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Level 1

Daily Sales and imported deposits

I have created a ‘daily sales’ customer to track sales for sales tax purposes.  I auto import bank transactions. How do I reconcile this so that it does not show double income, as the daily sales receipt automatically shows paid 

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Best answer February 15, 2020

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Highlighted
Level 10

Daily Sales and imported deposits

@AThornhill 

 

"I have created a ‘daily sales’ customer to track sales for sales tax purposes."

 

This is the right way to record sales tax transactions in QBO.

 

Reconciling the bank deposit transactions with a deposit from the sales receipts may need some knowledge in QBO on how to MATCH with already recorded deposits. 

 

You're right, you do not want to add again. Adding it will create duplicate income.

Normally, you should see the MATCH icon and click match and done. In case, you're not seeing match for deposit item (money in), click the deposit transaction row and select the "Find match" icon and try to match it.  This is the process and it's supposed to work in QBO.

 

In case, there is no way to match the deposits based on the way you're creating daily sales receipts, the other option would be to Exclude deposits from the Banking For Review tab and then reconcile the bank account at the month-end.

 

Hope this helps!

 

Find match deposit2.PNG Find match deposit3.PNG

 

 

View solution in original post

3 Comments 3
Highlighted
Level 10

Daily Sales and imported deposits

@AThornhill 

 

"I have created a ‘daily sales’ customer to track sales for sales tax purposes."

 

This is the right way to record sales tax transactions in QBO.

 

Reconciling the bank deposit transactions with a deposit from the sales receipts may need some knowledge in QBO on how to MATCH with already recorded deposits. 

 

You're right, you do not want to add again. Adding it will create duplicate income.

Normally, you should see the MATCH icon and click match and done. In case, you're not seeing match for deposit item (money in), click the deposit transaction row and select the "Find match" icon and try to match it.  This is the process and it's supposed to work in QBO.

 

In case, there is no way to match the deposits based on the way you're creating daily sales receipts, the other option would be to Exclude deposits from the Banking For Review tab and then reconcile the bank account at the month-end.

 

Hope this helps!

 

Find match deposit2.PNG Find match deposit3.PNG

 

 

View solution in original post

Highlighted
Level 1

Daily Sales and imported deposits

Yes I will try that!  Thank you!

Highlighted
Level 10

Daily Sales and imported deposits

For step-by-step instructions on how to record daily sales receipts in QBO,

http://newqbo.com/recording-daily-sales/

 

 


@vpcontroller wrote:

@AThornhill 

 

"I have created a ‘daily sales’ customer to track sales for sales tax purposes."

 

This is the right way to record sales tax transactions in QBO.

 

Reconciling the bank deposit transactions with a deposit from the sales receipts may need some knowledge in QBO on how to MATCH with already recorded deposits. 

 

You're right, you do not want to add again. Adding it will create duplicate income.

Normally, you should see the MATCH icon and click match and done. In case, you're not seeing match for deposit item (money in), click the deposit transaction row and select the "Find match" icon and try to match it.  This is the process and it's supposed to work in QBO.

 

In case, there is no way to match the deposits based on the way you're creating daily sales receipts, the other option would be to Exclude deposits from the Banking For Review tab and then reconcile the bank account at the month-end.

 

Hope this helps!

 

Find match deposit2.PNG Find match deposit3.PNG

 

 


 

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