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

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 ?

Best answer 4 weeks ago

Accepted Solutions
QuickBooks Team

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

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

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

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

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

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

9 Comments
Established Community Backer ***

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

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.

 

Super Contributor *

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

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 

QuickBooks Team

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

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

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

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

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

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

Established Community Backer ***

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

Money "Paid Out" should match any receipts that are in the register.  And at any point in the day the total of the Cash Drawer should equal Cash you started the day with + Sales - Paid Out Receipts

 

So in theory you could have started the day with $200 in the Cash Drawer, had $100 in Cash Sales and paid this vendor $50.  So your Cash Drawer at the end of the day would have $250.  Your Z-Tape should show the $100 in Sales and $50 paid out, so you're in "Balance" at the end of the day.  So that's it with the Z-Tape, right?

 

But that Paid Out receipt now needs to make it into QBs.  It's not a Sale or Return, so it does not have anything to do with your Sales Accounts.  It was a flat out Expense and you need to show it in QBs the same as you normally would - except that it was paid for with Cash. 

 

So as I said, you can enter the Receipt/Invoice into Bill Pay if that's what you usually use and then go to PAY the bill as you usually would, but be sure to use your CASH Account, NOT Checking since it was not paid with a check or Debit Card.

 

If for any reason you do not use or want to use Bill Pay for this, then go directly into your Cash Account Register and enter the Vendor, amount and correct Expense Acct to make sure the Expense is properly shown in QBs. 

 

At the end of the day the total shown in your Cash On Hand Account should equal whatever Cash you started with (Cash Drawer, a safe, an envelope in the office if somebody needs to make change or whatever) PLUS whatever Cash Sales you made that day LESS the payment (or payments) you made in Cash. 

 

Super Contributor *

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

@Pete_Mc  yes you are correct on the z-tape part but the rest does not help me on getting the summary entered into QB unless I am totally misunderstanding what you are saying, I cannon use billpay(at least to my knowledge) to enter the amount paid out from the z-tape on a QB receipt with the rest of my sales checks cach and credit cards gift cards and on accounts for the day and make them balance to zero. I cannot do it directly in the register as I need it to be on the daily sales summary to match the z-tape and zero out.

 

@Joyce_P 

Looks like this should work for me, I will try it shortly.

 

Thank you both for as answering Smiley Happy

Established Community Backer ***

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

No problem, I may be the one missing something to do with the Summary you're trying to match to.  I'm just thinking about how to enter the Expense into QBs.  And is this a POS Summary or a QBs view you're trying to match to?

Super Contributor *

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

@Pete_Mc 

 I take the totals from the z-tape and enter all the totals into a single quickbooks receipt named daily sales which puts all my totals into the correct accounts using the items in the item list, from there I can match all my deposits to the actual cash, check and credit card deposits. not sure if I make sense as im pretty sure Im the worlds worst at expaining things and the questions I ask sometimes only make sense in my head lol... anyway thank you for helping

Established Community Backer ***

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

Okay...   But the cash you used to pay the vendor is not part of Sales.   It is not a Sale or a Credit, so you don't need/want to see it entered in your "Sales" summary. 

 

Yes, it sounds like you used cash out of the POS drawer, but you could just as easily walked down to the ATM and taken out Cash to pay the vendor.   This was an Expense transaction.

 

I'm still missing why you can't reverse the Paid Out by showing a Paid In to make the Cash Drawer balance again.  But you still will need to enter the Expense separately.

Super Contributor *

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

you are correct its not part of sales but I have to enter the total sales and then I have to enter the cash total, the check total, the total credit card payments, the total gift cards I sold and redeemed, the total on account charges and payments and the long or short till amount to get the balance to zero and if I pull cash out of the till that also needs to be accounted for so I need to enter it as a pullout, if I do not then my sales summary will be off by the amount of the pullout and will not zero out.. then after this is done I can enter it as a bill then pay the bill with the bank account the payouts item points to... here is a screenshot 1.PNG