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How would I enter a payout from POS z-tape into daily sales summary in QB

Forum|Forum|7 years ago
April 26, 2019
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Hello, up until now I have not done a payout from my point of sale but I had someone pick some stuff up for me out of town and need to give them cash out of the till so is a payout for the amount the way I should handle this ? If yes how do I post this in my daily sales summary in QB, So when I enter my daily sales into QB I need an Item named "Payouts", do I set up a Non-Inventory Part Item or would it be an other charge item or something different ? then what account do I post this to ? I Know the expense account I need the product to post to but I dont want the Item to point to that account as I may have to use it again for other stuff that will go into a different expense account.. So would I be correct to point the Payout item to a liability account then do a journal entry to move from liability to expense account ? or am I going about this the wrong way ?

QuickBooks Desktop

Best answer by Joyce_P

You can create a non-inventory item and use it to create the sales receipt, KAOS.

To set up the item, you can name it as Payout and choose a bank as its affected account.

Here's how

Go to List and select Item List.
Click the drop-down icon beside the Item button.
Click New.
Choose Non-inventory Part in the TYPE section.
Enter the information needed.
Choose a bank account in the Account field.
Click OK.

Then, here's how to create a sales receipt:

Go to Customer and select Enter Sales Receipts.
Enter a customer or job in the CUSTOMER:JOB field.
Add the item that you've created in the ITEM field.
Enter the necessary information.
Click Save & Close.

Please get back to me if you have further questions. I'd be around anytime.

P

Pete_Mc

I'm assuming you have a Cash or Cash on Hand Account that you keep track of your cash.

If you use Bill Pay, simple add the invoice in as you normally would and then go to pay the invoice. The Pay Bill screen will default to your Checking Acct, but just use the drop down menu and choose the Cash Acct.

If you do not want to use Bill Pay, you can simple go into your Cash Account Register and enter the Payee and the correct Expense Account. Either way, you're paying the invoice with Cash.

KAOSAuthor

Thanks Pete but I still don’t understand how to enter it into my daily sales receipt, I enter my daily totals into a sales receipt in QB so I need an item set up in my items list to make this entry then I could select the cash account for the account the that it points to. I enter cash, checks, credit cards, gift cards sold and redeemed, on account charges and payments, over/short tills, taxable and non taxable sales and now I need to enter cash pullout or payout so I’m looking for the correct item to put in item list to make this entry from my z-tape to get my total to zero in the daily sales receipt

J

Joyce_PAnswer

You can create a non-inventory item and use it to create the sales receipt, KAOS.

To set up the item, you can name it as Payout and choose a bank as its affected account.

Here's how

Go to List and select Item List.
Click the drop-down icon beside the Item button.
Click New.
Choose Non-inventory Part in the TYPE section.
Enter the information needed.
Choose a bank account in the Account field.
Click OK.

Then, here's how to create a sales receipt:

Go to Customer and select Enter Sales Receipts.
Enter a customer or job in the CUSTOMER:JOB field.
Add the item that you've created in the ITEM field.
Enter the necessary information.
Click Save & Close.

Please get back to me if you have further questions. I'd be around anytime.

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