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Lyndad-s
June 24, 2021
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Daily sales - small purchases paid in cash

  • June 24, 2021
  • 1 reply
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I have set up daily sales ok, recording amounts received either cash or card into undeposited funds. I still can’t understand how I record small purchases / expenses made using money from the till ( not petty cash). So I receive £500 cash in sales income - but paid for some cleaning products for £10. So only have £490 to bank/ deposit and an open expense / purchase  of £10 ( which I have paid). Any ideas please?

Best answer by Rubielyn_J

Welcome to the Community, @Lyndad-s. I can share with you some ideas about daily sales in QuickBooks.

 

You can still deposit the £500 amount since this is an income. Then, we can create an expense using the Till account or the Undeposited funds affecting the expense of £10. 

 

Here's how:

 

  1. Click the + New button and then choose Expense.
  2. In the Payee field, select the supplier. 
  3. In the Payment account field, choose the Till account you used to pay for the expense.
  4. Enter the date in the Payment date field.
  5. In the Payment method field, choose how you paid for the expense.
  6. In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions. Then enter a description. 
  7. Fill in the Amount and VAT.
  8. Once done, click Save and close.

 

When you pull up a report, this should show the £490 amount. 

 

For detailed info about this, feel free to review this resource: Enter and manage expenses in QuickBooks Online. This also includes steps on how to edit or delete expenses.

 

In case you'll need to record billable expenses in QuickBooks, you may open this resource for some steps. You use this to incur on your customer’s behalf when you perform work for them: Enter billable expenses.

 

Keep in touch if you have further questions about managing sales in QuickBooks. I'm more than happy to help. Have a pleasant day.

1 reply

Rubielyn_J
Rubielyn_JAnswer
June 24, 2021

Welcome to the Community, @Lyndad-s. I can share with you some ideas about daily sales in QuickBooks.

 

You can still deposit the £500 amount since this is an income. Then, we can create an expense using the Till account or the Undeposited funds affecting the expense of £10. 

 

Here's how:

 

  1. Click the + New button and then choose Expense.
  2. In the Payee field, select the supplier. 
  3. In the Payment account field, choose the Till account you used to pay for the expense.
  4. Enter the date in the Payment date field.
  5. In the Payment method field, choose how you paid for the expense.
  6. In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions. Then enter a description. 
  7. Fill in the Amount and VAT.
  8. Once done, click Save and close.

 

When you pull up a report, this should show the £490 amount. 

 

For detailed info about this, feel free to review this resource: Enter and manage expenses in QuickBooks Online. This also includes steps on how to edit or delete expenses.

 

In case you'll need to record billable expenses in QuickBooks, you may open this resource for some steps. You use this to incur on your customer’s behalf when you perform work for them: Enter billable expenses.

 

Keep in touch if you have further questions about managing sales in QuickBooks. I'm more than happy to help. Have a pleasant day.

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