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jade9
Level 1

Went with daily sales method on a sales receipt. When I enter the cash is it not depositing the cash to my cash on hand chart of accounts. Same for credit card clearing

I was instructed to (-) cash and credit card amounts on the sales receipt to make it a zero balance. The cash is showing up as a negative on my P&L but no where else. How do I track cash received, not yet deposited?
2 Comments
JonpriL
Moderator

Went with daily sales method on a sales receipt. When I enter the cash is it not depositing the cash to my cash on hand chart of accounts. Same for credit card clearing

Hello there, @jade9!

 

When you start tracking your daily sales via cash or credit card, all the amounts you received will be recorded into your Undeposited Funds account. This is the reason why they're not yet deposited into you cash or credit card account of your Chart of Accounts.

 

To fix this, you have to make a deposit transaction to transfer all the amounts of your daily sales from your Undeposited Funds into your cash or credit card account. To do so:

  1. Go to the Plus icon.
  2. On the OTHER column, select Bank Deposit.
  3. Under Select the payments included in this deposit, select your daily sales.
  4. Select your cash or credit card account on the Cash back goes to menu.
  5. Click Save and close.

In addition, here's an article you can read to learn more about how you can track your daily sales: Record your total daily sales

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.

vpcontroller
Level 11

Went with daily sales method on a sales receipt. When I enter the cash is it not depositing the cash to my cash on hand chart of accounts. Same for credit card clearing

@jade9 

 

"The cash is showing up as a negative on my P&L but no where else."

 

It may have something to do with how you set up your "Product/Service Item" on the Product/Service Information for the Income Account. For the income account field, you should select for example Cash account or Credit Card clearing account, not income type account. See the screenshot below for reference.

 

You can follow this very popular Daily Sales article if you need step-by-step instructions.

 

dailysales-cash.PNG

 

 

 

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