Cash sales refer to the cash received during delivery of the product. It involves a direct instant transfer to the sellers’ bank or the payments that are done through credit cards. The account-based tasks for this type of sales vary with VAT or any indirect taxes applicable to the preferred items. The POS is used to manage the organization’s inventory process to process all transactions, cash sales, and more. This Topic will discuss on the useful information on the QuickBooks Cash Sales in POS.
Guidance on QuickBooks Cash Sales in POS:
QuickBooks Desktop Cash sales Point of Sale helps to monitor point-of-sale business. It involves tracking multiple taxes, VAT, reports, payment types, payment mode for credit card processing, bar codes scanning, summaries & orders transactions such as purchasing and selling merchandise.
How to record QuickBooks Cash Sales in POS?
QuickBooks permits you to record all your daily cash sales through a single sales receipt. In case you are using an individual point of sales system, you have to fill that particular sales receipt to monitor the sum of daily sales. It will save more time, effort, and helps to maintain the accuracy of the income reports. Below are the instructions to begin the recording of the cash sales.
Step1- Make a customer for Cash Sales:
This process involves using a customer account on the sales receipt created at the end of the day. Follow the instructions:
- Navigate the left option; choose Sales, and then Click Customers.
- Hit on New Customer
- Fill Daily Sales
- Choose Save
Step 2-Setup an account for Cash Sales:
Ensure that your Cash Sale accounts are set upstanding. It will assist you in maintaining accuracy in the reports associated with the income. Here are the guidelines for setting up cash sales account:
- Go to the Gear option located on the Toolbar.
- Below Your Company, select Chart of Accounts
- Click New button displaying on the top right
- Setup the accounts Daily Sales income, Underage Expenses, and Clearing Account. Here are the details:
- For cash sales income, you have to choose the category type named income salary, which is the primary type of sales of product income.
- To clear account, you need to choose category type as bank and then select cash on hand.
- For underage Expense, click Expense and then choose Other Business Expenses.
- When you want to track regular base cash sales, then use Daily sales income amount.
- Clearing Account is used for a zero balance account.
- The overage account specifies drawer shortages.
Step3-Set up item-wise for daily cash sales:
This process involves Daily Sales sections to maintain items in an organized manner. Here are the instructions to follow:
- Choose the Gear option listed on the Toolbar.
- Below Lists, select All Lists.
- Choose Product Categories that you need cash sales.
- Click New Category located at the top of the screen
- Give a name to the categories like Daily sales.
- Click Save
The next phase is to Setup the items for the selected category.
Here are the steps:
- Locate Gear option listed on the Toolbar
- Below Lists, select Products & Services
- Hit on New located at the right side of the screen
- Setup the item called cash and select Account as Un-deposited Funds
Step 4-Make a daily cash sales template:
- Discover Gear option listed in the Toolbar
- Below List option, select Recurring Transactions.
- Click New listed at the right corner of the screen
- Locate the drop-down named Transaction Type and then select Sales Receipt
- Give a proper name to the template like Daily cash sale and ensure that you selected the Type as Unscheduled.
- Choose Daily cash Sales as the Customer.
- Select the Daily cash Sales as Cash
- Hit on Save
The above template you can use when you require recording all your daily sales
Step 5- Start Recording your Daily cash sales in POS:
- Choose the Gear option located on the Toolbar.
- Below list select Recurring Transactions
- Discover your created template and then locate drop-down named Action and then choose Use
- You can enhance the sales receipts’ appearance by writing a clear breakdown of entire sales. For instance, your cash shortage is $40, Cash count is $456, etc.
Are you seeking for further Assistance?
The above article covers comprehensive information on QuickBooks Cash Sales in POS. If you face difficulty understanding any insights or need any particularized advice, then reach the help desk team through dialing toll-free number +1800-816-6849. Apart from this method, you can do a live chat with one of the professionals and get instant help or send a query through an email [email protected]. You can get an updated and efficient solution in time.