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Level 1

Daily Sales Reciept

We have a point of sales system and we import the the daily sales (from end of day) using a sales receipt.   But I am having an issue with how to handle a specific case.

 

We ring in merch through the point of sale.  Sometimes we discount the merch to marketing.  For example we give away a t-shirt.  So on the end of day there is a Merch total that we input on the sales receipt.  I also have a Marketing discount line item which will pull the amount from the revenue account.  This seems correct and fine to me. 

 

The question is how to track the expense of the given merch to marketing.  Do we need to keep track of the quantities some seperate way (we dont have the POS or Quickbooks managing inventory).  and then just do a manual journal entry from COGS or whatever to a marketing expanse account?  Is there a way to handle this on the sales receipt?

 

3 Comments
QuickBooks Team

Re: Daily Sales Reciept

Hello there, @jeff-williams.

 

You can add your merchandise as a product/service in QuickBooks to track the correct quantities. I can provide a few details about this and help you from there.

 

Creating a journal entry is a good idea. However, journal entries are only for transferring amount from one account to another. Kindly follow the steps below to create a journal entry:

  1. Click on the Plus (+) icon.
  2. Choose Journal Entry.
  3. On the first line, enter the account where funds will be taken out.
  4. On the second line, enter the marketing account.
  5. Click on Save and Close.

But I still recommend reaching out to your accountant. This way, he/she can properly guide you in choosing the correct accounts for your journal entry and for tracking your expenses.

 

Also, as another option, you can add them in your Products & Services list and create an expense transaction.

 

Here's how you can add it as a product/service:

  1. Click on Sales from the left panel.
  2. Click on the Products & Services tab.
  3. Click on New.
  4. Choose Inventory.
  5. Enter the necessary information.
  6. Under the Expense Account drop-down, choose your marketing account.
  7. Click on Save and Close.

Once done, you can create an expense with the merchandise as a line item. You may follow the steps below to record an expense:

  1. Click on the Plus (+) icon.
  2. Choose Expense.
  3. Enter the vendor name.
  4. Enter the other necessary information.
  5. Click on Save and Close.

Don't hesitate to let me know if you have any other concerns.

Level 1

Re: Daily Sales Reciept

unfortunatly, tracking each item as an inventory item wont work.  Like i said we are doing this to bring in daily sales data from an end of day report.  If you search these forums for importing daily sails, you can get an idea. 

 

so we get a single merchandise line item for the entire days sales. 

So it look like we need to track quantity seperate. and do the manual journal entry to transfer the $$ from COGS to marketing.

Anonymous
Not applicable

Re: Daily Sales Reciept

Hi, @jeff-williams

 

Allow me to step in and help share additional information about tracking your marketing expense account on a sales receipt.

 

Instead of tracking this as inventory, you'll need to track this using a service item. Under the Expense account drop-down, choose your marketing expense account. 

 

When creating the sales receipt, enter the service item created with a negative amount. This way, you can track the expense of the given merchant to marketing. 

 

 

That should do it. If you need other references in the future, you can access our site for more information: The QuickBooks Help Blog.

 

Should you have other questions about tracking your marketing expense, let me know. I'm here to help however I can.

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