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bstanard
July 1, 2024
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how to enter cash sales in QBO and then keep it in cash box

  • July 1, 2024
  • 2 replies
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I have cash that I have taken for tours and donations, and I want to properly enter it in the correct accounts. However, rather than make a bank deposit of the cash, I want to keep it in a cash box for our next event to make change for admission tickets and gift shop sales. After the event, I want to deposit the cash in the bank. How do I do this properly in QBO?

 

-- Bill

Best answer by BigRedConsulting

@bstanard  RE: I want to keep it in a cash box for our next event to make change for admission tickets and gift shop sales.

 

This is usually done by creating a 'bank' account called "Petty Cash" or similar.

 

Then, after recording the sale for which you will keep the cash, 'deposit' it into the Petty Cash account instead of your regular bank account.

 

Similarly, when you spend the petty cash, record payments in the petty cash register.

2 replies

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RoseJillB
July 1, 2024

I got you covered in recording cash sales in QuickBooks Online (QBO), @bstanard. With these, we can keep your sales on track within the application that keeps it accurate.

 

To start, let's create a customer for your daily sales. You can name it to whatever you want where you can easily identify it. Follow the steps below to begin:

 

  1. Go to the Customers & Leads menu from the left navigation pane, and select Customers.
  2. Hit the New customer to start creating.
  3. Enter the customer name, and click Save.

 

After that, set up an account for these transactions:

 

  1. At the upper-right corner, click the Gear icon.
  2. Select Chart of Accounts under the Your Company section.
  3. Click New, and set up the following accounts. If you're unsure how you can consult with your accountant.

 

Let's create these sales items to enter whenever you record a transaction. To begin, we'll need to create a category first to keep your items organized, and next are the items. To do so, please refer to Step 3: Set up items for daily sales. 

 

If you're recording a transaction repeatedly daily, we can create a recurring template to record your daily sales. You can refer to Step 4: Create a daily sales template to begin. Then, proceed to Step 5: Record your total daily sales to enter these entries into your accounts. Once ready, you can record the actual amount of funds by depositing this into the receiving bank account. Instructions are outlined in Step 6: Deposit your total daily sales.

 

Please refer to the steps I have mentioned above in this article: Record your total daily sales in QuickBooks Online.

 

Moreover, you can utilize various financial reports to get a snapshot of your business's financial growth. I also added a resource where you can refer to the complete guidelines for customizing it:

 

 

I’ll keep this thread open for your concerns and other queries about recording sales entries. I’m just a post away to guide you. Have a good one!

B
bstanardAuthor
July 2, 2024

Thanks, RoseJillB,

 

I wrote: However, rather than make a bank deposit of the cash, I want to keep it in a cash box for our next event to make change for admission tickets and gift shop sales.

 

I have no problem putting the tours and donations into the proper accounts. My chart of accounts is already set up for those categories (tour income and donations). What I need to do is record the different amounts in tour income and donations but then keep the cash to use for our next event.

 

What if I used the tour income and donations cash in the cash box, used the cash box during the next event to make change, and then made the deposit, including the new categories of admissions and gift shop revenue assigning the various amounts to 

  • tour revenue
  • donations
  • admissions
  • gift shop revenue

which are already chart of account categories I have in QBO? Would that work?

 

A problem with this method is that I wouldn't be accounting for the cash in a timely manner. I would have to wait for the next event in order to do the bank deposit and enter it into QBO. 

 

I see this as a cash problem rather than a chart of accounts problem...

 

 

    BigRedConsulting
    BigRedConsultingAnswer
    July 2, 2024

    @bstanard  RE: I want to keep it in a cash box for our next event to make change for admission tickets and gift shop sales.

     

    This is usually done by creating a 'bank' account called "Petty Cash" or similar.

     

    Then, after recording the sale for which you will keep the cash, 'deposit' it into the Petty Cash account instead of your regular bank account.

     

    Similarly, when you spend the petty cash, record payments in the petty cash register.

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