Daily Sales

Hello Cj158, 

Welcome to the Community page, 

Can we ask what type of account is the clearing account as this maybe the error for you? 

Hi,

Thanks for the reply,

It's a cash at bank and in hand?

Thanks.

Thanks for that, having looked at the screenshot you send it to us the reason why it is showing a balance of 0 is that you have got a minus in front of the second amount which is the same as the first amount, therefore, it is canceling the amount out and showing 0. Is the total meant to be just £383.75? or it is meant to be more? 

Hi,

Thanks for the reply,

I'm just following the tutorial as per the link I've attached in the original post where the only thing left over is the VAT or at least it looks that way to me but I'm not VAT registered therefore it should be 0? or am I getting confused and yes the £383.75 is the total daily sales in cash.

Thanks.

The VAT selected can affect your sales receipt amount, @Cj158.

If you're not VAT registered, then you don't need to turn on VAT (for the report to HMRC). If turned on, you can set it to No VAT so QuickBooks Online (QBO) won't calculate it.  

To turn on the No VAT feature, here's how:

1. Click the Gear icon :gear:, and then select Accounts and Settings.
2. Tap Advanced, and then go to Accounting.
3. Choose No VAT from the Default tax rate selection drop-down.
4. Click Save, and then hit Done.
   
   

To learn more about the different types of VAT codes, please refer to this article: Common VAT codes.

Additionally, I recommend reviewing the account types selected for the items created. This way, QBO will calculate the accurate sales receipt total: Record total daily sales.

For your second question, not all sales transactions are displayed on the Dashboard. The Sales graph only shows the Invoices and Sales Receipts to calculate the sales amount. Journal Entries posted to sales account, sales tax, and other income transactions like bank deposits will not be included.

Also, the data will base on a specified period. You can click the drop-down arrow in the upper right-hand corner of the graph to change the time frame.



Alternatively, you can also open the Sales by Customer Summary report to review the details of your sales graph.

Here's how:

1. Click Reports on the left panel.
2. Type Sales by Customer Summary in the search box.
3. Filter the Report period.
4. Click the Run Report button.
   
   

You can customize this report to get the info and details you wish. Then, save its current customization settings for easy access in the future. For more insights, please review this resource: Memorize reports.

I'm always around to help if you have more questions about managing your transactions in QBO. Take care and have a great day, @Cj158.

Hi,

Thanks for your reply,

So I'm correct in terms of having my daily sales equal 0?

As an additional question if I have an expense that is taken out of the daily sales (cash payment) can I just manually create that expense and then choose the account as "clearing account"?

Thanks.

I’ll be assisting you now to ensure everything is properly recorded, @Cj158.

Posting of the daily sales does not rely on the total amount of the sales receipt. What is posted in your income/expense and to your bank account are the items you selected within the event.

This is the reason that you’ll have to create Product and Services for Purchases, Sales Income, Deposits and etc. during the setup. This is to ensure items will fall under specific accounts and their categories.

You can create that expense under daily sales if you wish. However, the total deposit made for daily sales will be different from what was actually deposited from your bank.

You can run Sales by Customer Summary report and Transaction Detail by Account to track your sales entries and the details of both sides of the transaction. This way, you will know the debit and credits in your account.

Get back to us if you have other clarifications. The Community team will always here to help. Have a good one.

Hi,

Thanks for your reply,

I'm just asking if my daily sales should equal 0? I'm still not sure if this is correct, as an additional question because all of my daily sales receipts go into an account that I have created "Clearing Account" can I then create an expense for the "Clearing Account" if an item has been purchased with cash taken from the daily sales?

My clearing account balance is currently in a negative figure as I've created expenses that have been paid for in cash using the monies taken from daily sales but because my daily sales equal zero it now shows a negative balance, I'm just making sure I'm doing this correctly.

Thanks.

I got you covered in this concern, @Cj158.

Your daily sales should not be equal to zero. The sales amount for that day must reflect in the transaction. To get this issue sorted out, you'll need to verify if the amount for the Daily Sales: Cash is correct. The reason why it's showing as zero because of that negative figure, which offsets your daily sales income.

The figures that will be displayed on the entry are the total reported sales and the cash register count.

On the other hand, when it comes to creating an expense from the clearing account, this can only be applicable if you're going to transfer an amount from one account to another.

However, in doing this I recommend consulting your accountant. They'll be able to provide you the best course of action for your business to ensure that the tracking of your books is accurate. You may also look for an account through this link: https://quickbooks.intuit.com/find-an-accountant/.

Once you're ready to transfer funds to be used for your expense, you may follow the steps below:

1. Click on the + New button at the left pane.
2. Press on Transfer.
3. On the Transfer Funds From box, select the clearing account.
4. From the Transfer Funds to section, choose the expense or business account.
5. Enter the Transfer Amount.
6. Put a description in the Memo field that indicates the reason behind this record.
7. Hit on Save and Close.

I've outlined this process through the sample screenshots below:

After that, you can start creating an expense using the account were funds has been transferred. 

I've got your back if you have any other questions. I'd be happy to help you out. Keep safe!

Hi,

Thanks for your reply,

The only reason I have a negative in my daily sales is because I've followed the guide as I've provided a link in my original post, I'll correct all my daily sales to positive values if this is incorrect?

Thanks.

Hi there, @Cj158.

The Daily Sales Income and Daily Sales Cash should offset the amount. Thus, using this method is correct, and it will make sure that you've recorded your end of day records accurately.

It shows that the amounts in your daily sales income and the amount in total you receive for each undeposited funds (UF) account like cash, credit, bank, and cheque balances the amounts.

What you can do now is to deposit your total daily sales from each UF account to the bank that you wanted to save the money.

You can follow the steps provided through the article that you've shared above this thread and then see it under Step 6: Deposit your total daily sales.

For more insights about the significance of undeposited funds and sales account, you can refer to this article:

• Deposit payments into the Undeposited Funds account in QuickBooks Online
• What's the Undeposited Funds account?

You can also consult your accountant for further professional advice.

Please let me know if you have additional questions. I'm always here to help. More power to your business!

Hi,

Thanks for reading,

Any idea why I'm getting a mixture of replies where some say it's correct and others say it isn't?

Thanks.