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userepark90417
Level 2

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

It was supposed to credit Account 401 Sales. Should I add it manually?
Solved
Best answer January 18, 2021

Best Answers
MarshallA
Intuit

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

Hello,

 

When creating a "Sales Receipt" it typically affects your asset account (Bank or Undeposited Funds) Sales Tax Payable (If you charge sales tax) and an income account associated with the item you sold or service you provided.

 

If your checking account was CREDITED, it definitely sounds like you need to double check your item setup.  When you sell an item and its on a sales receipt, your back account should have a DEBIT for the money going into it from the cash sale.

 

Double check the item setup for whatever item you listed on the sales receipt and make sure in the setup of that item the Income Account is mapped to whatever income you want to track that sales to.  Also, when you have the transaction screen front and center on your screen, at the bottom you can click MORE and TRANSACTION JOURNAL and see how each account is debited and credited for that transaction.

 

I also attached a T chart for handy reference.

View solution in original post

MarshallA
Intuit

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

Hello @userepark90417 

 

I'm glad you figured it out.  Even if balances dont show on the chart of account, you can always click the down arrow next to each account and run a quick report so see how its being affected.

View solution in original post

3 Comments
MarshallA
Intuit

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

Hello,

 

When creating a "Sales Receipt" it typically affects your asset account (Bank or Undeposited Funds) Sales Tax Payable (If you charge sales tax) and an income account associated with the item you sold or service you provided.

 

If your checking account was CREDITED, it definitely sounds like you need to double check your item setup.  When you sell an item and its on a sales receipt, your back account should have a DEBIT for the money going into it from the cash sale.

 

Double check the item setup for whatever item you listed on the sales receipt and make sure in the setup of that item the Income Account is mapped to whatever income you want to track that sales to.  Also, when you have the transaction screen front and center on your screen, at the bottom you can click MORE and TRANSACTION JOURNAL and see how each account is debited and credited for that transaction.

 

I also attached a T chart for handy reference.

View solution in original post

userepark90417
Level 2

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

Thank you, Marshall!

 

I checked my Journal and saw the credit in the Sales Account and the debit for the Checking Account. The Chart of Accounts was where I was looking to check the balance and then I realized the Chart of Accounts does not show balances for all of the accounts.

 

The T account chart is very helpful. I will share it with my QB classmates.

 

Thanks so much!

MarshallA
Intuit

Using QBO Student, I created a Sales Invoice for Cash Sales. It credited checking and Sales Tax Payable, but there was no credit created for the amount of the cash sale.

Hello @userepark90417 

 

I'm glad you figured it out.  Even if balances dont show on the chart of account, you can always click the down arrow next to each account and run a quick report so see how its being affected.

View solution in original post

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