Quicken & Other Budget/Accounting Software/Capturing sales


I'm currently using a POS system to capture sales and inventory. My issue is how can I easily capture all the sales into quickbooks without entering each transaction?

Can I make a journal entry for each weeks total sales?


Your POS system should have an end of day
sometimes referred to as a Z out report

This report should have
1. total sales
2. total paid outs
3. discounts
4. payments by type ( visa, mc, amex,cash/check)

If you want to make your life easy, you will create one bank deposit for
each days sales activity. Certainly you can go to the bank less often, but create
one deposit per day. Next you will enter 1 sales receipt (customer menu > sales receipt)
for the sales summary and payment type

You will want to set up the following items on your item list
List menu > items >  Right click, add new
- the item name below is only a suggestion, make up those that are best suited to your business

Item type     Suggested Item name   Post to account

NonInventory     Taxable sales        Sales
NonInventory     Non taxable sales    Sales
Other charge     Paid out Purchases   Cost of goods sold
Other charge     Paid out Office Exp  Office supplies
Other charge     Under/Over Cash      Set up an account for Cash Shortage (expense)
   Payment      Mastercard & Visa    Undeposited Funds      
   Payment      Cash & Checks        Undeposited Funds
   Payment      AmEX          Undeposited Funds
State Sales tax  Sales tax          Sales tax payable

You can memorize a Sales receipt with these items already included and then from the
memorized transaction list (List menu > memorized Trx), start each entry fom this list

You would enterd the Paid outs as a negative amount, if you have cash drawer shortages that
would be entered as a negative and overages as a postive

Here is an example  of a daily entery
Taxable Sales       $1000    Tax code TAX
Non taxable sales   $500     Tax code NON
Paid out Purchases   -25     Tax code NON
Paid out Office Exp  -15     Tax Code NON
Under/Over Cash        1     Tax Code NON
Mastercard & Visa    -850        
Cash & Checks        -381
AmEX          - 300
Sales tax          70

Total sales receipt    -0-

As the money is deposited into the bank for MC/Visa  AMEX  and Cash you would then
go to the make deposit (banking menu > make deposit) window and pull those amounts into the bank.

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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