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Level 3

Cash sales question over and under

sales over and under

Sales sheet comes in each day we record it something like this:

 

DR Sales Clearing 

CR Sales

When the money comes in 

DR bank

CR sales Clearing

-We record the cash sales however on a spreadsheet, so each day whatever the sales sheet shows us

is CASH we record it.  Then each day the CASH is deposited into the bank

So end of month we have a list of each cash sale and each deposit

If the cash deposited for the month is OVER what should the transaction be?

DR over n under

CR sales clearing?

 

If the Cash is under should it be?

DR sales clearing

DR over n under?

 

I"m confusing myself. 

Solved
Best answer July 09, 2020

Best Answers
Highlighted
Level 3

Cash sales question over and under

LOL its ok my team brainstormed and found the answer I just thought someone else might have some insight but I understand most people are not into accounting they just know how to use the software.  I'm into accounting but sometimes I just like to hear someone else's perspective.

thanks anyway...

View solution in original post

5 Comments
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QuickBooks Team

Cash sales question over and under

Hi leebrendalee,

 

Making sure you enter your sales information to the right accounts is key to managing your books correctly. I can point you in the right direction to get this resolved.

 

When picking what account to use for your sales it is imperative that you make sure you select the right one or else it could have a negative effect on your books. For this reason I'd suggest contacting your accountant as they are trained in these matters. If you don't have an accountant currently we can help with that. You can go to our find an accountant page to find one in your area that can assist you.

 

Once your accountant tells you what account to select and you need assistance entering it, you can give us a call and we would be happy to help.

 

Have a great night!

Highlighted
Level 3

Cash sales question over and under

LOL ok you don't know either...

I don't need an accountant 

I just need someone to understand what I"m doing its not that hard

 

I'm asking about over and under not sales, the sales are correct, frankly the over and under is correct also 

my question is very simple

 

if I am putting MORE MONEY IN THE BANK then what the cash sales is..

am I suppose to DR OR CR THE OVER AND UNDER

THIS IS A SIMPLE QUESTION.  mOST PEOPLE DON'T WANT TO READ THE QUESTION AND THINK 

Highlighted
QuickBooks Team

Cash sales question over and under

I hear what you're saying, leebrendalee. I'd like to clarify the my colleague's response to you to make sure you're getting the information you need. The QuickBooks Team can advise on the various features in QuickBooks Online. When it comes to things like knowing when you should debit or credit an account, we can't advise on that because we don't have training in accounting or bookkeeping. This is why we're giving the recommendation to consult an accountant in this instance so that you can ensure you have the correct answer for your books. An accountant is a great resource to have even for simple questions like this.

 

There are a number of accountant users here in Community, so one may happen across this thread and offer you some insight. I know time is of the essence for business owners and others managing a set of books, however, so don't hesitate to contact an accountant for a more immediate response.

 

I hope that helps shed light on this.

Highlighted
Level 3

Cash sales question over and under

LOL its ok my team brainstormed and found the answer I just thought someone else might have some insight but I understand most people are not into accounting they just know how to use the software.  I'm into accounting but sometimes I just like to hear someone else's perspective.

thanks anyway...

View solution in original post

Highlighted
QuickBooks Team

Cash sales question over and under

I'm glad you were able to brainstorm with your team to find the solution! You're right, there are other users that may have chimed in at some point and getting different perspectives never hurts. I hope you enjoy the rest of your day. :)