Having Restaurant Daily Sales Recorded as Income on a P&L
Hi there,
I've been looking in this forum for a few days now, and while there are a lot of questions asked about this topic, I'm having trouble finding the responses helpful for my business.
I'm new to QuickBooks Online, having some rudimentary knowledge of Desktop, but mostly through other bookkeeping services. In the past, to enter sales and expenses, I create Journal Entries and from there zero out my daily restaurant sales with the following:
Daily Sales
Sales Tax
Tips Payable
Gift Cards Sold
Gift Cards Redeemed
Cash
Amex
Visa
Mastercard
Discover
with the payments zeroing out the sales recorded. When I do this now, I do not see any income under the reports, I see the zero balance that I recorded in the journal entry.
I've also done this via sales receipt entry, with the same result. I understand that if I match up with my bank deposits via my bank statements, then those sales are recorded as income. But what about cash deposits if I don't deposit to the bank? What about reclassifying the sales tax and tips payable so it's not recorded as income? Everything that is deposited to the bank is not income, and the way it's deposited (up to 3 deposits a day, a weekend's worth of deposits on a Monday), I can't differentiate what non-income to take out.
I hope I've explained myself clearly, and I appreciate any insight you might give me.
