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Creating items for different payment methods

If you manually enter sales summaries or import them from an external POS application

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 statement.

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:

Item name

Deposit to

Payment method

Payment type

Cash

Undeposited Funds

Cash

Cash

Check

Undeposited Funds

Check

Check

Visa/MasterCard

Undeposited Funds*

VISA/Mastercard

Visa

Discover

Undeposited Funds*

Discover

Discover

Diners

Undeposited Funds*

Diners

Diners

Amex

Undeposited Funds**

American Express

American Express

* 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.

See also

KB ID# H_RET_ITEMS_PMT_FOR_SALES_SUMMARY
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