This was one of the best QBO training videos I have seen so far.
@5MinuteBookkeeping6 ай бұрын
Thank you!
@phantomswagger93632 жыл бұрын
The proper way to do this is to make it as an invoice, not a sales receipt. You'd have a few lines for various sales items (depending on how you want to categorize), a negative line for discounts, a line for tips received (if relevant), and an adjusting line for sales tax (rounding difference between a single transaction and multiple transactions). Then, you receive payments based on type (cash, check, credit card, gift card). When you make the deposit, you grab the relevant payments, subtract any fees, and the deposit should match what's showing on your bank statement. Your "Cash on Hand" account, and the other clearing accounts mentioned, are redundant since you should already have "Undeposited Funds".
@5MinuteBookkeeping2 жыл бұрын
Thanks for the input. There is always more than one way of doing things in QBO.
@PD-iu9bn9 ай бұрын
Curious, what would be the advantage to using an invoice over a sales receipt?
@jenadams84832 жыл бұрын
I love your videos I cant stop watching them!! Thank you so much
@5MinuteBookkeeping2 жыл бұрын
You're welcome! Thank you for watching, Jen.
@sandypetty14974 жыл бұрын
Thank you Veronica; super helpful. Working with my first cleanup that will require this Daily Sales method. Wish me luck :)
@5MinuteBookkeeping4 жыл бұрын
You're welcome Sandy! All the best!
@BethAnnesBest5 жыл бұрын
I love this system. I even use it for a jet ski/boat rental company I am working with.
@5MinuteBookkeeping5 жыл бұрын
Yes, I like it too. It has many applications across various industries.
@darceealderman62894 жыл бұрын
So much more helpful than contacting quickbooks!!! Thank you!!
@5MinuteBookkeeping4 жыл бұрын
Happy to help!
@Goodbar-tl9py2 ай бұрын
THANK YOU! Your videos are laid out so clearly and logically, you are an excellent TEACHER! My wife and I are purchasing a Bar, and we need to do this exact thing, only, I am somewhat enamored of XERO, rather than QBO. We are going to be a Mom n Pop, so I will be doing the bookkeeping...Any thoughts on how the same Sales entry would be handled in (the somewhat simpler from my newbie perspective) XERO? THANK YOU!
@5MinuteBookkeepingАй бұрын
Hi. I don't work with Xero. The logic is the same, however, you would need to see if there is a Sales Receipt in Xero or a comparable transaction type.
@luxnatsoap4 жыл бұрын
Thank you! I really needed this tutorial for my soap and candle business. I use QB online.
@5MinuteBookkeeping4 жыл бұрын
Glad it was helpful!
@ashleyfroehlich3811 ай бұрын
This is so great. I've been using you're method for 2 weeks and it saves me so much time. I do have a question on crediting/ debiting Accounts Receivable. If I do encounter a customer that does not pay, do I have to create an invoice for that specific customer? And when I receive the payment? At the moment, I received a payment towards A/R, I created a Bank account, titled it A/R clearing. From the sales receipt I routed the product/ service to A/R clearing and matched it to the specific customers invoice.
@5MinuteBookkeeping10 ай бұрын
I don't know what type of business you have, but normally if you're selling something on terms, it's best to enter an Invoice in QBO to track the receivable from that customer. When that customer pays, you enter a customer payment and apply it to the invoice.
@youruser12873 жыл бұрын
Hi Veronica, thank you for the great video. Did you ever have a chance to get around the Tips "mapping" video? Many of us are still waiting to learn how to clear out tips from "Tips Payable":)
@5MinuteBookkeeping3 жыл бұрын
Hi. I haven't done a video on that since I have been doing lots of e-commerce videos lately.
@chiffonshao79043 жыл бұрын
@@5MinuteBookkeeping Also looking forward to the Tips "mapping" video. Thank you.
@DreamFirms Жыл бұрын
What a cool approach! Thank you for the share.
@5MinuteBookkeeping Жыл бұрын
Glad you liked it!
@davidlyash52175 жыл бұрын
I am doing exactly the same "system" only with journal entries. My Visa/Amex deposits as well as Online Sales Deposits are also set up as bank type account, which allows me for daily reconciliation.
@5MinuteBookkeeping5 жыл бұрын
That's great! Yes, some people prefer journal entries. And most definitely, the clearing accounts needs to be reconciled.
@lorimorgan56843 ай бұрын
@@5MinuteBookkeeping What do you see as the advantage of sales receipt for daily sales over a journal entry - is there is a difference with reporting? (recently switched to QBO from Enterprise and am cleaning up books from where QB POS used to pull the individual sales over.)
@cavanaughnweze49772 жыл бұрын
Hey VEronica!!! This is a great tutorial!!!
@5MinuteBookkeeping2 жыл бұрын
Thank you Cavanaugh!
@marjorienicodemus36902 жыл бұрын
This was so so helpful, thank you for this tutorial. I use Toast POS service and sometimes there are UNPAID items or items that don't clear on the specific day. Do you have any suggestions on how you would account for those? Currently I have to subtract them from sales in order to match my daily deposit.
@5MinuteBookkeeping2 жыл бұрын
Hi. I don't work with Toast but it sounds like you are referring to timing differences. If so, I would record timing differences to a clearing account.
@midknightsage99763 жыл бұрын
thank you soo much this a game-changer for us. thank you so much.
@5MinuteBookkeeping3 жыл бұрын
Glad it was helpful!
@carolguinipero64224 жыл бұрын
When I get to the part about adding products/services, my menu doesn't quite look the same, as in I don't see a box for "subcategory". Am I possibly on the wrong page?
@5MinuteBookkeeping4 жыл бұрын
Hi. I'm not sure why you don't see sub-categories. But if they are not available in your version, just skip that part. Add all the items to the products and services list with no sub-categories.
@heather81974 жыл бұрын
i really appreciate your videos, they are very good. I hope you are very successful:)
@5MinuteBookkeeping4 жыл бұрын
Thank you very much!
@RmN_32bautistajr Жыл бұрын
Hello. New subscriber here..Thank you for sharing this kind of tutorial videos I have learned a lot. Very informative and understandable.
@5MinuteBookkeeping Жыл бұрын
Glad it was helpful!
@marthenyeckmontoya27344 жыл бұрын
Great update to this tutorial. I was able to finally record my daily sales correctly and match to bank feeds.
@5MinuteBookkeeping4 жыл бұрын
That's great!
@mattpankau63914 жыл бұрын
Really helpful. Thank you for sharing,
@5MinuteBookkeeping4 жыл бұрын
You're welcome Matt!
@fictionorfiction4 жыл бұрын
Thank you so much ❤️ very informative!
@5MinuteBookkeeping4 жыл бұрын
You're welcome!
@45Ramjet9 ай бұрын
Very helpful - thank you
@5MinuteBookkeeping9 ай бұрын
Glad it was helpful!
@SuziFertig20 күн бұрын
This is a wonderful video. I am confused as to whether the discounts and returns of a product should be a + or a - amount. Can you help?
@5MinuteBookkeeping19 күн бұрын
Discounts and returns should be a -.
@2010thezara4 жыл бұрын
Awesome very well explained
@5MinuteBookkeeping4 жыл бұрын
Glad it was helpful!
@brittanybaxandall25793 жыл бұрын
Your tutorials, and especially this one right now are helping me immensely. This one has saved me so much time in trying to figure out how to work my way through a busy catch up job with lots of transactions! I do have a question: My Daily Sales Receipts are not auto populating as line items when I go into the bank deposit screen. Does this mean I have set something up wrong maybe?
@5MinuteBookkeeping3 жыл бұрын
Thank you! Depending on how you set up things, you would only see transactions in the Bank Deposit screen if you added them to Undeposited Funds.
@sharonbeaubien7754 жыл бұрын
Awesome video! Please just confirm that if I was adding 'Electronic Transfers/Debit' to Products and Services list, the sales description would have (+) correct? And Returns/Refunds would have a (-)? Sorry, I've been watching videos all day.... Yours was the best!
@5MinuteBookkeeping4 жыл бұрын
It would depend on whether Electronic Transfers/Debit are sales or payment received from a merchant service or other payment processor. If they are sales then it would be +. Otherwise, it's a minus. Returns and Refunds are (-).
@katherinechua99394 жыл бұрын
Thank you for sharing Veronica :D
@5MinuteBookkeeping4 жыл бұрын
You're welcome Katherine.
@magp15574 жыл бұрын
This is great! How close does this relate to Quickbooks Desktop? I LOVE QBO, but am helping a client with desktop. I'm hoping I can follow all the same instructions for COA and product/service list at least?? Matching transactions may be a different story...
@5MinuteBookkeeping4 жыл бұрын
It's very similar. However, I'm not sure if bundles in desktop work the same way.
@annikasundvik65943 жыл бұрын
Hi, finally found what I was looking for, brilliant + thanks! I am very new to qb, and am trying to set up properly, adding past sales etc... We have square + mercato. To record the 'fees', I believe you said in older replies that, one had to record that as a split deposit. But, first, do I create a new account in Chart of Accounts, and if so, what Type and Detail Type should it be? Do I create separate ones for each company (i.e Square, Mercato etc)? Also, refunds and returns... I believe you said the type there is 'income', but what would appropriate 'detail type' be? Apologies in advance if question is too long...
@5MinuteBookkeeping3 жыл бұрын
Hi Annika. The account types are important but the detail types are not as important. Use Other Current Assets for both and you'll be OK. Square, Mercato, and others should each have a separate clearing account.
@Jimy17j3 жыл бұрын
Thank you for this tutorial. I have a query specific to restaurant. Since the account "Visa/MC/Amex Clearing" is created as an Asset account, it will not show up on P&L. Is there a way to figure out the breakdown of revenues generated, like how much sales were made from Cash, Credit cards, and various Delivery services, since Deliveries will be credited in the banks just like Credit Cards and i believe should be treated the same way in quickbooks?
@5MinuteBookkeeping3 жыл бұрын
That's a great question Jimy. You would have to set up separate items in the Products & Services list for each type of income. Then, enter the corresponding income amounts for each of the items in the Sales Receipt.
@wendwesen12 жыл бұрын
Great! Thank you for the explanation. By the way, where is the COST OF GOODS SOLD information? How do you account for that using this method?
@5MinuteBookkeeping2 жыл бұрын
This method does not account for cost of goods sold. Recording of COGS varies by type of business and industry.
@danielleteague42483 жыл бұрын
Veronica, I just set up my first daily sales receipt! It was such a relief for me to set it up and see the balance equal zero. However (and I know this has been mentioned before), how do I record merchant fees if deposits coming through the bank feed already have fees taken out. So at the end of your video, when you show an increase of the clearing account from the sales receipt and then a decrease in that amount to show the clearing account clearing out, my clearing account is not equaling zero. There’s a $25 difference which must be the fee. What am I doing wrong here? Thank you in advance for your help.
@5MinuteBookkeeping3 жыл бұрын
Hi Danielle. If the amounts received from the merchant service is net of fees, you also have to record the fees. You would need to record a split deposit for the amount received. For example, if the sale is $1000, the fee is $25, and amount received is $975, then the split deposit would be as follows: Visa/MC/Discover/AmEx clearing account $1000 Merchant fees -$25
@SergeyPushkarev-ph5zm Жыл бұрын
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@cecilincometax29924 ай бұрын
thanks for your videos soy fan! Do you have a video on accounting for tips payable? :)
@5MinuteBookkeeping4 ай бұрын
Hi. I do not.
@JacquelineSantiago-iq2mf Жыл бұрын
Hi Veronica, your videos are very helpful. I used your daily sales on my clients and it works great. I am stuck though on how to get rid of "tips payable" my client pays through payroll. Can you please advise on your method.
@5MinuteBookkeeping Жыл бұрын
Tips paid via payroll are not an expense. They need to be recorded to the same tips payable account.
@townleychattman59152 жыл бұрын
Your video helped me immensely when I first started. I have run into an issue now however, and hoped you might be able to help me. What do you do when your daily sales receipts includes a negative sale, due to the credits being more than the sales? I can not clear these like I do normally with a bank deposit, as the bank deposit will not allow me to have a negative deposit. Your help is appreciated!
@5MinuteBookkeeping2 жыл бұрын
Since everything in accounting has to balance, your daily sales entry should also zero out. So, if the sales are negative, you would enter the amount as a negative instead of a positive in the sales receipt.
@townleychattman59152 жыл бұрын
@@5MinuteBookkeeping I have been doing that part, but it creates a negative deposit. It is the negative deposit that I do not know how to clear.
@seandkearney62934 жыл бұрын
This is a great video! I have to constantly argue with my restaurant clients about how complicated they make their accounting in QB. I own a point of sale software development company and I'm going to recommend that all of my restaurant and bar clients review this video. If I may ask, where are you located? I might be able to refer some business to you for consulting, which would make my life so much easier...
@5MinuteBookkeeping4 жыл бұрын
Hi Sean. Glad to know the video is helpful to you and your clients. I work with clients all throughout the US.
@tonipeoples96123 жыл бұрын
I am new to quickbooks and I work for a grocery store. We do a weekly summary that tracks what we buy from vendors, utilities, and etc. I want to use quickbooks as a plug in type of data entry not necessarily tracking finances but to keep up with profit and loss and balance statements. Where do i enter my sales from each department? I have several different types of departments For example...grocery, meat, produce, postage, oil, propane, cigarettes, and etc). How do I just enter the sales from each department? And how do I do this by each month starting January 1st? Thanks for your reply
@5MinuteBookkeeping3 жыл бұрын
Hi Toni, You can set up Income account categories in the chart of accounts for each department. Then set up Items in the Products & Services List for each department and map them to the corresponding account category on the chart of accounts. Then add the items you set up to the Sales Receipt. You could also use Classes in QBO for each department, but you'd have to use QBO Plus. I recommend entering the sales either daily or weekly. I don't recommend entering sales monthly because it's harder to reconcile to amounts received.
@tonipeoples96123 жыл бұрын
@@5MinuteBookkeeping Thank you! I will try this and see how it works
@aureliarequinto93042 жыл бұрын
wow! it's like magic....
@5MinuteBookkeeping2 жыл бұрын
Glad it was helpful, Aurelia.
@caramtoss701 Жыл бұрын
Thank you your videos! How do you record marketplace facilitator taxes in QB? These taxes are collected and paid by marketplace facilitators such as UberEats, DoorDash, etc. As a marketplace seller, how do I reconcile these taxes in QBs when I create daily sale receipt?
@5MinuteBookkeeping Жыл бұрын
Typically, sales taxes are recorded to a sales tax liability account in QBO. When sales taxes are collected, you increase the sales tax liability account. When sales taxes are paid, you decrease the sales tax liability account. You would use a similar process for marketplace facilitator taxes.
@aplumaytinta3 жыл бұрын
Hi big thanks to you
@5MinuteBookkeeping3 жыл бұрын
You're welcome!
@danielleteague42483 жыл бұрын
Hi Veronica! Do you have a video on how to reconcile the clearing accounts? Do I use $0 as the ending balance each month?
@5MinuteBookkeeping3 жыл бұрын
The clearing accounts will always have a balance because they are meant to hold the amounts that are not received yet from the payment processors. You should not zero out the balance each month.
@danielleteague42483 жыл бұрын
@@5MinuteBookkeeping okay, that eases my worry a little. So when you say “you should reconcile the clearing account”, what would be the process? I know you answered my question in the shopify video for shopify clearing accounts (I’m working on getting my client set up with A2X) but what about the visa/mc/Amex/disc clearing account? I’ve been looking at the Translink/Transfirst account for my client and there is a statement each month. I guess what I’m confused about is the process since it’s different from reconciling a checking account. I also posting the question on BBL Family page but didn’t get a response. This is my first retail and e-commerce client and I just want to make sure I’m doing it right. Thank you in advance for your guidance!
@5MinuteBookkeeping3 жыл бұрын
@@danielleteague4248 It's hard to answer since I am not familiar with the merchant account. However, typically, a merchant service pays the company roughly 2 days after the transaction takes place. That means then that the balance in the clearing account should equal roughly two two days of transactions (processed but not payed yet by the merchant service).
@TheWarriorSolution Жыл бұрын
@@danielleteague4248 You had my exact question. What did you find that ended up working for you to reconcile the merchant clearing account?
@elias90494 жыл бұрын
Thank you for the clear explanation! This method is great and I could follow the steps pretty easily. There is only one issue I encountered with this set up in Quickbooks 2019 online. Since the total of the sales receipts become zero( and it has to be zero) the dashboard sales graph/chart can't project any data or analysis from the sales receipts. It looks the graphs are linked to the total of sales receipts. I was wondering if we could reflect the sales amounts on the total of sales receipts ? I tried using a neutral account type( maybe a trust account) with an item linked to it and retype the sales amount in the correpsing row but I'm afraid I'll mess up the balance sheet . I think it would be really nice to get advantage of the front end dashboard graphs. I hope I was clear enough! Thank you very much!
@5MinuteBookkeeping4 жыл бұрын
Hi Elias. Yes, that is one drawback of this method - the sales don't show up in the dashboard. I provide my clients with a separate financial dashboard - so it's not an issue.
@elias90494 жыл бұрын
@@5MinuteBookkeeping Thank you for the reply. I noticed it is still possible to get a nice visual report under the report section/ business snapshot. I really appreciate your efforts on updating this lesson. It's really easy to understand and the best method for sales receipt entries!
@amyvpierce3 жыл бұрын
Thank you for this great content...I've been using this method and it's working great! I do have one question because I can't seem to find a video on it. How do we map the tips payable to payroll?
@5MinuteBookkeeping3 жыл бұрын
You're welcome, Amy. I believe I showed how to record tips liabilities. But it would also depend on various factors, including whether tips are paid from cash or credit cards. But generally, if tips are
@amyvpierce3 жыл бұрын
@@5MinuteBookkeeping thank you for the response! Unfortunately, it looks like your full reply was cutoff. It left off with "if tips are...", so I'm not sure if you answered my question or not. The tips are from CC's and are paid out via QBO Payroll. I'm not sure how to reduce the tips payable account when that happens. It is currently lumped into the payroll expense that is deducted from our checking account for the direct deposits, but really the portion of the direct deposits that are for the tips needs to come out of the payable account for it to be accurate. That's the issue I can't seem to figure out how to resolve and am hoping you can help with that! Otherwise your method is working perfectly for us!
@cpafcma Жыл бұрын
Really good stuff
@5MinuteBookkeeping Жыл бұрын
Thank you.
@UnshackledOne2 жыл бұрын
Loved the tutorial. The only thing is the closed caption is very large. I was unable to see what was going on in the bottom of some of your slides as the words from the CC were covering it over.
@5MinuteBookkeeping2 жыл бұрын
Sorry that happened. I'll have to check what's going on with the closed captions.
@ahh11162 жыл бұрын
Quick question - we are not using QBO at this time but use QB for Mac (desktop) - they are a bit different in format (ok - a lot different in format)....I am not seeing the bundle option under items and didn't know if you knew another way to "bundle" the items to report over to the Sales Receipt. I wonder if I should just memorize either the sales receipt with all of the items or a general ledger transaction...do you have any input? I just have to say thank you so much for giving me insight on how to handle our new restaurant business accounting...your tutorial is making everything seem more manageable!
@5MinuteBookkeeping2 жыл бұрын
Hi Andrea. You don't have to use the bundle option. Just add each item to the sales receipt. You can also memorize the transaction (it's called a recurring transaction in QBO).
@biancalore2321 күн бұрын
Thank you for posting this. I'm confused by the part where you set up all the items under Products and Services. When I'm adding new items there, I have to choose from Service, Non-inventory item, Bundle, Batch import, or Import from sales channel. Which one should I choose?
@5MinuteBookkeeping19 күн бұрын
You may use non-inventory item.
@biancalore2315 күн бұрын
@@5MinuteBookkeeping Sorry, I'm still confused. Even though I'm recording sales of my store's inventory, I should still classify them as non-inventory items?
@irvingsaucedo17804 жыл бұрын
Thank you for this video, it was very helpful. I’m not very familiar with QuickBooks yet so I’m having to watch a lot of tutorials. This is actually my first week as the owner of a small business. Is there a way to record daily sales all together if you only offer three different services instead of multiple products? Thanks in advance.
@5MinuteBookkeeping4 жыл бұрын
Normally, if you offer services, you would invoice customers via QuickBooks Online. If you get paid online via Stripe or other payment processors, you may be able to use the Daily Sales Method but it would depend on what would be the most effective method for recording your sales.
@charlescomeau8103 жыл бұрын
Chuck Comeau Thank you, Veronica for this very special presentation. I am the volunteer treasurer of a hospital auxiliary gift shop where we offer employees the privilege of paying for purchases with their ID cards, and we are later reimbursed by the employer. We have always created a daily invoice to summarize the day's purchases, but I was hooked by your first slide showing that we could use the daily report to replace the invoices, which I would love, but I do not understand how I would create another account to replace Accounts Receivable or how to make this all happen with the bundled sales receipt. Do you have a suggestion for doing this? I appreciate all your videos.
@5MinuteBookkeeping3 жыл бұрын
Charles, the daily sales method could be adapted if you add a receivable account (Other Current Asset type account) and record the amounts receivable from the employees in this account. If you want to track Accounts Receivable by employee, then using the invoice would be a better option for you.
@user-cg2tp2iy6f3 жыл бұрын
Thank you, it's good
@5MinuteBookkeeping3 жыл бұрын
I'm glad you like it
@alexanderoropeza20783 жыл бұрын
Excellent informative video! One question, might be a silly one...when creating the product and services group "Daily Sales", what income account do I use? Or does it not matter bc it just exists as a category group? Tks in advance! Also, would love to use your accounting services, but I see that you are only accepting shopify and amazon customers. Sadly, I use Square. Let us all know if that changes in the near future👍
@5MinuteBookkeeping3 жыл бұрын
Hi Alexander. That's not a silly question at all. You can use any income account you choose as long as you set up the Item correctly in the Products & Services list. I am only working with Shopify and Amazon sellers at this time.
@akbratch6 ай бұрын
This is extremely helpful, but i have a question. How do you record a credit card refund issued to a customer a couple weeks after the sale? Also, more specifically, how do you record a chargeback? I'm in the bar industry and it happens from time to time - a customer will dispute a charge and then the CC processor will deduct that amount from my account.
@5MinuteBookkeeping6 ай бұрын
A charge back or refund is a reduction to the clearing account balance and a decrease to sales (and possibly sales taxes collected). You can enter a Journal Entry in QBO to Credit the Visa/MC/AmEx Clearing account and to Debit the Sales account.
@akbratch6 ай бұрын
thank you so much! @@5MinuteBookkeeping
@jkw18104 жыл бұрын
Thanks. Method is great. Only issue is when you pull an income report it shows sales but if you check under tax liabilities it doesn't reflect the sales tax as it was zeroed out. Tax account under COA will show but it won't display under tax liabilities. Do you have a solution? Also for cc clearing, I just add create transfers from clearing acct to bank in order to match. Is there a difference in your method? Thanks for the hard and clear work.
@5MinuteBookkeeping4 жыл бұрын
My method doesn't zero out sales and allows you to track sales tax payable if you set up a sales tax liability item in the products and services list. Perhaps your items are not set up correctly or your specific situation is different from what I show in my video. Payments received from the merchant service should be added to the corresponding clearing account in the bank feed. I believe our methods are the same. Thanks for the feedback!
@jonathanagudo5204Ай бұрын
Do you have to manually enter a daily sales receipt, every single day? Or if the POS integrates with QBO would this be automatic? Newbie here!
@5MinuteBookkeeping27 күн бұрын
You can make the entry on a weekly basis.
@rizwangroup53712 жыл бұрын
Very Nice.
@5MinuteBookkeeping2 жыл бұрын
Thanks!
@kathyarchuleta10414 жыл бұрын
Thank you for this updated version. I am not using QB online at this time. Can I still do the bundling with the desktop version?
@5MinuteBookkeeping4 жыл бұрын
Yes, I believe you can do bundles in QBD - not sure if it's called "bundles" in QBD.
@lisavandervord29363 жыл бұрын
thank you! this worked great! I do have 1 question ... i was able to make the transfer from cash on hand to cash in bank, but have an issue when I go back to my banking transactions to match the actual deposit. I can see the deposit made for the correct amount. When I select it to match nothing shows up to match it to.
@5MinuteBookkeeping3 жыл бұрын
You would need to record a transfer from cash on hand to your bank account. If you do that, then you should be able to match it in the bank feed.
@wolfboogie2 жыл бұрын
Thanks for the tutorial! How would you suggest setting this method up for multiple sales locations? My wife vends at a few different farmers markets, in different sales tax jurisdictions. Would you set up different accounts and items for each location? Thanks a bunch!
@5MinuteBookkeeping2 жыл бұрын
Hi. You could upgrade to QBO Plus and use the "Classes" feature to track income to specific locations.
@builtformoretv3 жыл бұрын
Hi Veronica, can you please make a video on how to record sales for ebay's new managed payments system say on a monthly basis. Appreciate your help.
@5MinuteBookkeeping3 жыл бұрын
Hi Lorena. You can now use A2X to integrate Ebay and QuickBooks Online. It will record summarized transactions in QBO.
@keriglover73863 жыл бұрын
This is a great tutorial! Thank you! I have retail inventory and consignment sales. I can see my consigned items sales total in Square so could I separate that out with a Product/Service named Consigned Sales and have it to a Sales Income? Or a sub account Consignment Income? I really want this method to work for me!! Thanks again!
@5MinuteBookkeeping3 жыл бұрын
Hi Keri. I don't work with consignment sales so I can't give you any feedback in this case.
@bernardovanterpool2843 жыл бұрын
Hi! Thank you for this video it is very informative. I've got a question regarding Merchant services that make deposits related to two days of activity. For instance a restaurant I work with uses Uber. When deposits are received from Uber the transfer reports lists the sales date for the deposit but it is only partial. In other work Deposit on day 3 relates to sales of day 1 and day 2. Deposit on day 4 relates to sales of day 2 and day 3 etc. How would I account for this? Thank you!
@5MinuteBookkeeping3 жыл бұрын
Hi Bernardo. You would need to use a clearing account.
@Rabnll3 жыл бұрын
Thank you, this answered something I have been trying to figure out for months!! Quick question - from where do you access "Asset Register"? I can't find that option, but I do have a "reconcile" option within my chart of accounts page, however my Merchant Services Clearing account doesn't appear here. Thanks in advance! Nathan
@5MinuteBookkeeping3 жыл бұрын
Hi. The "asset register" is just the detail of the account when you click to view the account register in the chart of account. If an account does not appear in your chart of accounts, then you would need to add it to the chart of accounts.
@Rabnll2 жыл бұрын
@@5MinuteBookkeeping Thank you!
@cobalt019722 жыл бұрын
This is a helpful tutorial. Thank you. However, when I create the Non-inventory item in Product/Service, I don't have the option to make it a sub-item of Daily Sales. What am I doing wrong?
@5MinuteBookkeeping2 жыл бұрын
You may be using a different version of QBO than I am using. If you can't set up sub-items in QBO, you can skip that part and just use the items in the sales receipt.
@carriemurray65003 жыл бұрын
Hi. I don't have the "bundle" availability. Can you help?
@5MinuteBookkeeping3 жыл бұрын
If you don't have a bundle functionality in QBO, just skip that part. You'll have to add each of the items to the sales receipt individually. Everything else works the same say.
@robertllewelyn49024 жыл бұрын
To save workload would it be possible to do this on a weekly basis using the week's sales from POS and a Weekly sales bundle etc? New to QuickBooks and appreciate all the information you provide.
@5MinuteBookkeeping4 жыл бұрын
Yes, you could totally do it on a weekly basis. Just make sure that you get a proper cut-off at the end of the month if the end of the month falls in the middle of a week.
@robertllewelyn49024 жыл бұрын
5 Minute Bookkeeping Thanks so much for your reply. Much appreciated.
@andersonfamily11094 жыл бұрын
I have my first client who owns a recycle business. He uses cash for everything, I am thinking this method would work best. Have you worked with a client who only used cash? I'm trying to figure out the best way to finish setting up his account and how to record transactions.
@5MinuteBookkeeping4 жыл бұрын
I have not worked with clients who use only cash but I have worked with a client who took large payments in cash. The Daily Sales method might be a good fit for this type of business if they are not invoicing their customers. It is a big challenge to record all the ins and outs of cash transactions.
@hemantshah9788 Жыл бұрын
I do sale lottery and instant tickets. lottery amount I collected from customers paid back to lottery provider twice a week while instant tickets I a pay back to provider after every month once I activate in terminal....how can I implement this things in your well explained QBO.
@5MinuteBookkeeping Жыл бұрын
Hi. I do not have experience with lottery accounting. You may want to look for a book written by Alicia Katz Pollock about QuickBooks for convenience stores. I believe she has a section in the book about accounting for lottery transactions.
@sportsmanclub3104 жыл бұрын
When setting up the product and service list, you said to make sure the items have the correct income account, the Visa/Mc/Amex chart of account is a other asset, so when doing the product and service list for Visa/MC/Amex under the income account choices I would mark the visa other asset account? Sorry for my confusion,
@5MinuteBookkeeping4 жыл бұрын
That's a great question. Make sure that the items are mapped in the section that says "Income" in the products and services list. The Visa/MC/Amex would be mapped as an other asset account even though it's not an income account - that is correct.
@jogarcia67104 ай бұрын
Im assuming this process would apply to weekly sales too? My scenario: I receive a payment of $100 from a third party They deduct a service fee of $10.00 They deposit to bank directly balance of $90.00 Does this process work for that scenario? I need to pay the sales taxes on the $100.00 and make sure it noted correctly on my balance sheet and yet match up the deposit. Thank you in advance. Jo Anna
@5MinuteBookkeeping4 ай бұрын
This process would also work for recording sales on a weekly basis. However, if the end of the month falls in the middle of the week, you would need to make two entries so that the sales are reflected in the correct month.
@jkw18103 жыл бұрын
Thank you for the clear tutorial. I've usd this method. Only concern I have is that with a sales receipt Zero'ed out it doesnt register the tax amount properly. When you go to Sales Tax (Tab) it doesnt reflect an accurate number. It only reflects actual sales that have been invoiced through QB. D you have a solution for this?
@5MinuteBookkeeping3 жыл бұрын
You would not be able to use the sales tax tab in QBO with the method I showed. You could try marking the items in QBO as taxable and then mark them as taxable in the sales receipt so that it calculates the sales tax for you.
@keithmille174 жыл бұрын
Thank you for this helpful tutorial! I am wanting to do this with a custom furniture retailer that involves up front deposits before the sales is completed. Therefore the deposits will not match the Sales by a significant margin. Is there a way to account for this other than the Over/Under since that is tied to an Expense account? Thanks in advance!
@5MinuteBookkeeping4 жыл бұрын
Hi Keith. If amounts will be deposited in advance, they are considered deferred revenue (on an accrual basis) or income (on a cash basis). You would have to record it accordingly in the Sales Receipt.
@nehakohli22883 жыл бұрын
This is very helpful. However, I am stuck when filing GST as it is calculating the negative values of the daily sales in sales and revenues???
@5MinuteBookkeeping3 жыл бұрын
Hi Neha. Unfortunately, I don't work with GST so I can't offer any suggestions or help.
@monicaxcastillo91094 жыл бұрын
Is there a way to upload a daily entry? I have the ability to format a report with my GL codes from my POS it would be ideal if I could just upload instead of typing each line item. BTW, thanks for this, it was a great tutorial.
@5MinuteBookkeeping4 жыл бұрын
You're welcome Monica. You can import transactions into QBO using an import utility like SAASant.
@marcofiorilo21664 жыл бұрын
Do I record my Net Sales or my Gross Sales? Also do I record my Total CC processed or CC minus Tips?
@5MinuteBookkeeping4 жыл бұрын
You would record Gross Sales. Here is a link that you will find helpful regarding tips quickbooks.intuit.com/learn-support/en-us/employees-and-payroll/how-do-you-process-enter-tips-gratuity-info-from-payroll-svc/00/205901
@michellecohn52503 жыл бұрын
In your original video on entering Daily Sales, you had us set-up MC/Visa/Amex Detail Type as "Undeposited Funds". In this updated version, you have changed the Detail Type to be "MC/Visa/Amex Clearing". If I change the information in my clients QBO, will that change every transaction I've entered since last year? Will changing the Type cause the books to change last years financial reports?
@5MinuteBookkeeping3 жыл бұрын
Actually, the name of the account is "MC/Visa/Amex Clearing", the account type is "Other Current Assets". You cannot change Undeposited Funds to another account type. So, that means that you can start using the new method and not change what you already did using the old method.
@michellecohn52503 жыл бұрын
@@5MinuteBookkeeping So, you're saying that I should not change the "Income Account" and leave it set up as "Undeposited Funds" and not change to "Visa/MC/Amex Clearing"?
@angiecarpentersimmons475 Жыл бұрын
If I am doing a catch-up, can I apply this same concept using a monthly entry instead of daily sales?
@5MinuteBookkeeping Жыл бұрын
You can but it might be challenging to reconcile your clearing accounts. You could try it monthly and if you have problems reconciling, you could make the entry weekly.
@marie-louisefontaine40893 жыл бұрын
Hi, this is wonderful! I am just a bit confused about the part about my products/services being sub-products of "Daily Sales". I have to create it first I guess... Just not mentioned in the tutorial (or even after watching that part many times I totally missed it :-) ) Also, since I receive sales receipts transactions automatically from my POS (Shopkeep), then it is just a matter of mapping everything to the right accounts, I don't have to create a new sales receipt right?
@5MinuteBookkeeping3 жыл бұрын
If you have synched Shopkeep to QBO, then you would not need to use this method to add sales to QBO, since they would be added from Shopkeep.
@mohdjadallah21144 жыл бұрын
VISA/MC/amex we must use other current assets ? or we can use undeposited funds ? which of them better or same thing ? and i have delivery company and credit customers we will make them on other current assets or Account receivable
@5MinuteBookkeeping4 жыл бұрын
If you are invoicing customers, then you wouldn't use the Daily Sales method in QBO. You would enter invoices for each client.
@janestephens84694 жыл бұрын
Hi Veronica, I'm curious as to why you don't turn on the sales tax in QBO and also just memorize the DSR once you have it the way you want it? And are the tips payable only cash? Because they are also on the credit card amount. How do you adjust for that? Apparently the IRS now wants to see the sales tax collected on the P&L even thought it's a balance sheet account and pass through as well as the tips. Any advise?
@5MinuteBookkeeping4 жыл бұрын
Hi Jane. There are many ways in which to do the daily sales entry, including using the Sales Tax center and paying credit card tips. My video doesn't cover all of these different scenarios - but I can include these topics in future videos. I am not familiar with the IRS wanting to see sales tax collected on the P&L - can you provide a citation or source for that?
@susanaicelo14194 жыл бұрын
Thank you for sharing, it is very helpful and great content. I recently got QBO. Downloaded bank transactions, but skipped recording my daily sales and hit ADD so I deposited without having tax and tips break down. how do you recommend to fix this? Thank you
@5MinuteBookkeeping4 жыл бұрын
You would have to delete the amounts deposited. Then find them in the bank feed and match them to the sales receipts. I hope this helps.
@kimberlymarvin2764 жыл бұрын
The easiest way I found to "delete" the bank deposits already added, is to go to the reviewed column of the Banking screeen. If you sort by amount (hit it twice so the deposits will all be at the top) then just check the box of all of the deposits and click on "Undo". Veronica, thank you so much for making this video. Your technique works great!
@hollyzech85002 жыл бұрын
So if your client's one weekly deposit (from digital sales paid from customer's AMEX, MC, VISA, Debit) was deposited by WIX as the payment processor, do you change that line item to Wix or do you change the Sales Receipt Client to "Daily/Weekly Wix Sales"?
@5MinuteBookkeeping2 жыл бұрын
Hi Holly. If Wix is the payment processor, you should use an account category and item called "Wix Clearing" to record the amounts received from Wix.
@belindamikel3045 Жыл бұрын
Veronica, why did you switch to using a Visa/MC/Discover etc clearing account instead of the Undeposited Funds used in your earlier videos. I need to make a decision re a client and want to make it as simple for them as I can BUT also want to understand and use best practices. Thanks for letting me know your 'why' on this one.
@5MinuteBookkeeping Жыл бұрын
Hi Belinda, I honestly don't remember the old method. The new method allows you to track amounts received from credit cards using a clearing account instead of having to use Undeposited Funds.
@belindamikel3045 Жыл бұрын
@@5MinuteBookkeeping Thank you, Veronica.
@tiffanylinquist44954 жыл бұрын
Once all the sales receipts have been created, do you create a deposit for $0 for the sales receipts? Would they be deposited to the checking account where the deposits get sent?
@5MinuteBookkeeping4 жыл бұрын
Take a look at the tutorial again. I talk about clearing accounts for handling amounts received.
@jcook3770 Жыл бұрын
Hello. I have been using this method and my chart of accounts is working correctly. HOWEVER, QBO thinks my sales are ZERO b/c each sales receipt comes out to ZERO! that is a problem for using the budgeting/cash flow features of QBO and QBO thinks that my sales taxes are also zero. HELP!
@5MinuteBookkeeping Жыл бұрын
Hi. The Daily Sales Method does not use the sales tax center to manage sales taxes. It is assumed that a POS system would collect and track the sales taxes. As for the zero sales receipts, the sales totals do show up in the Profit & Loss report but they do not show up in Sales Reports.
@zervasmortgagechannel4 жыл бұрын
Excellent presentation. One question. I understand that under this method I can't see my sales progress report on dashboard. However, when I run a P&L report it seems that the report gets data from the banking statement thus ending up in double-counting the sales figure. How is this possible? Isn't the report supposed to contain only data that only the bookkeeper puts in? Please help. Thank you in advance.
@5MinuteBookkeeping4 жыл бұрын
It sounds like there's something wrong with your workflow. You are adding the amounts deposited directly to Sales. You should be matching them in the bank feed.
@TheGeetWorld3 жыл бұрын
Thank you so much for the Video. I have a quick question. This method works very well for sale recept but in POS we use it gives the total sale including AR and in GL(POS GL) Accounts receivabe shows as increase or decrease. I entered AR by making a customer called Daily sale AR and created a invoice for incresae and created a Credit memo for decease each month this helped me see AR in B/S for each month and Sale in P&L too. I also checked the taxes it seems fine too but I'm not sure what I'm doing make sense or not. Please share your view.
@5MinuteBookkeeping3 жыл бұрын
Hi. You can use an invoice and credit memo if you want to. There is more than one way to enter daily sales in QBO. Regarding sales taxes, I can't give an opinion without having additional information. There are multiple ways to track sales taxes as well.
@melymorales19512 жыл бұрын
Hi Veronica, i have a question regarding the Visa/mc/amex clearing account. When i receive the credit card funds from our CC processor it also includes sales tax and/or tips collected. How do i break this down in the daily sales receipt so that i don't have a difference in the clearing out?
@5MinuteBookkeeping2 жыл бұрын
You need to set up an item in the products and services list that is mapped to a sales tax liability account (other current asset type account). Then, enter the amount of the sales taxes to the item on the sales receipt.
@PatriciaSolismua2 жыл бұрын
When do you select a sales receipt over a journal entry? I have to enter cash i received and gc redeemed in my qb. I hardly ever have cash sales, so when I do I just record as owner draw. (since I don't deposit). I am just confused on how enter this correctly to adjust the gc and record the income
@5MinuteBookkeeping2 жыл бұрын
A sales receipt or journal entry will work as long as you are using the correct account categories. You can follow the instructions in my video but record the cash to Owner's Draw (instead of cash on hand). Gift cards are recorded to Gift Card Liabilities.
@yamahagrand Жыл бұрын
I don't see a way using the single daily sales transactions to enter more than one method of payment. I want to record all daily sales at once but split cash from checks from CC totals. Thanks!
@5MinuteBookkeeping Жыл бұрын
I believe I covered that in the video. If I did not, you would need to add a clearing account for checks and another one for cash to the sales receipt.
@juangalindo41607 ай бұрын
Hi, and thank you for this updated video. When I go to enter a negative amount on the sales receipt and I get zero at the bottom and I try and save and close, it gives me an error message that says enter a transaction amount that is zero or greater. What do I do to override that or correct the error? TIA!
@5MinuteBookkeeping7 ай бұрын
Hi. I tried this on my QBO file and it works. Are you still getting the same message?
@juangalindo41607 ай бұрын
Yes. I called QBO customer service about it and the rep said I have to find a work around because I cannot enter a negative amount in a sales receipt.
@5MinuteBookkeeping7 ай бұрын
@@juangalindo4160 This may be a new update that QBO has made. Or, perhaps you are not using the US version of QBO. You can always use a journal entry to record the daily sales entry instead of using a sales receipt.
@juangalindo41607 ай бұрын
@@5MinuteBookkeepingthat was my thought that they had a software update. The program is always changing. Would I do a daily j/e for each days sales? Do you have an example of what that would look like? Thank you! I’m using US based QBO.
@5MinuteBookkeeping7 ай бұрын
@@juangalindo4160 I plan to do an updated video.
@izabelsantos76704 жыл бұрын
Hi, First of all your videos are GREAT, REALLY HELPFUL. I have a question. In Canada, when I try to save and close the sales receipt I get the following error message " Make sure all your transactions have a GST/HST rate before you save". Do you have any idea how I can solve this issue? Thank you so much!!
@5MinuteBookkeeping4 жыл бұрын
I assume it's because your items are not set up as taxable. Although I don't work with the Canadian version in great detail, it seems to me that you should be OK as long as you are properly tracking GST/HST.
@nagaraya19824 жыл бұрын
@@5MinuteBookkeeping Speaking of GST/HST tracking, with this method, Line 101 is not reflecting sales and line 103 is not reflecting tax collected either. Is their any work around on this? This video is really helpful. Thank you!
@5MinuteBookkeeping4 жыл бұрын
@@nagaraya1982 Unfortunately I don't work with the Canadian version to know the answer to your questions. Sorry.
@jkw18104 жыл бұрын
When you set up each of the original line items make the all tax exempt. Just like she shows in the video. (line 2 - daily tax. Set up as posive#: daily sales (net sales) and HST as separate line item. (the HST should be setup to connect to a new HST payable acct in chart of account - it will not let you use the existing account as it's locked.). These together generate the total gross sales and funds collected for the day. Then deduct cash, check, visa/MC etc. Until you zero out. The tax will now be reflected in the new tax payable account. You cannot make the items taxable as you will no be able to zero out the sales receipt. If you tey and do it that way it will always have a balance and your acct receivables will always be inflated.
@haveyoumetkristen3 жыл бұрын
HI! When using this method, how do you account for fees that make it negative? Do you just counterbalance the fees with the over/short category? If so, how do you clear that account later?
@5MinuteBookkeeping3 жыл бұрын
Hi Kristen. Using this method, you can't have a negative balance. If fees are being deducted from sales, then you have to gross up the sales amount so that the net equals to 0. Example: Net amount received $975 Amount of fees deducted $25 Sales Receipt: Sales Income $1000 Fees $-25 Credit card clearing $-975
@llllChrisllll3 жыл бұрын
@@5MinuteBookkeeping yessss, been looking for this answer for days, I've setup a 'credit card fee' account or do you just use the credit 'card clearing account'.
@xanarayan6 ай бұрын
Does this method work only for "accrual method" Will it work for "cash" method? I set up everything as you stated but dont see any balance in my clearing accounts when I save the sales bundle.?
@5MinuteBookkeeping6 ай бұрын
It should work for both accrual and cash.
@dawnguard13 жыл бұрын
Hi. Are the tips your entering as a positive a cash or credit card tip? I payout out my credit tips at the end of the day but I'm a little confused how to do this using your method. Do I need another entry to pay this out of cash on the sales receipt?
@dawnguard13 жыл бұрын
I'm having trouble getting it to balance to 0.
@5MinuteBookkeeping3 жыл бұрын
Hi Kissty. The purpose of this method is to record all transactions reflected on your POS system. If you are paying out tips using cash, that is a separate entry. You could enter an Expense in QBO to the Cash on Hand account and categorize it to the Tips Payable account.
@jackiwilson-kiss42733 жыл бұрын
Can I do a "monthly" sales receipt with this method? My clients POS breaks down all type of payments in monthly totals. It would be so much easier to do one monthly sales receipt. Especially since I have it all broken down already.
@5MinuteBookkeeping3 жыл бұрын
You could do it weekly but I don't recommend doing it monthly. It would be challenging to reconcile at the end of the month.
@louietoltolvlog96992 жыл бұрын
Owner has 3 different restaurants and desktop qb not qbo. How do I record it?
@5MinuteBookkeeping2 жыл бұрын
Hi. I don't provide any video tutorials on QB Desktop. You may want to check if Hector Garcia CPA has any videos on QBD daily sales.
@PD-iu9bn9 ай бұрын
What would be the best way to do this for Jan 1 through to present (Nov. 15) if I were wanting to begin using this sales receipt system starting now? Would I set up the accounts and do JE’s to adjust?
@5MinuteBookkeeping9 ай бұрын
First, you would set up the accounts and items in QBO. If you have already recorded transactions via deposits, you would need to recategorize the deposits to the corresponding clearing accounts. If you have entered individual invoices or sales receipts, they may need to be deleted. You can use an app called SAASant to mass-delete transactions in QBO.
@PD-iu9bn9 ай бұрын
@@5MinuteBookkeeping Thank you, Veronica. Should I use QBOA’s bulk recategorization tool for this, or journal entries?
@tiffanylinquist44954 жыл бұрын
Where do you track the merchant fees from the platform with this method? And if there is a capital loan taken from the processor, where can those payments be tracked?
@5MinuteBookkeeping4 жыл бұрын
Hi Tiffany. I believe I answered you on FB already. Tracking the capital loans is different and it depends on the loan and how the payment is being deducted.
@nisayusof2 жыл бұрын
Hello hi this is very helpful, tried it but it seems the sales I entered does not appear on my Profit & Loss report. Do you have any idea why? Please help, I'm lostttt. Thank you so much!!!
@5MinuteBookkeeping2 жыл бұрын
If you follow my process, the sales will show up on the Profit & Loss report. Check all the mappings in the products and services list and make sure that they are mapped to the correct accounts in the chart of accounts.
@lyndseygordon48822 жыл бұрын
Hi Veronica, would this method only apply if your POS is not connected to a bank account or QBO? My client uses a POS that deposits directly into her business bank account, usually these are bulk deposits. Would I still use the daily sales method shown in the video?
@5MinuteBookkeeping2 жыл бұрын
Yes, the Daily Sales entry records the income side of the transactions.