There are some businesses that do not invoice their customers. It includes salons, medical, eCommerce, spas, chiropractors, restaurants, and more. For such businesses, it is not required to record each transaction every time. Instead, you can just record the total sales from the Cash Drawer at the end of the day. If such companies do not provide invoices(create invoice in QuickBooks) to any customer can use the daily sales method in QuickBooks. By recording daily sales in QuickBooks Online, you can keep the income report accurate while saving time.
Through this guide, we will help you to understand how to record daily sales in QuickBooks Online and QuickBooks Desktop.
- How to Record Daily Sales in QuickBooks Online?
- Step 1: Create an Account for Customer
- Step 2: Set Up the Account for Daily Sales
- Step 3: Set Up Items for Daily Sales
- Step 4: Create the Template for Daily Sales
- Step 5: Record the Daily Sales
- Step 6: Deposit the Daily Sales
- How to Record Daily Sales in QuickBooks Desktop?
How to Record Daily Sales in QuickBooks Online?
To enter the total daily sales in your QuickBooks account, you can add a single receipt if you are using a separate Point of Sales system. This will save your time while keeping the income reports accurate.
For recording daily sales in QuickBooks Online, all you are required to perform is a number of steps. First of all, you will have to make a new account for the customer you can also delete a customer account which are unnecessary . Then, create an account so that you can set up the daily sales. Once done, start creating a new category in which you are supposed to add the items for daily sales.
Thereafter, you can create a predefined template so that you can record the daily sales. In the end, you can deposit the daily sales in QuickBooks Online.
To go through each step, look for the following details:
Step 1: Create an Account for Customer
If you want to record the daily sales of a customer, first, you will have to create a new account. You will require this customer account at the end of the day so that you can enter the daily sales.
- In QuickBooks Online, click on the menu located on the left.
- Then, click on the “Sales” option.
- After this, select the “Customers” option.
- Now, switch to the “New Customer” button.
- At this point, you can enter the “Daily Sales”.
- Once done, hit the “Save” button.
Step 2: Set Up the Account for Daily Sales
It is important to ensure that the Daily Sales account is set upright. This will help you to keep the income reporting accurate. Thus, in this step, we will show you how to set up the accounts for the daily sales.
- Go to the “Gear” icon located in the toolbar.
- Then, click on the “Chart of Accounts” option from the “Your Company” section.
- After this, click on the “New” button. This must be located on the top right.
- At this point, you are required to enter the details based on these categories:
- Name: Daily Sales Income, Clearing Account, and Overage/Underage Expense Account.
- Category Type: Income, Bank, and Expense.
- Detail Type: Other Primary Income/Sales of Product Income, Cash on Hand, and Other Business Expenses.
- Description: For tracking daily sales, Zero balance account for daily sales, and For drawer shortages.
Step 3: Set Up Items for Daily Sales
Once you are setting up an account for Daily Sales, you can continue adding the items and products to keep them organized. To do so, you need to create a new category for Daily Sales and then add the items to it.
Create a New Category
- Click on the “Gear” menu available in the toolbar.
- Go to the “Lists” menu.
- Press the “All Lists” menu.
- Click on the “Product Categories” option.
- Here, choose the “New Category” option located at the top right.
- At this point, you can choose the new category for your “Daily Sales”.
- Once you are done, press the “Save” button.
Add Items to the Category
- Go to the “Gear” menu located in the toolbar.
- Press the “Lists” menu.
- Click on the “Product and Services” option.
- Choose the “New” button located at the top right.
- Now, you can set up the items for “Daily Sales”. You need to make sure that you choose Daily Sales as “Category” for each item.
- After that, you are required to enter the details based on these categories; Name, Account, and Description (that will appear on the forms):
- Daily Sales Income -> Daily Sales Income -> Daily Sales Income.
- Overage/Underage -> Overage/Underage Expense -> Overage/Underage.
- Cheque -> Cheque -> Cheque.
- Visa/Mastercard -> Undeposited Funds -> Visa/MasterCard.
- American Express -> Undeposited Funds -> American Express.
- Cash -> Undeposited Funds -> Cash.
- Discover -> Undeposited Funds -> Discover.
Step 4: Create the Template for Daily Sales
Templates give you a readymade format so that you don’t need to format details. All you have to do is to create the template and enter the required details into it. These templates will be used every time you want to record daily sales.
- Click on the “Gear” menu located in the toolbar.
- Then, Click on the “Lists” menu.
- Now, press the “Recurring Transactions”.
- Click on the “New” button available on the top right.
- At this point, you need to choose the “Sales Receipt”.
- Give a name to your template, for example, “Daily Sales”.
- Users have to ensure that your “Type” remains “Unscheduled”.
- After that, click on the “Daily Sales” as a “Customer”.
- Now, choose the following items mentioned below:
- Daily Sales Income
- American Express
- Press the “Save” button.
Note: Daily Sales Income items can also be marked as taxable only if you prefer to collect the sales tax. But, you have to make sure that the sales tax rate is accurate.
Step 5: Record the Daily Sales
After setting up the accounts and items, you can start recording daily sales in QuickBooks Online. To do so, you can pursue the following instructions:
- Click on the “Gear icon” from the toolbar.
- Then, press the “Recurring Transactions” from the “Lists” menu.
- Now, select your template and click the “Use” button using the “Action” drop-down menu.
Step 6: Deposit the Daily Sales
At this moment, you are required to record an actual fund amount that is deposited to your bank. It is an important step to ensure that the deposits match the bank statement.
- As you get the funds from the merchant service provider, you can record the deposit for Mastercard, AMEX, or Visa.
- You can also record the bank deposit as you deposit the cheque payments.
To record your deposit, one can go through the following steps:
- Click on the “+New” button.
- Select the “Bank Deposit” from the “Other” section.
- Now, you can choose your bank account using the “Account” drop-down menu.
- Here, mention the deposit date in the “Date” field.
- After that, choose your group of payments that are included in your deposit.
- Now, press the “Save” button.
As you save the details, your procedure of recording daily sales in QuickBooks Online will end here. This way you can record the daily sales at the end of the day (if you don’t invoice your customers). All you have to do is make sure that you enter the details correctly.
How to Record Daily Sales in QuickBooks Desktop?
QuickBooks Desktop users can also record the daily sales. However, for that, you are required to go to the Help menu where you can find helpful instructions for the same.
- In QuickBooks Desktop, click on the “Help” menu.
- Select the “QuickBooks Desktop Help” menu.
- Now, click on the “Help” tab. This must be available in the “Have a Question?” screen.
- Select the “Search” option.
- At this point, type “Daily Sales” in the search bar.
- Press the “Enter” key.
As you perform these steps, the search bar lists the best articles with the information on recording daily sales in QuickBooks Desktop. By taking the help of such articles, you can enter the daily sales, viewing reports, tracking shortages or overages.
In a Nutshell
Recording daily sales individually may look right to you but it is monotonous as it consumes your hours. To make this process easy, you can just enter one sales receipt along with the total for the entire day’s income. To avoid any kind of confusion, we have provided the best possible details in this guide. By using this daily sales record method, you can keep your income report accurate. This also helps you to save tons of hours every day.
Do you know how to add sales rep in QuickBooks Desktop? If not, learn with this.