Hi there, I am using quickbooks 2010 and I am trying to work out how to do a bank receipt (without having to have a customer invoice to set it against), I cannot work out how to do it, I am used to sage where this is a very simple task. For example if I want to make an adjustment to the banking slip paid in, i.e. it is a few pence under and what to put the few pence as a receipt into a banking discrepancy code, any help much appreciated. Thanks
You can do this one of two ways. You can either do it by a journal - Dr Bank Cr Banking discrepancy code - or you can do it by the Banking - Make Deposits window. Go to the Banking menu - Make Deposits and cancel the box that comes up with a list of deposits in it. In the Make Deposits window enter Current account in the Deposit to box along with the date. Then in the box underneath - don't worry about the Received From box, leave that blank and in the From Account enter the expense account that you are using to track this (banking discrepancy) and then the amount and click Save.
Hi Pauline, thanks very much, using the deposit button and canceling etc.. never thought of that, what about entering a tax code how would you do it this way? Thanks again Julie
Sorry Pauline, probably using sage terms, I mean how do you put in exempt (E), not vat reg (N), normal vat 20%, etc.. i.e. sage using T1, T2, etc, thanks
Are you making a deposit on which there is VAT involved? Are you on cash accounting for VAT? If this is the case then I don't think you can do it the way I suggested, you will have to use the journal function.
Hi Pauline, no they are not on cash accounting, but for example any banking discrepancies i.e. a few pennies when they pay in their cash, or for example interest received which I would put on as exempt? Thanks
Oh, well that's ok, you can use the way I showed you then. No VAT will be involved, you don't have to tell QB that it's VAT exempt etc. in these circumstances. QB treats VAT very differently to Sage and imho much more complicatedly! lol
Pauline
Complicatedly....? is that even a word? lol
-- Edited by Stardoe on Tuesday 6th of September 2011 11:12:09 PM
In QuickBooks when you do Reconcile it give you the option to add Interest and charges at that point.
Or
Normally when paying in money without a Customer Invoice for it I'd use Sales Receipts, if necessary leaving the customer name blank or generic customer "Daily takings", "Cash customers" that sort of thing. Then in the accounts at the bottom of the form breaking down into accounts the income accounts, and also another row for discrepancies - you might need to add discrepancy as new account. Each account row it then assigned its relevant tax code so the gross amount is the amount actually paid in.
So it might look something like: Account: T/C: Amount Description Sales | S | 100 | Daily takings Till discrepancy |E |- 1.23 | Till takings £1.23 under Z-read
This would then show Sales of £100, but the £1.23 discrepancy is recorded, total deposit would be the £98.77 I actually had in cash. Then go onto Record Deposit and enter into bank register as normal.
