How do I add to my bank register

This video will give you the step-by-step guide on how to enter transactions in a bank register. If you’ve just started QuickBooks Online and still wants to just add to your bank register (aka check register) like old way in QuickBooks desktop, this is the best video tutorial to watch. You can learn QBO in 23 minutes.

QuickBooks Online – Bank Register (old easy way to manually enter the banking transactions in QBO)

Views: Over 54,000
View Duration: 23:20
Likes: Over 1100

 


 




QuickBooks Online - Buy now and save 50%


Step-by-Step Guidance: create sales receipt template with bundle and enter daily sales summary

In this free video tutorial, you will learn step-by-step instructions on how to create sales receipt template using bundle feature and also how to enter daily sales summary using that template. This video tutorial is specifically designed for retail, service and restaurant businesses. If you’re a bookkeeper or office staff whose job tasks include entering daily sales summary into QuickBooks, this is the video you must watch. Watch this video in its entirety and you will know how to handle daily sales summary the right away.









Recording Daily Sales

In QBO Essentials and Plus, you can create a Recurring Sales Transaction to be used at the end of each day to record your daily sales transactions.

This YouTube video will show step by step instructions on how to record daily sales in QBO. We highly encourage you to watch the entire video. You do not want to miss a step!

 

You will need to create a few new accounts in the Chart of Accounts:

Clearing Account (Category Type = Banking)
Income Account (Category Type = Income)
Overage/Underage Expense Account (Category Type = Expense)

To create new accounts (left blue navigation bar > transactions > chart of accounts > new)
bank clearing

 

You will need to create Products/Services associated with the following account types:

Sales categories = Sales Income account (make it taxable if your charge sales tax)
Cash= Undeposited funds
Checks= Undeposited funds
Visa/MasterCard = Undeposited funds
American Express = Undeposited funds
Discover = Undeposited funds
Overage/underage (for drawer shortages) = Expense account

To create products/services list (from the home page screen > company gear (upper right corner) > lists > products/services > new (upper right corner)

products services

 

You will also need to enable sales tax settings (if needed).
Sales tax = (left blue navigation bar > sales tax > add/edit tax rates and agencies). QBO will automatically create a Sales Tax Liability account. You do not need to create sales tax account in the Chart of Accounts separately.
sales tax

 

Now you need to create recurring Sales Receipt template (from the home page screen > company gear (upper right corner) > lists > recurring transactions > new (upper right corner).
recurring sales receipt

 

Now you are ready to create a Sales Receipt for each day based on end of the day Cash Register run (from the home page screen > company gear (upper right corner) > lists > recurring transactions > use under action column).
use recurring sales receipt
Note: By recording all of the Sales as positives and all of the Payments (Expenses & Cash Shortage) as negatives, the net amount of the Sales Receipt should be Zero.

In this example, at the end of the day, you have $1,000.00 in Sales, $80.00 in Sales Tax. The cash register count for Cash is $200.00, ‘Checks’ is 300.00, Visa/MasterCard is $390.00, American Express is $80.00, Discover is $80.00 and Cash Shortage is $10.00. The sales report that day shows $1,080.00 in Sales ($1,000 sales income plus $80 sales tax).
use sales receipt from recurring

 

In case of additional expense payments from the cash register, create new products/services mapped to appropriate expense category of Chart of Accounts.
additional expense payments

 

Finally, go to Undeposited Funds and record the deposit for the amounts actually deposited in the bank.
deposits

To do this (from the home page screen > create + sign > other > bank deposit). Select deposit date in QBO based on bank posting date.
 
Note to Simple Start users: since there is no “Recurring Transactions” feature available in Simple Start, you will need to follow all the setup instructions and create a Sales Receipt for daily sales. Transactions will be recorded the same way in QBO.
 

If you found our answers useful then please contribute few bucks to support this forum. Thank you!





Thank you!







300x250 logo on bottom and organge