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jae6
October 6, 2021
Question

How should I track cash income for my business?

  • October 6, 2021
  • 1 reply
  • 0 views

My vending machine business collects cash from our accounts weekly. Should I create weekly invoices for each account for the amount we collect or create sales receipts? My only drawback from sales receipts is I don't think I can categorize them.

1 reply

Rubielyn_J
Rubielyn_J
October 6, 2021

It's my pleasure to guide you on how to track cash income for your business, @jae6. 

 

You can create an invoice when your customer agrees to pay you later. Aside from that, you can set up terms to indicate how long the customer has to pay.  

 

For more detailed info, you may review this article for your reference: Record invoices in QuickBooks Online.

 

On the other hand, a sales receipt is used when your customer pays you on the spot for goods or services. To record the transaction, here's what you need to do:

 

  1. Go to the + New button.
  2. Choose Sales receipt.

  3. Select the customer from the Customer dropdown. 
  4. Enter the sales info, such as the payment method.
  5. Record line items for the products and services you sold.
  6. Once done, click Save and close.

 

Can I also clarify if you only want to categorize sales receipts or not? I appreciate any extra information you can give, and it will help us provide the best solution.

 

Additionally, I've attached an article you can read through to guide you on how to accept a credit or debit card payment in QuickBooks Online: Process payment. 

 

Fill me in if you have further questions about handling cash income in your QuickBooks Online account. I'll be happy to help you again. Keep safe and have a good day.

J
jae6Author
October 8, 2021

Thanks for the reply. Yes, I would like to categorize sales receipts. I was also asking if it would be best to use a sales receipt for cash income from our vending machines. We collect cash from each machine weekly. I want to report cash income for our different machines, but I'm not listing particular products that were sold. 

Test2Go
Test2Go
October 8, 2021

@jae6 ,

 

a sales receipt will work. Just create one item that represents all the products in the vending machine or your total sales in a week. Name it something like Weekly Sales and use it on the receipt.

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