If you manually enter sales summaries directly into QuickBooks, or if you
use an external POS software application (other than QuickBooks POS) that
interfaces with QuickBooks to enter your sales summaries, you'll need to
set up a Payment item for each type of payment you receive from customers.
Create payment items in QuickBooks for each payment method you accept.
Payment methods can be cash, check, or credit card. Make sure you create the
items according to how your bank reflects each payment method on the bank
For example, if your bank combines VISA and Mastercard deposits, create a
single item for VISA and Mastercard. If the bank handles each credit card
separately, create a different payment item for each credit card.
Here's a suggested list of payment items:
* If you plan to enter only a single summary transaction for all of your
company sales each day, you can use your checking account instead of the
Undeposited Funds account for your credit card payment items. However, if you
have multiple cash registers, multiple sales people, or multiple stores, enter
separate sales summaries for each of those groups. In this case, you can send
all payment items to Undeposited Funds so you'll be able to properly group
your payments together into a single deposit. This is necessary to streamline
the bank reconciliation.
** If your American Express merchant account deposits the net of your sales
less discounts each day, you can send your Amex item to the Undeposited Funds
account so that you can record
the discount on the deposit when you enter the daily deposit.
When you create these items, be sure to choose Payment for
the item type. Click the Payment Method drop-down list and choose the corresponding payment method.
You can use these items on a summary sales receipt to facilitate your bank
reconciliation, see entering
sales summaries on QuickBooks sales receipts.