@2sCo
We have a business that has the exact same scenario. From an accounting perspective, this could be a very in-depth discussion.
You will need to enter a daily sales receipt in QB. You can set up a template called daily sales or something similar. The way I do it is to create items for taxable sales, non-taxable sales, gift cards paid in (redeemed), gift cards paid out (sold) and cc payments. I also set up accounts for sales tax adjustment (QB doesn't round the same as our POS) and cash over/short to adjust the deposit for days when cash is off. The taxable and non-taxable sales and gift cards paid out are entered on the sales receipt as positive values. The payments received (cc and gift cards paid in) are negative. That will leave the cash sales on the sales receipt to be deposited into your bank account. This way you will have accurate cc and cash deposits to reconcile at month-end.
As far as inventory goes, you can add to inventory using bills (as you're doing) and then create a daily journal entry, debiting cost of goods sold (COGS) and crediting inventory for each day's sales. That report should be available in your POS. That option is the most labor-intensive as it requires daily entries. This method gives you accurate financial statements from any given day to another since you have accurate daily numbers.
The other option for tracking inventory is to use what's known as the periodic method of inventory. This saves you a lot of time by assigning all of your inventory purchases to a temporary 'Purchases' asset account and then creating just one journal entry at month-end to allocate those purchases between ending inventory and cost of goods sold. This creates an accurate P&L only at month-end which, for most businesses, is fine.
