Daily Sales

To accurately record your daily sales in QuickBooks Online Ireland, it's important to set up items for each sale and categorize them properly, NYEats. I'm here to help guide you through this process.

To start, you'll have to create a customer for daily sales, here's how:

1. In the left menu, choose Customers & leads and select Customers.
2. Select New customer.
3. In the Customer display name field, enter Daily Sales.
4. Select Save.

Once you've set up the customer, create accounts for tracking daily sales and proceed to item creation. If you collect sales tax, ensure the Daily Sales Income item is marked as taxable. If not, you can leave it non-taxable.

For a detailed, step-by-step guide, check out this article: Record your total daily sales in QuickBooks Online.

I also suggest consulting with your accountant to ensure the setup is aligned with your business needs. Their expertise will help confirm that every sale is recorded accurately.

Want to gain helpful insights into your sales and inventory status? You can easily run reports in QBO. For guidance, take a look at this article: Use reports to see your sales and inventory status in QuickBooks Online.

Is there anything on your mind about tracking your daily sales? I'd be thrilled to help answer any questions you might have.

Hi,

Thank you so much for your reply. When in the US I was recording sales as reflected in the article, but now EU based, I'm not sure how to break down VAT tax rates in my sales. Would I make a separate daily sales and inlcude breakdowns of sale type for each VAT percentage (23%, 13.5%, and 0% exempt) in order to keep sales organized for VAT filing to the government? Thanks!

There's no need to create separate daily sales since you'll have to set up one daily sales as your customer, @NYEats. Instead, you'll need to assign each tax rate to a specific product and service so your sales will be organized. I'd love to elaborate on the details below so you can have seamless tax filing.

Assigning a precise tax rate for each product and service you offer is important for a complete understanding of your daily sales. It also facilitates a clear breakdown of the taxes associated with each sale.

Once you set up Daily Sales as your Product Category, let's assign each tax rate for every product and service you sell:

1. Go to Settings and select Products and Services.
2. Click the New button, then select its type.
3. Enter the name, ensure to select Daily Sales as your Category for each item, and select the tax rate in the Tax dropdown.
   
   
   
   
4. Ensure to set up each tax rate (23%, 13.5, and 0%).
5. Once done, click Save and Close.

To proceed with tracking your daily sales, kindly refer to this article: Record your total daily sales in QuickBooks Online.

However, it’s recommended to seek the expertise of an accountant to ensure that all financial matters are arranged accurately and in compliance with regulations. Their knowledge can provide valuable insights into optimizing your financial setup and avoiding potential report discrepancies.

Furthermore, you can refer to this article when it's time to file your taxes. Start by reviewing your outstanding balance to ensure that all the numbers are accurate and consistent. Then, you can use your up-to-date QuickBooks info to fill out your tax form: File your tax return and record tax payments in QuickBooks Online.

You'll be better confident in your filing process if you categorize your sales items based on their accurate tax rates. If you still have follow-up questions, never hesitate to leave a comment below, then we'll assist you right away.

Hi,

Ok, so I have Daily sales set up as a customer and products typically used (cash, credit cards, cheques, over/under etc.) to record the overall daily sales income streams. Just to confirm, I also now set up each menu item and it's applicable tax? I was thinking I could short hand it by creating a product "daily sales- standard vat" 'Daily sales -reduced" and it never occurred to itemize each menu item. It's a lot of work so best to check before I begin! Again, thank you so much.

Yes, when setting up an item you have to select its applicable tax rate to streamline your invoicing process, NYEats. Let me explain how to manage your taxes effectively.

In QuickBooks, you don't need to create another product for tax calculations. Once you set up the specific tax rate for an item, QuickBooks will automatically calculate the tax based on the selected rate.

If you're uncertain about which tax rate to apply, you can seek help from your accountant. They can provide expert guidance on the appropriate tax rates for your specific business transactions and help ensure compliance with tax regulations.

To keep track of your daily sales, please review this article: Record your total daily sales in QuickBooks Online.

For more helpful tips on your sales and inventory status, you can visit this reference as a guide: Use reports to see your sales and inventory status in QuickBooks Online.

I'm always here to help you navigate your QuickBooks setup. If you run into any challenges with your daily sales tracking, just leave a message on this forum by hitting the Reply button. We'll provide prompt and detailed assistance to ensure your accounting process runs smoothly.