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. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . 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. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . 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. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . However, if you have multiple cash registers, multiple sales people, or multiple stores, enter separate sales summaries for each of those groups. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . 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. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . 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. retail topics, items, payment types, items, payment methods (Retail), sales summaries, payment items (Retail), . 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

• Creating payment items

• Separating deposits by payment method