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userrinoruzich
January 13, 2023
Question

Retail Lotto sales.

  • January 13, 2023
  • 1 reply
  • 0 views
How would you book retail lotto sales in QBO? Enter the daily sales and then handle the bank withdrawal feed.
-Lotto is sold for cash.
-Retailer commission is removed
-Lotto withdraws the amount from the bank account
Note: sometimes the payouts of winning tickets is more than the sales so Lotto deposits funds to the bank account.
Any suggestions on the proper workflow setup?

1 reply

A
Amanda-B
January 13, 2023

Hey there userrinoruzich,

 

Thanks for reaching out to us here. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.

 

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.

 

If you have any other questions, feel free to reach out here.

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