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frannys_farmacy964
January 12, 2022
Question

Gift cards how do I enter the pmt from total daily sales

  • January 12, 2022
  • 1 reply
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Hi I am trying to figure out how to enter gift card pmts received. We are retail business and I enter my total daily sales each day which I pull from our z report out of Lightspeed. When I enter it in my pmts received it then shows in my deposits so not sure how I deposit it. I may be entering incorrectly. So any guidance would be appreciated. 

I use the QB Desktop for MAC. 

1 reply

DivinaMercy_N
DivinaMercy_N
January 12, 2022

I got you covered, @frannys_farmacy964.

 

You can use the received payments feature in QuickBooks Desktop (QBDT) Mac. From there, you can select the Undeposited Funds account or a specific bank to deposit the funds. If the payments show under the Undeposited Funds account, you can create a bank deposit to allocate the funds to the correct bank account. Let me guide you how:

 

  1. Select Record Deposits / Make Deposits from the Homepage.
  2. Next, select all the payments you want to combine. Then, click OK.
  3. Choose the account you want to put the deposit into from the Deposit to dropdown.
  4. Then, check the deposit total. Ensure the account and selected payments match the deposit slip from your bank. You can use your deposit slip as a reference.
  5. Input the date you made the deposit at your bank.
  6. Once done, select Save & Close.

 

You can visit this article for reference about the process above: Record and make bank deposits in QuickBooks Desktop.

 

However, if the payments are already allocated to the correct bank account, creating a bank deposit is not necessary. 

 

In case you'll want to get a list of the deposits you've entered in QBDT, you can simply run the Deposit Detail report. Please follow the steps below to proceed:

  1. Go to the Reports menu and select Report Center.
  2. Next, click the Banking section.
  3. Then, look for the Deposit Detail report, then select the Run icon.

 

Stay in touch if you need additional assistance in entering gift card payments received in QBDT. Don't hesitate to add a reply below. Have a good one. 

F
frannys_farmacy964Author
January 12, 2022

But the problem is I am not depositing any funds because they are gift cards. SO the scenario is I enter an invoice for my total daily sales out of Lightspeed from z report. So example. Gross Sales 535.72, discounts -27.25, and sales tax 35.61. Then next I receive my payments I enter the cash pmt = 76.48, Credit card pmt 417.60 and gift card pmt of 50.00. So now when I go to my deposits I will obviously deposit the cash with my other weekly cash pmts. I have the credit card deposit that goes into my bank directly, where I record my credit card fees against it. Then that leaves the Gift card in undeposted funds. So what do I do with it. Or better yet How should I be recording the gift card pmt initially?? Am I using the correct process??? Thanks I hope this helps to clarify my need. 

I don't record every single sale into quickbooks just the day end totals. Thanks again for any assistance you can provide. 

Rainflurry
Rainflurry
January 12, 2022

@frannys_farmacy964:

 

Why do you create an invoice for daily in QuickBooks?  A sales receipt or journal entry is much better.  We use Lightspeed for one of our businesses and use the export function from Lightspeed to create a daily journal entry.  I don't know if this works for Mac, but you can export your daily sales into QB Desktop from Reports>Accounting>QuickBooks Exports.

 

In any case, when you sell a gift card, it should be mapped to the "Gift Card Liability" liability account and a corresponding deposit (cash or credit card).  There is no sales income yet.

 

When the gift card is redeemed, it is a reduction in the gift card liability and a corresponding increase in sales.

 

If you are able to do the QuickBooks export from Lightspeed, it will create a journal entry that eliminates the need to do a manual entry.  If you subscribe to Lightspeed Accounting, you have the option to have Lightspeed create a daily sales receipt in QB instead of a journal entry. 

 

Let me know if you have any other questions on this and I'll do my best to help.

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