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Join nowHi I am trying to figure out how to enter gift card pmts received. We are retail business and I enter my total daily sales each day which I pull from our z report out of Lightspeed. When I enter it in my pmts received it then shows in my deposits so not sure how I deposit it. I may be entering incorrectly. So any guidance would be appreciated.
I use the QB Desktop for MAC.
I got you covered, @frannys_farmacy964.
You can use the received payments feature in QuickBooks Desktop (QBDT) Mac. From there, you can select the Undeposited Funds account or a specific bank to deposit the funds. If the payments show under the Undeposited Funds account, you can create a bank deposit to allocate the funds to the correct bank account. Let me guide you how:
You can visit this article for reference about the process above: Record and make bank deposits in QuickBooks Desktop.
However, if the payments are already allocated to the correct bank account, creating a bank deposit is not necessary.
In case you'll want to get a list of the deposits you've entered in QBDT, you can simply run the Deposit Detail report. Please follow the steps below to proceed:
Stay in touch if you need additional assistance in entering gift card payments received in QBDT. Don't hesitate to add a reply below. Have a good one.
But the problem is I am not depositing any funds because they are gift cards. SO the scenario is I enter an invoice for my total daily sales out of Lightspeed from z report. So example. Gross Sales 535.72, discounts -27.25, and sales tax 35.61. Then next I receive my payments I enter the cash pmt = 76.48, Credit card pmt 417.60 and gift card pmt of 50.00. So now when I go to my deposits I will obviously deposit the cash with my other weekly cash pmts. I have the credit card deposit that goes into my bank directly, where I record my credit card fees against it. Then that leaves the Gift card in undeposted funds. So what do I do with it. Or better yet How should I be recording the gift card pmt initially?? Am I using the correct process??? Thanks I hope this helps to clarify my need.
I don't record every single sale into quickbooks just the day end totals. Thanks again for any assistance you can provide.
Why do you create an invoice for daily in QuickBooks? A sales receipt or journal entry is much better. We use Lightspeed for one of our businesses and use the export function from Lightspeed to create a daily journal entry. I don't know if this works for Mac, but you can export your daily sales into QB Desktop from Reports>Accounting>QuickBooks Exports.
In any case, when you sell a gift card, it should be mapped to the "Gift Card Liability" liability account and a corresponding deposit (cash or credit card). There is no sales income yet.
When the gift card is redeemed, it is a reduction in the gift card liability and a corresponding increase in sales.
If you are able to do the QuickBooks export from Lightspeed, it will create a journal entry that eliminates the need to do a manual entry. If you subscribe to Lightspeed Accounting, you have the option to have Lightspeed create a daily sales receipt in QB instead of a journal entry.
Let me know if you have any other questions on this and I'll do my best to help.
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