How do I record fruit machine income and vat paid

Hello, k666bev.

You can create a sales receipt to record the total income from the fruit machine at the end of the day. You'll want to use an Undeposited Funds account to store the money, then use a deposit to move your cash to your bank.

Before doing this, you would want to set up VAT first. Simply go to Taxes, then click on Set up VAT. I'd recommend reading this article to know how to set it up: Set up and edit VAT settings, VAT codes, and VAT rates.

You'll also want to create a service to record on the sales receipt. To do that: 

1. Click the Gear icon, then select Products and services.
2. Hit the New button, then choose Service.
3. Name it something like "Fruit Machine income" or similar.
4. Leave the Sales price/rate as blank. 
5. Choose the income account.
6. Enter the tax details of the "service" if necessary.
7. Once done, click Save and close.

When you're done setting up VAT and the service item, here's how you can record the income:

1. Click the + New button, then select Sales receipt. 
2. Under the Customer drop-down menu, select + Add new. Enter a name like "Fruit Machine" or something similar. 
3. Under the Deposit to field, select the Undeposited Funds account. 
4. On the Product/Service column, choose the service item.
5. Enter the total income from the Amount column. 
6. Choose a VAT code (if you haven't assigned a code for the service). 
7. Enter other necessary details, then click Save and close. 

QuickBooks Online will automatically calculate the VAT amount and display it on the sales receipt. 

When you're ready to cash out, here's how you can make a bank deposit: 

1. Click the + New button, then select Bank deposit.
2. Choose your bank account under Account.
3. Check the payment details under the Select the payments included in this deposit section.
4. Once done, click Save and close. 

If your business works on a consignment model, you can check this article to record the income.

The VAT recorded from sales will be automatically recorded under the Taxes menu. You can check this article when you're ready to file a VAT return.

You can keep using the sales receipt for your future fruit machine income. This concludes the guide on how to record the process. If you have other questions, you can post them here.