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arkvalleyinfo
October 16, 2018
Question

How should I record a cash sale but not deposit it into my bank account?

  • October 16, 2018
  • 2 replies
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Original commenter did not share additional details

    2 replies

    JessT
    JessT
    October 16, 2018

    Hi anthonyndoca,

     

    Let me help you record your cash sale in QuickBooks.

     

    You can deposit it to your Undeposited Funds account. It’s like a cash drawer in your chart of accounts where you can deposit all your cash sales before depositing it to your bank account. Refer to screenshot 1.

     

    When you create a deposit, you’ll see the funds in this account ready to be deposited. Refer to screenshot 2.

     

    Let me know if you have other questions about handing your cash transactions. Thanks!

    P
    PAP2
    August 22, 2019

    JessT, I don't feel the question was answered. The question I think is: How to record cash sale to track the sale but never deposit funds in the bank? Does  Undeposited Funds has to be used?

    Kristine Mae
    Kristine Mae
    August 22, 2019

    Let me clear out the confusion, PAP2.

     

    The cash sales can be tracked and deposited in the Undeposited Funds. This is an account which holds your funds until you're ready to deposit them at your real-life bank. Which means, you still have to deposit the payments to the appropriate bank account so QuickBooks will match with the bank records. 

     

    You can check the article about Undeposited Funds that JessT provided. It'll help you better understand how the account works. 

     

    Don't hesitate to get back to us if you have more questions in mind. 

     

    Rustler
    Rustler
    August 26, 2019

    @arkvalleyinfo 

     

    In QB you should have a bank type account called cash, that is cash on hand, so make the sale and deposit to the cash bank account.  Then you spend it as you need to, or use equity draw to keep the money for yourself (assumes you are not taxed as a corporation)

      P
      PAP2
      August 27, 2019

      I like this idea better than undeposited funds. Our business is a sole proprietorship so this will work. Some of the cash is used to purchase small supplies, owner's draw and some does get deposited in the bank. I thinks it would be easier to make an entry to move funds from a cash account to others as needed. Thanks for the input, much appreciated. 

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