Category list

Receiving Cash

Companies that make cash sales need to record these sales, just as companies that issue invoices record their sales. If yours is a cash business, such as a retail store, you might not keep a list of all of your customers. For sales to anonymous customers, you can create a customer and name it something like Cash Customer or simply Customer, and still record your sales properly in QuickBooks.

Select Enter Sales Receipts from the Customers menu, or click the Create Sales Receipts icon on the Home page.

Enter a generic name for the cash customer in the Customer area.

Select Quick Add to add this name to your customer list if the name has not been used previously.

Verify the date of the sale.

Enter the item(s) sold.

Enter the quantity and rate.

Indicate if you want the invoice to be printed or emailed .

Save the form.

Making Bank Deposits

In the Sales & Customers preferences, you have the option of choosing whether you want payments to be routed to an Undeposited Funds account for future depositing instead of being recorded immediately as deposits. If you've chosen to deposit the funds later, you need to follow these steps to record the actual deposit.

Select Make Deposits from the Banking menu, or click the Record Deposits icon on the Home page.

Change the payment type if you want to view a particular type of payment (such as only cash or only MasterCard and Visa).

Check off each of the deposits you want to make at this time. You can use the Select All button to check off the entire list at once.

Click OK.

Verify the account to which the money will be deposited.

Verify the date of the deposit.

Verify all deposit information.

If you intend to take cash back from the deposit, enter the account that the money should be assigned to.

Enter an optional memo regarding the cash back.

Enter the amount of the cash back.

Click the Print button if you want to print a deposit slip or a summary of the deposit.

Choose which documents you want to print.

Click the OK button.

Save the deposit.

Receiving Advances, Retainers, and Down Payments

You might require that your customers or clients give you advance payments, retainers, layaway payments, or down payments on purchases of goods or services. If the payment you receive is a down payment on the purchase of goods, you can create an invoice for the goods and then can record the payment as a partial payment for that invoice (see "Receiving Payments for Invoices," earlier in this chapter). If you are taking an advance payment or a retainer for goods or services that have not yet been invoiced, the procedure for recording the payment is somewhat different as shown in this task.

Select Make Deposits from the Banking menu.

IMPORTANT

If the Payments to Deposit window appears, ignore that window at this time by clicking the X in the upper-right corner to close the window.

Indicate the account into which this money will be deposited.

Enter the date of the deposit.

Enter the name of the customer and, if applicable , the job related to this deposit.

Enter the account in which the deposit will be recorded. Typically this is a current liability account, not an income account.

Enter optional information about the method of payment.

Enter the amount of the deposit.

Click Print to print a deposit slip or deposit summary.

Save the deposit.