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10.02.2007 at 05:17PM PDT, ID: 22868088
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7.6

Entering Cash Deposits in Quick Books 2006 and make GJE entery to distribute it into Net Sales, Sales Tax and Cash Over/Short.

Asked by hpjethwa in Quickbooks Financial Software, General Business & Productivity Software, Miscellaneous Software

Tags: , , , ,

Hi I am running Windos XP pro and have question about Quick Books 2006.
I have a retail fast food business. I like to know how I can enter a deposit in  Quick Books, in a way that I can go back and see the individual deposits in reconciliation page. Also my deposit consist of 3 entities.
That is Deposit=Net sales + Sales Tax + Cash overage/shortage. I would know the Net Sales figure from my cash register, and I calculate the sales tax. I would enter net sales and sales tax once a month. I will enter cas deposit on daily basis. I would then make general entry once a month to breakdown the cash deposit into 3 items (Net Sales, Sales Tax and Cash Over/Short). I would call the account where I store my deposits as "Exchange Account". (I am setting it up to be under " Other current assets", Net sales under "income" and Sales tax under"other current liabilities") All said and done but I don't know exactly how to enter this figures in Quick Books 2006. I just bought this software and I am trying to understand its functionality. After I finish entering I want to see how the P & L report and Balance sheet change, so that I know what I am doing is right. It has became a very long question, I thank you in advance for understanding my problem. Please help.Start Free Trial
[+][-]10.09.2007 at 09:57PM PDT, ID: 20046348

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About this solution

Zones: Quickbooks Financial Software, General Business & Productivity Software, Miscellaneous Software
Tags: cash, deposits, quick, sales, tax
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Solution Provided By: ericpete
Participating Experts: 1
Solution Grade: B
 
 
 
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