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NYEats
January 28, 2025
Question

Daily Sales

  • January 28, 2025
  • 1 reply
  • 0 views

Hi, I'm a long term QB user in the US (where did that cool "doot doot" beep noise go?) but now I'm using QB in Ireland for our food truck and it's safe to say I'm slightly confused regarding daily sales and VAT. We have multiple VAT categories for our food sales, some are exempt, others are reduced, and of course the standard VAT rates. How do I record my daily sales? We have CC and cash sales, but no "sales tax" category but I want to keep it all organized for the bookkeeper/accountant as well as confirmation with the transactions coming from our POS/Banking.

Thanks!

1 reply

M
MirriamM
January 28, 2025

To accurately record your daily sales in QuickBooks Online Ireland, it's important to set up items for each sale and categorize them properly, NYEats. I'm here to help guide you through this process.

 

To start, you'll have to create a customer for daily sales, here's how:

 

  1. In the left menu, choose Customers & leads and select Customers.
  2. Select New customer.
  3. In the Customer display name field, enter Daily Sales.
  4. Select Save.

 

Once you've set up the customer, create accounts for tracking daily sales and proceed to item creation. If you collect sales tax, ensure the Daily Sales Income item is marked as taxable. If not, you can leave it non-taxable.

 

For a detailed, step-by-step guide, check out this article: Record your total daily sales in QuickBooks Online.

 

I also suggest consulting with your accountant to ensure the setup is aligned with your business needs. Their expertise will help confirm that every sale is recorded accurately.

 

Want to gain helpful insights into your sales and inventory status? You can easily run reports in QBO. For guidance, take a look at this article: Use reports to see your sales and inventory status in QuickBooks Online.

 

Is there anything on your mind about tracking your daily sales? I'd be thrilled to help answer any questions you might have.

N
NYEatsAuthor
January 29, 2025

Hi,

Thank you so much for your reply. When in the US I was recording sales as reflected in the article, but now EU based, I'm not sure how to break down VAT tax rates in my sales. Would I make a separate daily sales and inlcude breakdowns of sale type for each VAT percentage (23%, 13.5%, and 0% exempt) in order to keep sales organized for VAT filing to the government? Thanks!

C
CarlSJ
January 29, 2025

There's no need to create separate daily sales since you'll have to set up one daily sales as your customer, @NYEats. Instead, you'll need to assign each tax rate to a specific product and service so your sales will be organized. I'd love to elaborate on the details below so you can have seamless tax filing.

 

Assigning a precise tax rate for each product and service you offer is important for a complete understanding of your daily sales. It also facilitates a clear breakdown of the taxes associated with each sale.

 

Once you set up Daily Sales as your Product Category, let's assign each tax rate for every product and service you sell:

 

  1. Go to Settings and select Products and Services.
  2. Click the New button, then select its type.
  3. Enter the name, ensure to select Daily Sales as your Category for each item, and select the tax rate in the Tax dropdown.



  4. Ensure to set up each tax rate (23%, 13.5, and 0%).
  5. Once done, click Save and Close.

 

To proceed with tracking your daily sales, kindly refer to this article: Record your total daily sales in QuickBooks Online.

 

However, it’s recommended to seek the expertise of an accountant to ensure that all financial matters are arranged accurately and in compliance with regulations. Their knowledge can provide valuable insights into optimizing your financial setup and avoiding potential report discrepancies.

 

Furthermore, you can refer to this article when it's time to file your taxes. Start by reviewing your outstanding balance to ensure that all the numbers are accurate and consistent. Then, you can use your up-to-date QuickBooks info to fill out your tax form: File your tax return and record tax payments in QuickBooks Online.

 

You'll be better confident in your filing process if you categorize your sales items based on their accurate tax rates. If you still have follow-up questions, never hesitate to leave a comment below, then we'll assist you right away.

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