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michael-moar
January 6, 2021
Question

Hello, I need help with the process to record cash payments. The cash is put in my cash box and deposited to the bank once every 2 weeks. Do I use sales receipt?

  • January 6, 2021
  • 2 replies
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2 replies

Rebecca R
Rebecca R
January 6, 2021

Welcome to the QuickBooks Community @michael-moar!

 

Understanding the correct way to track your income in QuickBooks Online is vital. I love that you're doing your research in order to best account for your transactions. Entering transactions like these couldn't be easier, and I'm happy to give you a hand.

 

You're correct - entering a Sales Receipt is the best way to record a transaction whereby you're collecting the amount due on the spot. You'd enter an Invoice if your customer was paying you at a later date. To enter a sales receipt most accurately for the type of cash sale you've indicated, you'll want to follow the steps below:

 

  1. From the + New button, hit Sales Receipt.
  2. Choose a customer if necessary.
  3. Select Cash as the Payment method.
  4. Within the dropdown for Deposit to select Undeposited Funds.
  5. Enter the details of the sale including amount and sales tax.
  6. Hit Save and close to save your changes.

 

In 2 weeks when you're ready to make your bank deposit, you'll want to do the same within QuickBooks. To do so, navigate to the + New button again and select Bank deposit. Choose the Account that you'll be depositing the funds into, and the deposit Date. Tick the boxes for the payments that you want to include in the bank deposit. You'll see that the sales receipts you've entered as depositing to Undeposited Funds will appear. When you're sure you've selected all relevant transactions and the amount of the deposit matches the amount of your real-world deposit, hit Save and close. 

 

Now you'll have a lump sum payment that's been moved from your Undeposited Funds account to the appropriate bank account, that you can track within your Chart of Accounts. I'm confident that these instructions will have you on the right track, but if you come up with any other questions, I'm just a message away.

 

Have a fantastic week!

D
daniellecl
January 20, 2022

Hi Rebecca, I am trying do what you have described above. When I am choosing one of the payments I wish to include, there is one missing. If I go back to the sales receipt in question, I see I have recorded it. I've checked to see if I categorized somewhere else by mistake but I am not seeing it anywhere. Please advise. 

Thanks 

J
JamesM4
January 21, 2022

Hello danielleci. Thanks for chiming in on this thread. Could I have you access your account using a private/incognito window? This is a great method for by-passing browser display issues while using QuickBooks. Try this out and let me know if you're now seeing the info you're looking for. 

D
daniellecl
January 21, 2022

Hi James, 

I tried the incognito window, and I don't believe I am seeing anything different. At least not in the transactions page. I clicked on (bank?) register though, and i've found it in there. I'm not sure what to do from there though. It says split under the daily sales. And also says split under the tax box. 

 

Thanks

T
Trish_T
January 21, 2022

Hi daniellecl,

 

Your banking is a vital part of your business and it's important that you're able to record your deposits with confidence.  It's great to hear that you've located the transaction.  Based on your findings with the split transaction I suggest reaching out to your accountant for the best course of action to ensure it doesn't affect any other areas of your books.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Feel free to reach back out with any other questions.  We'd be glad to assist!

 

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