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ChefsC
Level 1

Does cash have to be deposited after sales or can be used for whatever

We use square to track our sales and as our pos. At the end of the night we have our credit sales transfer into our bank account and our cash sales we go to our bank and deposit them into our business checking account. 

 

My questions is, that cash before putting into our bank at the end of the night. can we use that for whatever? Can we use it to pay out window washer or pay our uncle for helping fix our sink, etc. or does it NEED to be put in the bank? Does that make sense? 

Would we have to put it into the bank and then take it out through the ATM so its tracked? Or can we use it as free will.

1 Comment 1
TirzahC
QuickBooks Team

Does cash have to be deposited after sales or can be used for whatever

Hello there, ChefsC.

 

I'd be happy to provide the help that you need with QuickBooks Online. Let's get this started. 

 

It depends on what process you want to follow in QuickBooks. You can deposit the sales directly to your bank before spending them. Another option is to use a petty cash account where you can temporarily deposit the sales before spending them. After that, you may now move the remaining funds to your register.

 

Aside from that, I'd recommend consulting your accountant to help you decide since it will affect your future accounting activities such as reconciliation and closing of books. 

 

Also, I've collected a few articles where you can check out: 

If there's anything else I can do to help you deposit your sales funds, please feel free to comment below. Take care always. 

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