QB Issue Resolution:

This is my general procedure for using QuickBooks for recording a Daily Sales Summary from a z-report:

Depending on the specifics of your business, you might adapt this . . .

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If you can get good end-of-day reports from your register/POS system, I would suggest creating a Daily Sales Summary to post the totals from your z-out tape.

A Daily Sales Summary starts with an sales receipt form and uses items.

Create a customer called ‘Daily Sales’.

Set your preferences to not use the sales tax feature in QuickBooks. Create a products & services item and post your sales tax amount from your z-tape to a current liability account called Sales Tax Liabilities.
‚Äč(In the CAN & UK versions, you need to use the internal sales tax platform to report sales/sales tax collected, per the requirements.)

You can create as many items as you would like to report on – (use your z-report to name your items to make it simple to enter the totals), pointing to your income account(s).

You can create an item, which points to an income account called “Customer Discounts & Credits”, if you want to track that separately. You will need to enter this as a negative.

If applicable, create an item for Gift Certificate purchased. Point it to a current liability account called Gift Certificates Outstanding.

Then, in the same summary, I would enter payment items (under products and services) . . one for AMEX, one for Discover, and one for MC/Visa. I would send Discover and MC/Visa directly to the specific bank account, if your merchant batches them as such. You might want to put AMEX to Undeposited Funds because you might have to total more than one day’s activity to match how it actually hits the bank. (If AMEX takes the fees out with each transaction, call them and ask them to do it monthly)

Or, if you will be downloading from the bank, I suggest that you create an item pointing to a Credit Card Receivables (Other asset type) account and enter the total as a minus to ‘send’ the total credit card payments to that account. Then, when you download, point your merchant deposits to that clearing account.

Create an item for Gift certificates redeemed. Point it to the same Gift Certificates Outstanding liability account and enter it as a negative.

Create an item called Paid Outs, using Cash on Hand/Safe account, with a description, “Total paid out/day” and put the total amount on that line, entering it as a negative (-).
Then, write a check (or checks) out of Cash on Hand/Safe to post the expenses.
This is particularly useful if you need to track the vendor names so that you can 1099 them (bands, window washers, etc)

The balance of that sales receipt would be the cash/checks to be deposited. (you could also have an item called Short/Over to post the variance)

If you make a deposit slip for the bank for every day’s total cash/checks, send this sales summary (sales receipt) to your checking account.

If you make deposits of varying amounts, send it to a bank type account called Cash on Hand/Safe. (Easier to use than “Undeposited Funds) Then, you can post your actual deposits and paid outs using that account. (for expenses paid out of that ‘pot’, use the Write Check form from Cash on Hand/Safe)

Once you set up your items, create a Daily Sales summary, attaching the items that you use daily – with no numbers. Memorize this (make recurring) to use for each day’s sales, deleting the unnecessary lines before saving.

This is just a general overview. You will need to develop a system that works best for you.

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If you still need help, I suggest that you contact someone directly for assistance.
You can search www.findaproadvisor.com if you want someone local.
Also – many of us work remotely and can be contacted via the info on our websites or profiles.

Resolution for Issue 'How to set up Daily Sales, on QBO, for retail store?' available: Yes (Solved).
Source: Intuit Community forum.

How to set up Daily Sales, on QBO, for retail store?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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