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Re: Daily Sales Summary, how to enter on account charges for customers and employees

I think I'll wait to see who makes specific comments on POS issues as there are a lot of people that deal with it more than I do.  But...  A couple of quick recommendation on "correcting" the old info having done this for a couple of companies. 


First, your post is in the QB Desktop section, are you really using QB Desktop?  (I hope you are!)  If you are using QBD, then you can have the ability to easily go backwards in time if you mess up making corrections.  If you do not know where you data file is (YourCompanyName.QBW), go find it.   Also make a folder on your desktop (or wherever) and name it something like QB Copies.


Next, open QBs if it's not already, go into File; Utilities and make a Backup.  Close QBs and then go to your company QBW file and copy it to the folder you made earlier.  If the original is name.qbw, rename the copy you just put in the new folder to name-01.qbw.  If you go make a change now in QBs and it totally messes everything else up, you simple rename the copy to the original name and move it back to the original data folder.  


As you get done with each area or section of your corrections.  Close QBs and make another copy.  (e.g.  company-02.qbw, company-03.qbw, etc., etc.)  If some time down the road you find you have royally messed something up, you can go back each step until it's back to normal.


Also, you're obviously going to have to do daily work.  Be sure after you've made all your real entries, close QBs and make another copy.  But keep all the prior ones.  There is a chance that it may take a while to see an error.


Next, before you start to make corrections run a Balance Sheet and P&L Report, maybe a report any whatever area you're about to go work on (AR, AP), whatever info you want to confirm.  When you get done with our changes run the reports again.  If the numbers are moving the way you need them to, great.  If you see something way off, see if you can fix it.  If not, reload the last copy you made.


As you correct your account types and your entries, you may pull everything in line.  But if there are entries where it would take hundreds of individual corrections, consider a Journal entry to correct each month so the reports are accurate - IN 2018.  For 2019, I'd suggest you go back to 01/01 and get everything perfect.


On your deposits not matching, I'm curious why you do not see the money until the customer pay's their bill?  The credit card systems I'm familiar with deposit the money every day.  Some POS system actually will give you the money multiple times throughout the day, but you often pay a big fee.  So maybe if you could explain that a bit more then it might helps some of the other POS gurus here.


On the fees, it depends upon if your CC processor takes a piece out of each transaction or once a month (or week).  The processors my clients use basically invoice them and then take an ACH payment once a month.  So ALL money from the CC goes into the bank daily (weekends hit Mon).  Just after the first they get a statement of the prior month for per transaction fees and percentages and then around the 20 they get an ACH withdraw.  I would have assumed you got the money every night but like many other POS sales your per transaction fee and percentages would be taken out of the deposit.  (You run $100 in CC and you get $90 in the bank.)


So as you're setting up your accounts (again, someone may contradict me) you would want to show:

  • Sales (total)
  • Less CC Fees (do you get a daily report you can enter?)
  • Less Sales Tax Payable  


That should show  you your Gross Income for the day.


And duh....   Should have asked this earlier.  Is your POS terminal not connected to QBs?  I may have made a big assumption that it is not as your description sounds like clients of mine where the terminal is separate.  If it is, then there may be an addition issue of the mapping of where tax, etc. goes with your setup.