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Level 1

How do I get my Gross Sales or Total Gross Receipts received or deposited into my bank account or from Sales Receipts?

My Gross Receipts, P&L Amounts do not include Sales Tax Amount. Is this normal, and if so PLEASE tell me how to generate a report or such that shows True Total Gross Receipts from my understanding, i.e Sales amount including Sales Tax collected. The equivalent of the "Total" field on Sales Receipts and Invoices alike. I'm sorry but I am Fully Frustrated after searching here and all the answers say goto P&L or such for Gross Receipts amount or for Gross Sales and I do but it still only shows me the total before Sales Tax.


Solved
Best answer 12-10-2018

Accepted Solutions
Level 15

"it shows Check No. and Payment Method- which has a drop-...

"it shows Check No. and Payment Method- which has a drop-down menu,"

Then you are Lucky in that you are using an older program. We are now stuck with icons that don't work as well.

"and I can choose Add New/AmEx/Cash/Check/Disc/MC/Visa (abbreviated here for some options) and I have chosen the one that applies to the Receipt. but when i modify any of the generated Reports to include "Payment Method" they always are blank, and I checked all the Sales Receipts to mak sure I picked an option from the drop-down menu."

Not "all" reports show the same info. You didn't tell us Which specific report you are using. This info really is provided for the categorization in the Undeposited Funds pop up, so that you can select 'all checks" or "all Cash" or "all AMEX" for deposit processing.

If you look at Michelle's link that I provided, the Sales Receipt ends at $0 because Payment Items take care of all data flow. This also allows you to double-check your values, as a quality control. If you don't end at 0, you have an error, an Over/Short condition, or even theft.

"Re Report for Sales + Tax Total Amount: Background, I charge my clients a whole dollar amt for products and do the sales tax calculations later, Ex. for a 4x6 print = $7.00,  an 8x10 print $25.00, etc. So when I was setting up QB I now am having to calculate Tax and show it on the Sales Receipt so when I entered a Sales Receipt I would put in the amount minus tax and have QB calculate and show Tax at the bottom of the Sales Receipt, which is tricky because the sale amount may change by a penny or so if a client orders more than 1 of a product (due to the math of percentage)."

You either allow the program to handle the taxes, or you do this manually. There really is no In Between. Based on what you stated, did you do what I stated:
Reports menu > Sales, Sales by Customer Summary
Customize; REMOVE the filter for All Sales Items, to see EVERYTHING
Set the report for Columns by Item type, for instance. NOW you see Sales tax as a Column.

Also, your Sales tax reports will break out what you are asking. That is the reason they exist.

"When I setup QB I told it I do charge Sales Tax in Edit>Preferences>Sales Tax>Company Preferences and I checked "Yes" to "Do You Charge Sales Tax? and for Owe Sales Tax - (Cash Basis), Pay Sales Tax - Annually, Set Up Sales Tax Items > Most common sales tax Add New and I entered Tax Name - California, Tax Rate = 9% and entered Tax Agency = State Board of Equalization and then I clicked OK and ok for Preferences Window. Maybe I set this up wrong I don't know."

Well, if you are in CA and the typical customer is in CA and is subject to that tax, and that is the rate, and that is who you pay to, then it looks right to me.

Then, you assign this to those Customers to whom this applies. And, your Items need to be Taxable or not, depend on your agency's rules. Then, QB "does the math."

"So because of my whole dollar amounts for my Sales Receipts Complete Totals for Sales Receipts (Sale Amount + Tax) I am trying to get this same Total Amount from a report so I can compare it to the Total deposited in the past to my Real Bank Account. I hope this makes sense and am sorry for the long messages. Thanks."

Have you run the various reports I mention, and changed them?

For matching Historic data, it depends on how you put that info into QB, as historic info.

I have attached a screenshot showing everything I have been explaining. Remove the items filter from the Sales report. Run your Sales tax report. I prove that these match.

View solution in original post

13 Comments
Level 1

THANK You So Much! But this still does not include the Sa...

THANK You So Much! But this still does not include the Sales Tax amount. It includes only the amount deposited into the Bank Acct. Where do I change or add Sales Tax info to be included in the Total amount?
Level 1

Ok so here is what I did, I entered all my Sales Receipts...

Ok so here is what I did, I entered all my Sales Receipts into QB from an Event noting 'Payment Type' (ex. Cash, Visa, etc.) and included Sales Tax amount, all of which was setup to be deposited into 'Bank Account'. So now I am trying to get a report (really just a complete Total of Sales for that day/Event) to confirm I am not missing anything, which that total I will compare with the total I actually deposited into my Real Bank. I am checking my amounts, which is something I do after all Events, but QB seems to automatically not account for "Sales Tax Collected" which is cool to know and opens my mind to a diffferent way of tracking Sales Tax info and such, but doesnt really help me when reconciling old records that I am entering into QB. I'm new to QB and considering switching to it from Excel which has worked for me for 10+ years, but I like some of the other features available in QB. I hope this helps in what I am trying to accomplish here re: a report that tells me the Total of all money received from Event Sales at an event. Also I am noticing that despite putting in "Payment Method" when I add this field to be shown in a report it is blank for some strange reason. Do you know why this would be? Thanks.
Level 15

"it shows Check No. and Payment Method- which has a drop-...

"it shows Check No. and Payment Method- which has a drop-down menu,"

Then you are Lucky in that you are using an older program. We are now stuck with icons that don't work as well.

"and I can choose Add New/AmEx/Cash/Check/Disc/MC/Visa (abbreviated here for some options) and I have chosen the one that applies to the Receipt. but when i modify any of the generated Reports to include "Payment Method" they always are blank, and I checked all the Sales Receipts to mak sure I picked an option from the drop-down menu."

Not "all" reports show the same info. You didn't tell us Which specific report you are using. This info really is provided for the categorization in the Undeposited Funds pop up, so that you can select 'all checks" or "all Cash" or "all AMEX" for deposit processing.

If you look at Michelle's link that I provided, the Sales Receipt ends at $0 because Payment Items take care of all data flow. This also allows you to double-check your values, as a quality control. If you don't end at 0, you have an error, an Over/Short condition, or even theft.

"Re Report for Sales + Tax Total Amount: Background, I charge my clients a whole dollar amt for products and do the sales tax calculations later, Ex. for a 4x6 print = $7.00,  an 8x10 print $25.00, etc. So when I was setting up QB I now am having to calculate Tax and show it on the Sales Receipt so when I entered a Sales Receipt I would put in the amount minus tax and have QB calculate and show Tax at the bottom of the Sales Receipt, which is tricky because the sale amount may change by a penny or so if a client orders more than 1 of a product (due to the math of percentage)."

You either allow the program to handle the taxes, or you do this manually. There really is no In Between. Based on what you stated, did you do what I stated:
Reports menu > Sales, Sales by Customer Summary
Customize; REMOVE the filter for All Sales Items, to see EVERYTHING
Set the report for Columns by Item type, for instance. NOW you see Sales tax as a Column.

Also, your Sales tax reports will break out what you are asking. That is the reason they exist.

"When I setup QB I told it I do charge Sales Tax in Edit>Preferences>Sales Tax>Company Preferences and I checked "Yes" to "Do You Charge Sales Tax? and for Owe Sales Tax - (Cash Basis), Pay Sales Tax - Annually, Set Up Sales Tax Items > Most common sales tax Add New and I entered Tax Name - California, Tax Rate = 9% and entered Tax Agency = State Board of Equalization and then I clicked OK and ok for Preferences Window. Maybe I set this up wrong I don't know."

Well, if you are in CA and the typical customer is in CA and is subject to that tax, and that is the rate, and that is who you pay to, then it looks right to me.

Then, you assign this to those Customers to whom this applies. And, your Items need to be Taxable or not, depend on your agency's rules. Then, QB "does the math."

"So because of my whole dollar amounts for my Sales Receipts Complete Totals for Sales Receipts (Sale Amount + Tax) I am trying to get this same Total Amount from a report so I can compare it to the Total deposited in the past to my Real Bank Account. I hope this makes sense and am sorry for the long messages. Thanks."

Have you run the various reports I mention, and changed them?

For matching Historic data, it depends on how you put that info into QB, as historic info.

I have attached a screenshot showing everything I have been explaining. Remove the items filter from the Sales report. Run your Sales tax report. I prove that these match.

View solution in original post

Level 1

"You either allow the program to handle the taxes, or you...

"You either allow the program to handle the taxes, or you do this manually. There really is no In Between. Based on what you stated, did you do what I stated:
Reports menu > Sales, Sales by Customer Summary
Customize; REMOVE the filter for All Sales Items, to see EVERYTHING
Set the report for Columns by Item type, for instance. NOW you see Sales tax as a Column."

THANK YOU soooo much, I missed that part earlier I guess, YES this is what I wanted in the Report.
You ROCK! :) Thanks Again.
Level 1

So Payment Method doesn't work, basically and useless?

So Payment Method doesn't work, basically and useless?
Level 15

yes, income on the P&L does not include sales tax. Sales...

yes, income on the P&L does not include sales tax.

Sales tax is a payable when received and is not income to the company.  Basically you collect it, hold it, and pay it - nothing hits the P&L

Level 15

"But this still does not include the Sales Tax amount. It...

"But this still does not include the Sales Tax amount. It includes only the amount deposited into the Bank Acct"

The one is the offset of the other.

Amounts Deposited are Because of Sales (income) + Tax collection (liability).

"Ok so here is what I did, I entered all my Sales Receipts into QB from an Event noting 'Payment Type' (ex. Cash, Visa, etc.)"

You just leaped over How you listed the Charges for Sales. The Sales Receipt uses item(s). These are linked to Income. They have a Tax Status. Or, for generic, then perhaps you are managing the Tax to a Liability account as an item you are controlling?

Look here for a method that Summarizes Sales:

http://longforsuccess.com/2011/09/20/daily-sales-summary-for-retailers-restaurants-ecommerce-and-mor...

Banking is the Destination of funds, but income + taxes is the WHY people are paying you. Items = what they paid you for, such as Event tickets, merchandise, etc.

Then, Payment methods are HOW they paid, such as checks and credit cards.

"and included Sales Tax amount"

If your total Generic Sales is Inclusive of Sales taxes, that is something you need to tell us you are doing.

Sales Taxes are handled as Liability when collected and clear that liability when you paid it out.

OR, you are tracking it as part of Gross Revenue, and the pay out of taxes will be Expense for you.

"all of which was setup to be deposited into 'Bank Account'. So now I am trying to get a report (really just a complete Total of Sales for that day/Event) to confirm I am not missing anything, which that total I will compare with the total I actually deposited into my Real Bank. I am checking my amounts, which is something I do after all Events, but QB seems to automatically not account for "Sales Tax Collected" "

You run a Sales Report and change the filter from All Sales items, or all Income/expense accounts, to ALL items and/or All Accounts (remove the Account filter). It depends on the Report you are using.

QB doesn't automatically include or not include anything. As long as the data is in the file, you run reports to view your data and analyze it. That means the right report for the specific data, with the specific options.

"which is cool to know and opens my mind to a diffferent way of tracking Sales Tax info and such, but doesnt really help me when reconciling old records that I am entering into QB. I'm new to QB and considering switching to it from Excel which has worked for me for 10+ years, but I like some of the other features available in QB."

QB is more powerful and the data is a true relational database, as Compared to Excel, which is more like a listing.

For example, your Customer Name on the Sales Receipt can be your Event Name, so that Sales reporting gives you comparisons across all of your events. And, the Costs for every event can be Job Tracked as specific to that event. Now you can run Job Profitability reports and P&L by Job, to see your Costs directly associated to your Revenue for Each job, specifically related.

"I hope this helps in what I am trying to accomplish here re: a report that tells me the Total of all money received from Event Sales at an event."

You have to understand how to separate or include Sales from Taxes. Taxes are not Sales. Taxes are collections Because of Taxable Sales.

"Also I am noticing that despite putting in "Payment Type" when I add this field to be shown in a report it is blank for some strange reason. Do you know why this would be? Thanks."

It depends on where and how you used this concept. But you should be looking at Payment METHODs, not Payment Type.

A Payment Method is something you set up, name and Use. It is linked to a Payment Type. Then, you might be using a Payment TYPE ITEM, if you Summarized Sales per that link I provide. Or, it is a provision for reporting on the Transaction of the Sales Receipt, if you used the Icons for Payment Method.

Level 1

Re: Payment Method: Yes, I corrected Payment Type as actu...

Re: Payment Method: Yes, I corrected Payment Type as actually Payment Method, sorry about that. In my QB Desktop program, when I go to Customer>Enter Sales Receipts on the far Right mid-section above the Item/Desc/Qty/Rate/Amt/Tax Section it shows Check No. and Payment Method- which has a drop-down menu, and I can choose Add New/AmEx/Cash/Check/Disc/MC/Visa (abbreviated here for some options) and I have chosen the one that applies to the Receipt. but when i modify any of the generated Reports to include "Payment Method" they always are blank, and I checked all the Sales Receipts to mak sure I picked an option from the drop-down menu.

Re Report for Sales + Tax Total Amount: Background, I charge my clients a whole dollar amt for products and do the sales tax calculations later, Ex. for a 4x6 print = $7.00,  an 8x10 print $25.00, etc. So when I was setting up QB I now am having to calculate Tax and show it on the Sales Receipt so when I entered a Sales Receipt I would put in the amount minus tax and have QB calculate and show Tax at the bottom of the Sales Receipt, which is tricky because the sale amount may change by a penny or so if a client orders more than 1 of a product (due to the math of percentage).
When I setup QB I told it I do charge Sales Tax in Edit>Preferences>Sales Tax>Company Preferences and I checked "Yes" to "Do You Charge Sales Tax? and for Owe Sales Tax - (Cash Basis), Pay Sales Tax - Annually, Set Up Sales Tax Items > Most common sales tax Add New and I entered Tax Name - California, Tax Rate = 9% and entered Tax Agency = State Board of Equalization and then I clicked OK and ok for Preferences Window. Maybe I set this up wrong I don't know.

So because of my whole dollar amounts for my Sales Receipts Complete Totals for Sales Receipts (Sale Amount + Tax) I am trying to get this same Total Amount from a report so I can compare it to the Total deposited in the past to my Real Bank Account. I hope this makes sense and am sorry for the long messages. Thanks.
Level 15

"So Payment Method doesn't work, basically and useless?"...

"So Payment Method doesn't work, basically and useless?"

It works and reports where that function applies.

Not everything available for selection on every report applies to the perspective of that report. For example:

Run Transaction List by Customer. Select to see:

Paid

Clr

Pay Meth


By Definition, Sales Receipts are PAID. This report shows that is not the case for the data. By Definition, only entries to Balance Sheets are Cleared as part of a reconciliation. And now you see your Payment Method, for those transaction TYPES where this applies and was selected or assigned.

Level 15

"PLEASE tell me how to generate a report" Run your Balanc...

"PLEASE tell me how to generate a report"

Run your Balance Sheet report. Assets, Liability and Equity are Balance Sheet, not P&L.

P&L in only 1 of Three reports, at a minimum, that you need to see the full financial picture:

P&L

Balance Sheet

Statement of Cash Flow

Sales Reports would include taxes if you set it for show All charges, not just income and expense.

Level 1

THANK You So Much! But this still does not include the Sa...

THANK You So Much! But this still does not include the Sales Tax amount. It includes only the amount deposited into the Bank Acct. Where do I change or add Sales Tax info to be included in the Total amount?
Level 3

Re: How do I get my Gross Sales or Total Gross Receipts received or deposited into my bank account or from Sales Receipts?


@seedplanta wrote:

My Gross Receipts, P&L Amounts do not include Sales Tax Amount. Is this normal, and if so PLEASE tell me how to generate a report or such that shows True Total Gross Receipts from my understanding, i.e Sales amount including Sales Tax collected. The equivalent of the "Total" field on Sales Receipts and Invoices alike. I'm sorry but I am Fully Frustrated after searching here and all the answers say goto P&L or such for Gross Receipts amount or for Gross Sales and I do but it still only shows me the total before Sales Tax.



First of all, Yes, this is normal. Your Profit & Loss Report will not include Sales Tax collected. Your Profit & Loss reports shows revenue your company has earned and expenses that it has incurred. The bottom line is the difference between the two.

Sales Tax collected becomes a liability to your company. It is recorded in a QuickBooks created liability account called Sales Tax Payable. The amount you currently owe in Sales Tax will show on your Balance Sheet, not on your Profit & Loss.

When you balance your bank account in QuickBooks against the monthly Bank Statement provided by your bank, you will be able to match your deposits in QB to the deposits on the statement. You go to Banking/Reconcile to balance your bank account.

Your Sales Receipts should not be set up to deposit all funds into your Bank Account unless that is what occurs in real life. If every time you receive revenue, it gets deposited directly to the bank account, then this is fine and will match your bank statement. However, if you make manual deposits and you group several customer payments together to make a deposit, then the sales receipts should be deposited into the Undeposited Funds account created by QB. When you go to Make Deposits, you can manually select the amounts that were actually deposited into your bank account.

Tip: Run the Sales Tax Liability report to show the amount of sales tax you owe.

I hope this clears things up for you. Please let me know if it helps and if you have other questions.

Level 3

Re: THANK You So Much! But this still does not include the Sa...


@seedplanta wrote:
THANK You So Much! But this still does not include the Sales Tax amount. It includes only the amount deposited into the Bank Acct. Where do I change or add Sales Tax info to be included in the Total amount?

You can run a report called Transaction List by Customer. This will show you all transactions by customer including Invoice Amounts, Sales Receipts, and Payments. Is this what you are looking for?

In QuickBooks Desktop, go to Reports/Customer/Transaction List by Customer.

In QuickBooks Online, Reporst, Sales & Customers/Transaction LIst by Customer

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