them in the bank feed.
Once all the sales receipts have been created, do you create a deposit for $0 for the sales receipts? Would they be deposited to the checking account where the deposits get sent?
Hi, this is wonderful! I am just a bit confused about the part about my products/services being sub-products of "Daily Sales". I have to create it first I guess... Just not mentioned in the tutorial (or even after watching that part many times I totally missed it :-) ) Also, since I receive sales receipts transactions automatically from my POS (Shopkeep), then it is just a matter of mapping everything to the right accounts, I don't have to create a new sales receipt right?
