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Rocky2079
Level 2

Sales Receipt Accounting

See attached Sales Receipt.  How do I accomplish the following:

Need the $1.59 Tax to go to an Expense Account.

Need only $22.75 to go to Undeposited Funds.

Currently, the $24.34 goes to Undeposited Funds.

IMG_0365.jpg

 

3 Comments 3
Rose-A
Moderator

Sales Receipt Accounting

Hello, Rocky2079.

 

To allocate the tax to the correct expense account, you can create a service item and use an Expense as their posting account.

 

Here's how:

 

  1. Click Lists at the top menu bar and choose Item List.
  2. Press CTRL+N on your keyboard or right-click then click New.
  3. Select the Service as the Type.
  4. Enter the item name.
  5. Choose the Expense Account.
  6. Hit OK.

Once done, you can go back to your sales receipt, manually calculate the tax, and enter it in a negative amount. This way, you'll have $22.75 on your Undeposited Funds and $1.59 on your Expense Account.

 

 

To learn more about adding service items in QuickBooks Desktop, check out this article: Learn how to add, edit and delete items in QuickBooks Desktop.

 

Additionally, you can take a look at this article to help guide you with utilizing your templates in QuickBooks Desktop as well as on what other information you can add: Use and customize form templates.

 

If you need more help with sales receipts, don't hesitate to hit reply below. I'll be here to keep helping.

Rocky2079
Level 2

Sales Receipt Accounting

Thanks for the quick and thorough response. This manual process works but I am looking for an automated way to accomplish this step because the Sales Receipts are automatically created from an AccuPOS import.  Do other Restaurants/Bars have an automated way to correctly post their sales tax and undeposited funds?

Catherine_B
QuickBooks Team

Sales Receipt Accounting

Hello there, Rocky2079.

 

If AccuPOS is connected to QuickBooks Desktop, you can create a deposit and allocate the tax to the expense account and the rest is to the income account. This way, it'll automatically sync to QuickBooks. You can use this article for more details: Handle bank deposits in QuickBooks Desktop after a Financial Exchange.

 

Let me know if you have other questions. Take care!

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