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Level 1

Promotional Items

Hello All ,

 

I gave some promotional items for a potential costumer, as so, i have created a sales receipt at 0 value and then did a journal entry where i debited the amount to promotional and advertising account and credited COGS. 

 

My question is: in my receipt , there is a place called deposited to: what do i put there, as i only see cash or cash equivalent accounts and current assets. I did put my bank account and although its at zero balance im still 4000 USD away from my real figures in my bank account. 

 

Please help. Thanks 

 

Sam 

3 Comments
Level 1

Promotional Items

would really appreciate any help !!

Content Leader

Promotional Items

@panarabia

 

Thanks for bringing your question to the Community, Sam.

 

It would be my pleasure to help you get to the bottom of that balance discrepancy. If the Sales Receipt was created for $0 total value, then regardless of the account selected in Deposit To, it shouldn't affect the balance. Follow the steps below to verify this from the account register:

 

  1. From QuickBooks Online, navigate to the Accounting tab.
  2. For the bank account you selected to deposit to, click View Register.
  3. Use the filter tools (funnel icon) to narrow down the list and find the Sales Receipt.
  4. Verify the amount in the Received column is $0.
     

As long as the value is $0, you can conclude that this isn't causing the discrepancy in your bank balance. In order to get it back in balance again, use the Reconciliation screen to compare the transactions in QuickBooks to those on your bank statement. The instructions below will you to accomplish this:

 

  1. Click the Gear (⚙) icon and select Reconcile.
  2. Select the bank under Account. From your bank statement, enter the Ending balance and Ending date.
  3. Click Start reconciling. For each transaction on your statement, check off the corresponding item in QuickBooks. Once everything has balanced, select Finish Now.
     

By repeating this process for each period, you can be certain that QuickBooks matches the real figures in your bank account. I'm including a video below that outlines the process:

 

 

Check out some of these awesome resources to learn more about Reconciling in QuickBooks Online:

 

With these resources, getting your bank back in balance will be a breeze. Of course, I'll also be available for you here should you have any additional questions or concerns. Thanks again for reaching out, wishing you a wonderful rest of your day.

 

 

Anonymous
Not applicable

Promotional Items

Hey @panarabia,

 

@KeeganE asked as similar question a few months back when he was giving away Biltong as a promotional item. There were a few recommended methods for capturing promotional items. Have a look at the conversation and see if those solutions will work for you. 

 

Also, feel free to add your post to the original conversation:

 

Capturing Promotional Giveaway in QB

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