recording cash sales

Mmgu

how do I record weekly cash sales before I have necessarily deposited them into my bank

Haussner_LLC

You would set up a chart of account called undeposited funds. You would record the transaction in that account upon receipt of the funds. Once the money is deposited, you would move it from undeposited funds into your bank account. If you have any additional questions or need bookkeeping/accounting help, please feel free to contact me.

Thank you,

John Haussner MBA, CPA
Haussner LLC
Jhaussner@haussnerllc.com

crystalwambeke

Great question! You can add the sale as an invoice and mark it as paid, or you can Add Income from your Transactions screen. Utilizing the Undeposited Funds account is great if you need to track the funds you haven't deposited yet, or if you won't be depositing the funds for a few days.

Actions: In the Invoice Payment, or Add Income are, you'd choose to deposit the funds into either your bank account or Undeposited Funds - whichever method you decide is best for you. If you do use Undeposited Funds, when the funds hit your bank account, you'd transfer the funds from Undeposited Funds into the bank account to clear out those Funds in Transit.

Hope this is helpful, good luck, Crystal

Crystal Wambeke
CB, CFE
Crystal Wambeke Accounting
Southern Pines NC
crystal@crystalwambeke.com