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Entering a Daily Sales Summary into QuickBooks

Some businesses, such as retail stores or restaurants, may prefer to summarize all sales for the day, rather than record individual sales to each customer.

Detailed instructions

How you record your daily sales will depend on the nature of your business. You can group items together into categories (for example, different types of merchandise, or food versus beverages), or you can enter specific item totals.

To create a daily sales summary entry:

  1. Go to CUSTOMERS and select ENTER SALES RECEIPT.
  2. In the Customer:Job drop down window select "Daily Sales Summary"(may need to "Create New", or type name and choose to "Quick Add").
  3. Enter each item and quantity sold that day, or add the total amounts broken down into categories that are meaningful to your business.

If all your sales are paid by the same payment method (for example, cash), or if you do not need to separate payments on your deposit by type, decide which deposit method you want to use and select it on the sales summary entry:

  • Group with other undeposited funds: This option allows you to make other additions to or deductions from a deposit, or to group more than one day's sales into a single deposit. It puts the funds in a temporary holding account until you are ready make the deposit in QuickBooks.
  • Deposit To: This option deposits funds directly into an account you choose from a drop-down list. No other steps are necessary.
  • Select the option that will match what you take to your financial institution. If you take each day's sales to the bank each day, and make no adjustments to the amount, select Deposit To. Otherwise, select Group with other undeposited funds. Click OK to save the transaction.

If you receive payments by various methods and need to separate the types on the deposit (for example, cash, check, Visa, MasterCard, or American Express), you can create a payment item for each payment type, and use these items to track the daily amounts received.

The payment items are entered on the sales summary form, and are subtracted from the total value, leaving the sales entry balance as zero. The payment amounts are then either deposited directly to an account, or grouped with other funds to be deposited, depending on how the payment item is created.

To create a payment item:

  1. From the QuickBooks Lists menu, choose Item List.
  2. Click New from the Item drop down window in lower left corner.
  3. From the Type field of the New Item window, choose Payment.
  4. Enter a name in the Item Name/Number field, indicating the payment method as part of the name (such as Check, Cash, Visa or MasterCard).
  5. Enter a Description to appear on each cash sales summary form.
  6. Select a Payment Method. This allows you to group the money you receive by payment method when you deposit it (Checks with Checks, American Express charges together, and so on).
  7. Choose the Deposit Method for this payment item: Group with other Undeposited Funds or Deposit To. (Please review the information above about deposit methods.) You may want to create two items for each payment type if your deposit procedures vary: one grouped item, and one for depositing directly in an account.
  8. Click Next to create another item, or click OK to close the window.

To enter a payment item on the sales summary form:

  1. Beneath the sales information, enter a payment item.
  2. Enter the amount received for this type of payment. QuickBooks makes the amount negative.
  3. Enter the next payment item and amount, and repeat until the balance of the entry is zero.

    Note: If you have entered all the payments and the balance is not zero, you have an "overage" or a "shortage." This balance is often handled by entering another line item on the sales summary (using an item that tracks to a specific overages/shortages account) with a positive or negative amount to make the total balance equal zero. If you are unsure about using an overage/shortage account, please consult an accounting professional.
     
  4. Make sure Group with other Undeposited Funds is selected.
  5. Click OK.
KB ID# HOW13130
4/21/2014 2:36:46 AM
PPRDQSSWS404 9102 Pro 2013 29afd4