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Level 2

sales receipts

GM

When processing a sales receipt for sales from POS, is a bank deposit done at the same time?  I have entered sales receipts from end of day POS report, but have not done any bank deposit.  When I bring the bank statement into quickbooks it automatically offers a match.  I match and I think all is fine, but is it?

The detailed summary report shows negative amounts under petty cash and undeposited funds...is that because bank deposits weren't done agains the sales receipts?

I am afraid to go forward till I hear from someone to make sure this won't double my amounts.

 

Please advise

Thank you so much and be safe!

3 Comments
Moderator

sales receipts

Hi @nancyb8,

 

Thanks for the question.  I would recommend working with a bookkeeper or accountant to determine if the records are showing correctly.  A sales receipt can have a "deposit to" field selected to record directly to the bank, or it can go to undeposited funds.  If the Intuit merchant account is connected, it can record the merchant deposits for you under the merchant service deposits window.  Otherwise, if the sales receipts are going to undeposited funds, you would need to manually record the deposits.

Level 2

sales receipts

thank you for replying. TRY and connect with an accountant this time of year....UGH!

 

The sales receipts are either going to undeposited funds and when the bank statement comes over into quickbooks I have a match. WITHOUT creating a bank deposit. 

When I enter daily cash, I have that going directly into petty cash. 

 

But reports are showing a negative and a positive.  Been on the phone for literally hours literally days and every person can not seem to understand WHY it's reporting the way it is.  This should NOT be this difficult to process and keep record of sales and income.  VERY basic. 

I feel there may be a technical caliche.  The professionals I've spoke with give me different answers on different days/calls.   

Still trying to connect with an accountant in my area. No one is responding. 

Thanks again.  

Level 2

sales receipts

So I FINALLY connected with a girl..Lexy..in Houston, TX who fixed everything for me.  We spent over 2 1/2 hrs on the phone.  I was doing everything right, but the chart of accounts and lists needed changing.  I was mis guided from previous LONG phone calls.  My reports are all in the positive, no more negative #'s appearing.  The product and services were changed from a bank type to an income type.  I do not do a bank deposit after creating a sales receipt.  My sales receipt matches perfect when I bring my bank statement over. I also do not zero my sales receipts out, which was how all the tutorials were directing. 

Glad to be on the right track. Thank you Lexy in Houston:)

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