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Join nowJust changed over my Point of Sale to Square and my accounting to QB Online from Cam Commerce Solutions Retail Star.
We have a brick & mortal store & also do mail order. We're registered to collect sales tax in two states.
Some of our sales are non-taxable (wholesale to other resellers, mail-orders to other states etc.)
All sales are rung through our Square Register and are taxable one of 3 ways:
1. Taxable in State #1
2. Non-Taxable (periodicals & wholesale)
3. Taxable in State #2 (mail order)
I tried setting up RECORDING SALES FROM CASH DRAWER as per the directions on the QB website, but by entering Daily Sales from Cash Drawer in Product/Service information, you can only select taxable or non-taxable.
So I set up 3 variations for this:
Daily Sales Cash Drawer Taxable State #1
Daily Sales Cash Drawer Taxable State #2
Daily Sales Cash Drawer Non-Taxable
But there is no place to CHANGE the tax rate for the proper jurisdiction.
Also, is there a way to split the Make Deposits into different payment methods: i.e Credit Cards, Cash, PayPal, etc?
Is it easier to bring the information over from Square by making a Journal Entry (see screen shot) into QB Online that
Debits: COGS, Undeposited Funds, Square Fees, Cash Register Variance
Credit: Inventory, Sales, Sales Tax State #1, Sales Tax State #2
And If I do it by Journal Entry, can I use BANK DEPOSIT to bring the Undeposited funds into the specific bank accounts and will it split them into their respective payment methods?
Any suggestions? I'd like to start entering these numbers ASAP so I don't fall behind.
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:
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:
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:
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:
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!
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