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Functions:
Customers
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| To do these business operations... | Use these functions |
| Let's say that your business does daily sales out of a cash register, and deposits the receipts every evening. Your cash register sales will usually be a mix of cash, checks, and credit card slips. To record the deposit of this income mix from a cash register, you set up a special Cash Receipts Journal. Your custom journal uses a specialized type of credit card distribution. The credit card receipts are debited to the bank account but do not appear as part of the actual cash/checks deposit record. The deposit journal reflects only the cash/checks that you hand in at the bank. First, add cash equivalent accounts for each credit card you want to track separately. Then set up credit card accounts (at least one). You assign one of the general ledger accounts you set up in the Chart of Accounts to track credit card receipts to each credit card account. |
General Ledger
Configure Chart of Accounts Bank Accounts Configure Credit Card Accounts |
| Create a cash receipts journal for distributing and depositing the cash and credit card payments received into your cash register. Name the journal "Cash Register Receipts" (for example.) Select CJCR for the source code. At Columns allowed, select "Debit - {credit card name} receipts" for each credit card for which you want to deposit receipts separately. If you want to see the details of daily activity on the "Cash Register Receipts" report, you can set up credit accounts for Beginning cash. You can set up debit accounts for purchases out of the cash register and for Closing cash. Set up any additional accounts for distribution, such as the income and sales taxes accounts as Credit only entries. |
Bank Accounts Configure Cash Receipts Journal |
| Start a new batch in the Deposits window when you're ready to enter a deposit consisting of mixed cash and credit card receipts from your cash register. At Receipt type, select "Cash Register Receipts" (or whatever you named the cash register journal). At Receipt amount, enter the total amount of cash to be deposited in the bank (NOT INCLUDING the credit card receipts). At each credit card prompt, enter the total receipts for the credit card. Record expenses out of the drawer and closing and opening amounts. Finally, credit the total receipt amount (INCLUDING the credit card receipts) to the appropriate income accounts and, if applicable, sales tax accounts. The Undistributed amount should be $0.00. Enter an optional Description, click OK, and save the batch. When you've completed data entry for the batch, post the batch. |
Bank Accounts Deposits |