Quickbooks Tutorial - The Trick To Entering Cash Register Sales
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- čas přidán 20. 05. 2018
- QBUniversity.org - Retail stores and restaurants don't enter individual sales and customers in Quickbooks. So, how do they enter their sales? This Quickbooks tutorial reveals just how to do it!
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For more free videos, full training series plus personal support for all your QuickBooks questions, please visit QBUniversity.org
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I wish you had shown how to do it. You showed us that it had been done. very different.
Hey Matt, thanks so much for doing these videos. You have done an outstanding job! Your videos are very straightforward and easy to understand. I do have a few questions on this video. I see where everything entered in your example balances out to zero on the Daily Sales Summary. The first 2 lines show total sales of taxable and non-taxable to be $7,108.18 ($4,642.51 + $2,465.67). The next 5 lines show the various payment methods and adjustment that totals (-$13,174.85). Then the next 4 lines show the breakdown of sales by category for a total of $5,250.50. Finally, the tax line shows $816.17.
Why do the sales breakdowns by category ($5,250.50) not equal the total sales from the register ($7,108.18)?
Why would the total payments received (-$13,174.85) not equal the total sales of $7,108.18?
In your training that you sell. Does it have this kind of daily transactions in small business with diffirent ways of getting around about them on quickbook? Or just straight forward the training has how to work on quickbook desktop. Second question until your website is fixed where can I see ur trainings
How do you enter the sales manually if your POS isn't connected to your QB?
Either through a journal entry or a sales receipt like I outline in the video
Thank you for this tutorial. My problem is in CT the sales tax amount for food is 7.35% and the sales tax for alcohol is 6.35%. Is there any way to have 2 tax amounts on one sales receipt? I can't code the item with a specific tax amount, only taxable or non taxable - and the "customer" is coded with the specific tax amount.
You can create 2 separate sales tax items and then create a Group Sales Tax Item to apply to the invoice
Hi Matt - Your videos are great. I am running the books for a corporation that owns multiple restaurants. I have some questions about best practices. I will head over to your website. Thank you!
Sounds great, thanks, Tara!
Thank you Mat for this video. I have a question about whether we can use this sales summary to include our customers who have house accounts with us. Is it possible to record payments received from them to pay down their house account as well as new sales that need to be posted to accounts receivable? We use a 3rd party sales system at the cash register so basically all I'm doing is summarizing our sales into quickbooks but am having difficulty getting it to zero down and I think it has something to do with the AR.
Yep you could do that. But what I would do is, instead of using AR, create an Other Current Asset account called Customer Receivable or something. In the daily entry put those house sales to this account and specify the name of the customer in the customer column. Then when you collect the money you’ll have to just do a deposit and apply it to that account with their name. Unfortunately doing it this way won’t let you create statements of anything. The reason you can’t use AR is because you can only use it once per transaction
@@QbuniversityOrg
Excellent advice! I’m not concerned about the statements as those are generated from the 3rd party POS system. Thank you so much!
@@kariphillips8673 you’re welcome!
Just watched the video and you show that an item can be associated with the undeposited funds account. When I went set the item up, I can an error message that says you can't associated an item with the undeposited funds account, so now I'm unable to set the transaction up as you describe
When you create the item (cash or credit card etc) the type of account is "Payment" then you can say if you want it deposited to a bank account or undeposited funds.
Are all the items on the list linked to the Merchandise Sales account? Also how would you enter an item on the list for store credits?
ps I found this super helpful and clear!
CAROLINA CEPEDA they can be linked to whatever revenue account you want them to. Store credits would be a debit since it is like a “payment” for the item. I would make an account for this called Store Credit and make it an expense account
@@QbuniversityOrg why should total balance here 0 always.?
@@QbuniversityOrg should profit and loss and balance sheet match ??
Does profit and loss show restaurant tip as payroll expense or payroll liability?
Does cost of goods sold a purchase or payment of goods?
We used up all restaurant food materials every time we order…
When we buy it $20,000, we pay in 30 days …
Can I use vendor payments as cost of goods sold? Or can I use goods purchase as cost of goods sold?
But what about me, the the non-accountant? How can i get rid of the thousands of Undeposited Funds in my QB Pro Desktop?
If owner has 3 different restaurants, do I need to go preference to make 3 stores?
Not a franchise. One is sushi restaurant, the other is bbq like that.
If they are 3 separate entities then I would make 3 separate QuickBooks files. If they are all in one entity then I would do one file but with 3 different Classes
@@QbuniversityOrg Thank you so much❤ These videos are so precious and amazing.
Entity means as same as EIN?
I’m sorry but one more question.
I got hired and the company has messy qb from former worker.
Qb has 99 undeposited funds.
Restaurant only receives cash and card sales so I assume all deposited in bank.
How do I clear up?
Should I look at bank statements deposit to clear up in qb?
@@louietoltolvlog9699 thanks! Check out this video for that czcams.com/video/e0MRMrj3raI/video.html
@@QbuniversityOrg I am sorry...there's no one I can get my answer..I studied bookkeeping but lecture has no knowledge...you're the only one who can answer me..
This is my quickbook desktop profit and loss statement...I think i need to set up a correct chart of accounts again..
FOR EXAMPLE OF MY QUICKBOOK IN DESKTOP P& L STATEMENT IN AUG.
ordinary income/expense
1. income
cash income 20,000 (cash tips included)
credit card sales 300,000 (card tip included, may be sales tax included)
doordash 5000 (card tip included)
total sales income : 325,000
or
2. in pos sales receipt,for example
total sales 250,000 *
sales tax 2,500
cash income 10,000
cash tip 10,000
credit card sales 200,000
card tips 100,000
doordash sales 4000
doordash tip 1000
My question
s is ; between # 1 and # 2
is gross sales income 250,000 here?
or 325,000?
Payroll expense 90,000 (regular wages, paid tips included)
should I pay two paychecks for one wage and the other tip only?
Do you work with Quickbooks POS at all? We use it but question what versions sync with each other.
Unfortunately I do not work with it consistently. I have worked with it but not enough to be comfortable with it
So if I follow a POS restaurant daily sales this way, then do I still need to make a journal entry every day?
You can do one or the other. Sales receipt or journal entry
@@QbuniversityOrg I appreciate you so much!!! with pos sales settlement receipt, to see a gross sales income, should i only look for total sales - sales tax - tip collected?
Would you mind sharing or showing a chart of account for restaurant?
i''ve been for over months to figure it out....
@@QbuniversityOrg hi…I still have a question …
Restaurant has a cash and card tip…how do I enter here?
Probably card tip is negative? Because it needs to collect from card service company..
Usually pos shows card sales and card tip breakdown…should I enter card sales and card tip in separate line here?
If this should be 0 balance, does negative balance show in qb? Where in qb can I find negative numbers (receivable sales)?
So your items or inventory would have to be in Quickbooks? I have a cash heavy business.
They don’t have to be. You can still use this method
@@QbuniversityOrg If owner has 3 different restaurants, do I need to go preference to make 3 stores?
Not a franchise. One is sushi restaurant, the other is bbq like that.
@@louietoltolvlog9699 see my reply on this question in your other post
What if I want to make two types of payment method eg part credit card and part cash on a sales receipt. How would I do this?
On a sales receipt unfortunately you cannot, but you can do so if you are recording daily sales with a journal entry
how to add sales tax ?
Do you mean add sales tax to the daily sales entry?
how do you record the bank deposit from this?
the bank deposit is in the journal entry as a debit. The trick though is creating a separate deposit slip for each days deposit to the bank. This way it will match what you enter in QB and is easier to reconcile
You forgot how to set up the accounts for doing the entry of cash sales!!!
it too long
Ok