Skip to main content
B
Bassets4me
January 22, 2024
Question

Slush fund

  • January 22, 2024
  • 1 reply
  • 0 views

I have been asked to help out with the books for a small business for a friend. They have a soda machine that they collect money from to use as petty cash. No formality to it. Sometimes they pay for a drink, sometimes they don't. I have $59 in cash that needs to be deposited. Do I need to create an account and invoice and receive payment for that? or can that be entered as a journal entry?

1 reply

A
AileneA
January 23, 2024

I can assist you with depositing your customer's money for the product, Bassets4me.  

 

When your customer pays for products or services instantly, you can generate a sales receipt. This document serves as proof of the transaction and can be helpful for record-keeping. Creating a sales receipt can help you keep track of your sales and make accounting and tax preparation easier. 

 

To create a Sales receipt, here's how:

 

  1. Go to + New, then choose Sales receipt.
  2. From the Customer dropdown, select a customer.
  3. From the Select a product/service ▼ dropdown, choose the product or service that you sold. 
  4. Make sure to deposit it to the correct account.
  5. Fill out the other necessary fields in the sales receipt, then click Save.

 

 

For more detailed steps, please check out this article: Create sales receipts in QuickBooks Online.

 

I will add this article that explains how to balance and accurately reconcile your accounts in QuickBooks Online. The guide is here: How to Reconcile an Account in QBO.

 

If you have any other questions about your account in QBO, please let me know by commenting below. I'm more than happy to help. Keep safe!

Terms & ConditionsAccessibility statement