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bmalysh
Level 1

how to make a journal entry to adjust square tips chart of account

Our square account automatically records customer tips to a chart called Square Tips, a liability account.  Every night, we pay all the tips out of the cash drawer.  So my question is what would be the journal entry in QB to record that the Square Tips liability account is decreasing?

1 Comment 1
asha_kanta_sharma
Level 6

how to make a journal entry to adjust square tips chart of account

Liability Account will be debited and credit will be cash account.