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simeontan
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

 
14 Comments 14
Fiat Lux - ASIA
Level 15

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

It depends on how you will record it in QBO. You may create a montly sales receipt at the end of each month. Otherwise, you can migrate your invoice transaction data into QBO using an importer tool.

https://transactionpro.grsm.io/qbo

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

Just my 2 cents. 

MariaSoledadG
QuickBooks Team

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Hi simeontan,

 

You can record the monthly lump amount using the sales receipt if your customer pays immediately for the product or service or invoice if you need to bill your customer after the sale is made. 

 

Here's how:

  1. Click the + New button.
  2. Select Sales Receipt.
  3. Choose the name of the customer or create a new one. If the customer is currently not set up in QuickBooks Online, select Add a new customer.
  4. Enter all sales information needed to complete the sales receipt. 
  5. On the Description column, enter the information for the monthly lump amount,
  6. Click Save and close.

You can do the same thing once you want to enter an invoice: Create Invoices in QuickBooks Online.

 

Although sales receipts and invoices are used to track your daily sales, you can still follow the steps above to track it on a monthly lump amount.

 

You might want to run the Sales by Product/Services Detail report if you want to view the total sales: Run Reports.

 

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help.

NovemberSky
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Is there another way to input the monthly sales at the end of the month.  The monthly sales do not represent 1 customer but rather hundreds of customers.  I was thinking if the total monthly amount can be added to an account that is labeled Sales with "income" attribute.  

JamesDuanT
Moderator

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Hello NovemberSky,

 

Instead of creating individual sales receipts for each of your customers, we can record a bank deposit at the end of the month. Here's how to do it:

  1. Click the + New button and select Bank Deposit.
  2. Select the bank account in the Account field and the Date of the deposit.
  3. Go to the Add funds to this deposit section and select the customer per line in the RECEIVED FROM column.
  4. Select the income account in the ACCOUNT column.
  5. Enter the details in the DESCRIPTION and the AMOUNT columns.
  6. Click Save and close.

That's how to deposit your monthly sales.

 

Feel free to get back to us if you have additional queries.

HinaT
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

One way to do is;

Create a contra account, which is kind of a clearing account.

 

As an example for Motel Revenue from room rent; create a Guest ledger account.

 

Then if you want to record monthly sales; you can do it by a J/E, in which to record  amount of daily or monthly revenue/sales ;

 

                   Debit Guest Ledger Account  

                  Credit Revenue

 

Then once you deposit  cash and credit card amount in your bank account, you can do following J/E;

 

               Debit Bank ( Whatever Deposit is )

              Credit Guest Ledger Account

 

You can also debit the returns/refunds thru this clearing account.

 

Now, at the end of the year/month,  either the account will show "0" or there may  be some amount left in that clearing account, which would be your receivable or may be pending credit card balance.

 

Hope, this will help.

 

 

 

 

cmanger
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Hi Hina,

 

I am helping out a boutique hotel that is using QBO and trying to find information on how to enter advance payments.  For example in January we only received advance deposits because due to covid we were shut down.  Since the PMS does not interface with QBO what would be the best way to enter this information and track when they are used?

MirriamM
Moderator

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Thanks for joining the thread, cmanger.

 

You can record a retainer or deposit for the advanced payment made by the customer. This way, the transaction will show correctly on your financial reports.

 

To get started, you'll need to create a liability account to track the amount of the retainer received. Here's how:

  1.  In the left menu, click Accounting.
  2. Go to the Chart of Accounts tab.
  3. Click the New button at the upper right hand.
  4. Choose Other Current Liabilities from the Account Type drop-down list.
  5. Select Trust Accounts - Liabilities under the Detail Type drop-down.
  6. Enter a name for the account example, Trust Liabilities.
  7. Click Save and close.

Once done, create a retainer item you can use to receive the deposit or retainer. Let me show you how:

  1. Go to the Gear icon at the top.
  2. Select Products and Services.
  3. Then select New.
  4. On the Product/Service information window, select Service.
  5. Enter a name for the product or service item.
  6. From the Income Account drop-down, choose Trust Liability Account.
  7. Click on Save and Close.

If you want the money from customer retainers and deposit in a separate trust account, you’ll need to set up a trust liability bank account. But if you don't, skip Step 3 from this article and proceed to Step 4-6: Record a retainer or deposit.

 

In case you'd want to browse some articles to know your financial status, you can see below links on how to generate:

I'm only a few clicks away if you should have questions about this or anything else. Take care.

cmanger
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Can I do this as an invoice due to the fact that the credit cards are deposited daily and with an sales receipt I can not apply multiple payments

Catherine_B
QuickBooks Team

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Hello 

 

Yes, you can do the retainer process if you choose to use an Invoice instead of a Sales Receipt. Just follow the steps on how to create a liability account and retainer item shared by my colleague MirriamM. Then, follow these steps on how to invoice the customer:

 

  1. Go to the + New and select Invoice.
  2. Select the Customer and the invoice details.
  3. In the Product/Service column, select the Retainer or Deposit item you set up.
  4. Enter the amount received for the retainer or deposit in the Rate or Amount column.
  5. Select Save and close.

After invoicing, you can turn the retainers into credits on invoices. You can follow the steps provided in Step 5. Turn retainers into credits on invoices of this link: Record a retainer or deposit.

 

Let me know if you have other questions. Take care and have a great day!

FROSHOW
Level 1

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Because we are now using a new system for our motorcycle shop sales, we want to enter a lump sum in QB to keep all records in one place for end of year reporting. It looks like a monthly "bank deposit" will work for our purpose. Because these entries are now a lump sum of all services and sales, and,  If these sales/services are no longer tracked/ entered individually in QB, how do I now enter my monthly sales tax payments? Create a new expense account and track that way? I am getting my totals from the new system and just need to ender in QB for end of year as the new system does not track all expenses like utilities etc. 

 

thank you for your help. 

lorenaemer
Level 2

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Can I do a monthly sales receipt but I have some A/R in my entry (from storage POS reporting).

We are accrual based and right now we are entering with journal entries and this makes our A/R balance on balance sheet negative as we do not have invoices? 

Additionally can I enter taxes payable etc, refunds in the monthly sales receipt and would this still show in the profit and loss accrual 

 

RCV
QuickBooks Team
QuickBooks Team

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

Allow me to assist you in recording the transactions you require in QuickBooks Online (QBO), lorenaemer.

 

Yes, you can create a monthly sales receipt in QBO by creating a recurring sales receipt (QBO). A recurring sales receipt charges a customer at predetermined intervals. Here's a link to an article with more information about setting up a recurring sales receipt in QuickBooks Online

 

However, because you record an A/R transaction through journal entry without a payment, the Account Receivable A/R balance on the balance sheet will be negative. To resolve this, we can reverse a journal entry and remove it from the report. QuickBooks then generates a new journal entry to balance it. This is a record of the modification you made, with slightly different information:

 

  • The original journal number is retained, and the letter "R" is added to the new journal entry. This indicates that it has been reconciled.
  • The new journal entry is dated the first of the month following the date of the original journal entry.
  • The new journal entry contains the same information as the original, such as the Account, Name, and Description.

 

Here's how:

 

  1. Go to the Gear icon on the top menu. 
  2. Choose Chart of accounts.
  3. Find the account you created the journal entry for. Then select View register.
  4. Find the journal entry in the account register. The word "Journal" should be in the Ref No. or Type column.
  5. Select the journal entry to expand the view. Then select Edit.
  6. Tap Reverse.
  7. Press Save.

 

For your last question, we can use a Refund receipt manually since recurring sales receipts are fully paid transactions. Let me show you how: 

 

  1. Click + New and then choose Refund receipt.
  2. Select the customer you want to refund from the Customer ▼ dropdown.
  3. Enter the details in the fields using the same info from the original sale. To credit back their credit card, in Payment method, select Credit card. To credit back their bank account, in Payment method, select Direct Debit.
  4. In Refund From, select the account you wish to refund the customer from.
  5. Select Save and close.

 

You can reference this article: Void or refund customer payments in QuickBooks Online. It also covers how to refund an invoice. In addition, I'd like you to read the following to learn more about how to enable automatic credit application to open customer balances and refund customer payments:

 

 

Please get back if you have other QuickBooks record-keeping concerns. I'm still here to help. Take care always, and more power to your institution!

lorenaemer
Level 2

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

No, I do not want to do recurring sales receipts. just monthly ones showing what we received as sales, what we have in A/R for that month, taxes, refunds. Like a journal entry but a sales receipt for all the movement in one month.

We are doing J/Es for this which seems to work well, except the negative AR balance, this is what I need to resolve. 

I need a way to get all the monthly accounting movement in a sales receipt or JE. But as we do not create invoices A/R is negative. Can someone help? 

 

Thank you,  

jamespaul
Moderator

Will entering 1 monthly lump amount in sales be workable in QB , because we have a separate sales system that already prepares the daily invoices.

 Hello, lorenaemer.

 

I'm dropping by to help you record your transaction movement in QuickBooks, and make sure your AR balances are correct. 

 

Journal entries are tricky to work with if you want to record all of your transactions in a single entry. This is usually used as a last resort to adjust some balances or to record certain entries that couldn't be entered using the standard transaction forms. 

 

Furthermore, a sales receipt is used for income or money-in transactions. Using it to record your refunds, taxes, and other transaction movements could muddy up your books. It could also negatively affect your reports. 

 

Moving on, an invoice is used for AR transactions. Since you don't use it, I would like to address the negative A/R balance from your journal entry. 

 

Depending on the line items in your journal entry, we would want to review the amounts under the Debit and Credit columns. Change the amount placement to fix the negative balance for the AR account. 

 

If you're still unsure how to make corrections, or how to record the movements with a journal entry, I would recommend consulting an accountant. They will guide you through the steps to ensure your entries are recorded properly. 

 

I would also like to suggest a few things to ensure your entries are recorded properly. 

 

We can record your taxes, refunds, and other sales entries using other forms. Recording these in a single monthly journal entry could negatively affect your balances and accounts. 

 

Are you trying to record your payroll taxes and associated paychecks manually? We can take a look at this guide for details: Manually enter payroll paychecks in QuickBooks Online.

 

If this is related to sales taxes, we can use the Sales Tax feature instead. 

 

For vendor and customer refunds, I'll add these articles for more information: 

 

 

 Would you like some assistance in reconciling your accounts after making those entries? Take a look at this guide if you need help in the future: Reconcile an account in QuickBooks Online

 

Let me know if you have more questions about managing your entries in QuickBooks. If you need help running reports, or if you need to take care of your taxes, feel free to add the details to your reply. I'm here to help. 

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