Entering Daily Retail Sales as Invoice

Flopbot · February 12, 2022

Greetings,

I found two helpful posts on this topic (click here & click here).

We have a boutique that uses Square as our POS (point of sale) software and Wave for our accounting software. After reading the two posts above, I set up Recurring Invoices - one for each day we're open. Then, at the end of the day I enter the total the amount being deposited into our bank account AFTER fees & discounts and INCLUDING sales tax (called "Balance" in Square) into the Square Invoice App by editing the amount on the invoice. Then, I wait for the transaction to clear the bank and link it to the waiting invoice. So far, this has worked really, really well!

I'm wondering if I should be doing more?

I'm currently not capturing/entering these numbers:

Sales Tax Collected
Discounts Given
CC Processing Fees
Corporate Giving

I'm assuming that I should be tracking these amounts, but I'm not sure how to do it. Does anyone have a suggestion for an efficient way that works for you to do this? Ideally, using the already existing Invoice.