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Level 1

How should I record a cash sale but not deposit it into my bank account?

 
5 Comments
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QuickBooks Team

How should I record a cash sale but not deposit it into my bank account?

Hi anthonyndoca,

 

Let me help you record your cash sale in QuickBooks.

 

You can deposit it to your Undeposited Funds account. It’s like a cash drawer in your chart of accounts where you can deposit all your cash sales before depositing it to your bank account. Refer to screenshot 1.

 

When you create a deposit, you’ll see the funds in this account ready to be deposited. Refer to screenshot 2.

 

Let me know if you have other questions about handing your cash transactions. Thanks!

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Level 1

How should I record a cash sale but not deposit it into my bank account?

JessT, I don't feel the question was answered. The question I think is: How to record cash sale to track the sale but never deposit funds in the bank? Does  Undeposited Funds has to be used?

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QuickBooks Team

How should I record a cash sale but not deposit it into my bank account?

Let me clear out the confusion, PAP2.

 

The cash sales can be tracked and deposited in the Undeposited Funds. This is an account which holds your funds until you're ready to deposit them at your real-life bank. Which means, you still have to deposit the payments to the appropriate bank account so QuickBooks will match with the bank records. 

 

You can check the article about Undeposited Funds that JessT provided. It'll help you better understand how the account works. 

 

Don't hesitate to get back to us if you have more questions in mind. 

 

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Level 15

How should I record a cash sale but not deposit it into my bank account?

@anthonyndoca 

 

In QB you should have a bank type account called cash, that is cash on hand, so make the sale and deposit to the cash bank account.  Then you spend it as you need to, or use equity draw to keep the money for yourself (assumes you are not taxed as a corporation)

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Level 1

How should I record a cash sale but not deposit it into my bank account?

I like this idea better than undeposited funds. Our business is a sole proprietorship so this will work. Some of the cash is used to purchase small supplies, owner's draw and some does get deposited in the bank. I thinks it would be easier to make an entry to move funds from a cash account to others as needed. Thanks for the input, much appreciated. 

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