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Jessalyn121789
February 26, 2024
Question

Recording monthly sales into QBO

  • February 26, 2024
  • 3 replies
  • 0 views

I have recently been asked to handle the accounting department for a friend who just purchased a convenience store.  I am fairly new at this and have been researching nonstop but seem to never find what I need to do.  Long story short, we have QBO and I enter all our daily sales onto a spreadsheet. It shows the breakdown of the total sales of each account. (groceries, beer, wine, tobacco, etc)  It shows how much money was br

ought in and such as well. I need to put those amounts into QBO each month.  I do have the bank account connected to QBO so everything that goes through the account comes into QBO.

 

I have a journal entry template set up but I am feeling though I am doing it wrong.

I have Debited the following

 

Cash

Checks

Local Charge Pay In (when they pay on their account)

 

Then I credited these

 

Local Charge Account (when they charge to account)

COGS-Groceries

COGS- tobacco

COGS- Alcohol

 

We also sell scratch off lottery tickets, I am not sure how to account for the money in and the money we pay out.

 

I am hoping I can get some help, I should have asked long ago and now I am scrambling.

 

Thank you!

3 replies

4
4Gal
February 26, 2024

You can prepare Sales Receipt data with the following template

RefNumberCustomerTxnDateShipDateShipMethodNameTrackingNumLocationClassBankAccountPaymentMethodPaymentRefNumberBillAddrLine1BillAddrLine2BillAddrLine3BillAddrLine4BillAddrCityBillAddrStateBillAddrPostalCodeBillAddrCountryShipAddrLine1ShipAddrLine2ShipAddrLine3ShipAddrLine4ShipAddrCityShipAddrStateShipAddrPostalCodeShipAddrCountryPrivateNoteMsgCurrencyExchangeRateBillEmailToBePrintedToBeEmailedShipAmtShipItemTipAmtDiscountAmtDiscountRateTaxRateTaxAmtDiscountTaxableLineServiceDateLineItemLineDescLineQtyLineUnitPriceLineAmountLineClassLineTaxable
101Janice Johnson01/10/2020     CheckingCheck20013110 Main StreetSuite 2000  DallasTX99875 110 Main StreetSuite 2000  DallasTX99875 Special HandlingThank you for your order!  [email address removed]NY    0.02  Y Leather CaseLeather Case210  TAX
101Janice Johnson01/10/2020     CheckingCheck20013110 Main StreetSuite 2000  DallasTX99875 110 Main StreetSuite 2000  DallasTX99875 Special HandlingThank you for your order!  [email address removed]NY    0.02  Y Gift CardsGift Cards25  TAX
102Leonard Walker Inc01/10/2020     CheckingCashpaid cash9 Winding Road   WinchesterNY12345 9 Winding Road   WinchesterNY12345  Thank you for your order!  [email address removed]YN       Y HandheldsPortable Game Player1100  TAX

 

then use an importer tool to proceed.

https://get.transactionpro.com/qbo

 

J
Jessalyn121789Author
February 26, 2024

I do not have customers.  I am just wanting to enter one monthly journal entry to show the sales for the month.

Rainflurry
Rainflurry
February 26, 2024

@Jessalyn121789 

 

There's a lot going on there.  The local charge account is offset by sales (revenue) when they put the charge on account, not COGS.  When they pay down their charge account, it is offset by cash, check or cc, depending on how they pay.  I've have no experience with lottery ticket sales.  If you can provide more info on how that works, I can try and help.  The journal entry to record sales will look something like this:

 

 DebitCredit
CashXXX 
ChecksXXX 
Credit Card XXX 
Merchant (CC) feesXXX 
Local Charge Account (when they charge to account)XXX 
     Sales (Revenue) XXX
     Sales Tax Payable XXX
     Local Charge Account (when they pay in - same as charge account) XXX

 

COGS is offset by a reduction in inventory so any journal entry that records COGS needs to have an offsetting amount of inventory.  You can include it in the journal entry above or a separate entry like this:

 

 DebitCredit
COGSXXX 
Inventory XXX
Rainflurry
Rainflurry
February 26, 2024

@Jessalyn121789 

 

I forgot to mention that if you record COGS, you will need to include inventory purchases as well. Since COGS reduces inventory, you will need to add inventory each month.  That leads to Accounts Payable and so on... If you just want to use QB for tracking sales, then omit the COGS/inventory journal entry.  I'm sure you're you're aware that the bank balance won't be accurate unless you're tracking all expenditures (expenses, inventory purchases, etc.).  

J
Jessalyn121789Author
February 28, 2024

@Rainflurry  Thank you so much for your help!   You have no idea how thankful I am. 

 

For the lottery sales, The state drops off the scratch tickets.  We are not charged for them.  When someone purchases one, we take the money and run it all through the POS system.  If someone has a winner, we pay them.  The company then will do an automatic withdrawal depending on how many we sold less what we paid out.  I am unsure how to handle these sales.

 

I tend to OVERTHINK a lot and second guess myself...  Now I am so behind and have already reconciled the bank accounts but they do not show the sales...  So that will prob be a huge nightmare lol Again, thank you so much!

M
Mzubair
December 22, 2024

Hi. Have you got solutions for these kind of transaction? I am also need recording monthly sale of same kind of transaction.

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