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Join nowHi all
First I pray everyone is safe and healthy:)
now...i have a petty cash question. When I look at the balance sheet detail report I see that when I entered cash in a sales receipt based on POS report, there's a debit and credit which leaves a minus balance.
I started the petty cash with daily funds. Nothing was transferred. The initial amount was a purchase in POS system. I know how to do an expense against using petty cash. Maybe I'm entering the cash wrong. I was instructed to create a sales receipt showing daily intake of cash. See attachment. If we use the cash for purchasing anything I do an expense against petty cash.
Am I doing this wrong, because the report shows a credit for the sales receipt amount, but automatically generates a debit for same amount, there by cancelling it out..see next screen shot
The report also breaks down if there was tax applied. So on next screen...we started the till with $22 cash by end of day. Sale of $19.95 - $1.40 cash and then adj of +.65...customer didn't want change, therefore resulting in $22
Thanks for praying for everyone, @nancyb8.
Also, I appreciate the screenshots you've provided. To isolate this, you'll want to check the posting account of your sales receipt. Ensure you deposit it to your petty cash account so it'll not show negative in your report.
I also recommend consulting with your accountant for guidance. This way, we'll ensure the accuracy of your accounts after making these changes.
I also suggest checking our Income and expenses page to learn some tips and tricks on managing your expenses.
Let me know in the comment section if you need help with anything else. I'm more than happy to help. Take care and keep safe!
thank you for responding. I have made sure that I post to petty cash.
I have been trying to connect with an accountant in my area. NO one is responding. BAD time of year and now just BAD in generally.
I'll keep trying.
Can't believe basic bookkeeping has turned into such a nightmare. Been on phone for literally hours and literally days. EVERYDAY actually. Each time, new person, new attempts and new failures. This shouldn't be this difficult.
Maybe I have a technical gliche with my online. Mentioned that on last call, I believe she was going to inquire. No one can understand the negative #'s I'm seeing in a report.
Even though I'm doing the sales receipts right...so they say..I am not doing a bank deposit with each one. Because when I bring my bank statement over I have a match.
I'll keep trying. Have to call again.
thanks for your help
be safe!
@nancyb8 Welcome back to community.
I would definitely attempt getting with a professional to properly account sales.
As mentioned previously, the action you're trying to complete in QBO (recording POS sales) is not supported due to the inability of performing a financial exchange (only offered with desktop). There may be ways to work around recording sales and for that an accounting professional would be your best bet.
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