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Jul 21, 2021 8:12 PM UTC
Question

how to make a journal entry to adjust square tips chart of account

Our square account automatically records customer tips to a chart called Square Tips, a liability account.  Every night, we pay all the tips out of the cash drawer.  So my question is what would be the journal entry in QB to record that the Square Tips liability account is decreasing?

1 reply

asha_kanta_sharma
Oct 24, 2021 8:18 AM UTC
Liability Account will be debited and credit will be cash account.