How to record total daily sales from cash drawer/credit cards from multiple tax jurisdictions and non-taxable sales

You came to the right place, hockeymark.

I also don't want you to fall behind, so let me share a few suggestions that can help you enter your daily sales and deposits with the appropriate splits and payment method.

First things first, let's make sure that we've set up the sales tax for both New York and New Jersey. Allow me to walk you through the steps on how to set them up:

1. Click Taxes on the left side tab, then select the Get set up button.
2. On the next page, we'll ask you to verify your address. Just a heads up, we base our tax calculations based on this address, so it's important that it is correct.
   - If the address is already correct, choose Looks good.
   - If it's not, click the pencil icon and make the necessary corrections.
3. Next, you'll be asked if you're required to collect taxes for another state. Select Yes.
4. Click Add Agency, then fill in the Agency, Filling frequency, and the Start date for each Tax Agency.
5. Hit Next, and then Got it.

Before we proceed, I'd like to thank you for sharing how you've set up the daily sales cash drawer, and let you know that you got it right. With that said, let me show you how you can apply the correct rate for the proper jurisdiction, when you record the total sales as a sales receipt:

1. Click the Plus (+) icon, and select Sales Receipt.
2. Choose the correct customer.
3. Enter the Sales Receipt date and Sales Receipt no. (if necessary).
4. Select Undeposited Funds from the Deposit to drop-down list.
5. In the Product/Service column, select the appropriate item you created from the drop-down list.
   - This will depend on the sales tax that needs to be calculated for this transaction.
6. In the Amount column, enter the total sales amount.
7. Hit the Sales tax hypertext.
8. In the Your tax agency and standard rate section, hit the pencil icon.
   - For Are you shipping this item? , select Yes, and enter the correct Location of sale. Click Save and continue.

9. Click Close, and then Save & Close.

Here's a couple of great articles that'll help you and provide you more information about these processes:

• Set up and use Automated Sales Tax
• How to record total daily sales from cash drawer

Now, with regards to your deposits. Yes, it'll be easier to bring the information over from Square by making a Journal Entry into QB Online, and yes, you can use Bank Deposit to bring them into the specific bank accounts .

However, you'll need to divide the Undeposited Funds entry and add them into separate lines and manually select the payment method for each line item, when you make the deposit.

I've attached a screenshot to show you how it'll look like when you divide the entry. For the deposit, let me guide you through the steps on how to do it:

1. Click the Plus (+) icon, and select Bank Deposit.
2. Enter the correct Account and Date.
3. Select the funds you want to deposit.
4. From the Payment Method drop-down list, choose the correct one for each one of them.
5. Click Save and close.

I know you've got this! Reach out to me if you'll need more help recording these transactions in QuickBooks. I'll be here to assist you, however I can.

Thanks for the quick response and Happy Thanksgiving to you.

Just to clarify:

Can I choose which of the two methods is easier for me (either 1. Sales Receipt or by 2. Journal Entry/Make Deposit Entry) ?  And if  I use the second method, will the deposits still show up in the Bank Recs as long as I follow the guidelines that you provided?

Let me know,
Thanks
Mark

You're welcome and Happy Thanksgiving to you too, hockeymark.

My answer is yes to both of your questions. You may choose whichever method is easier for you. As long as they're deposited into the right bank account, the deposits will show up on the Bank Reconciliation page.

I look forward to hearing from you again. Keep in touch if you have additional questions about this, and I'll get back to you right away. Have a great day!