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Handling Deposits



  • Chad D Simmons

    Thank you Doug.  I will record my Sales Tax Payable liability, Gift Card Sale Payable liability and any Cash over/under in my Bank Deposits.  I will also changes the date on my transactions to reflect the day I made the sale versus the day I or the merchant deposits the money in the bank account.  This will allow my to accurately reflect my daily sales history by putting my bank and merchant sales together.

  • Roshan Richards

    I am a little confused on the example you gave, and I have 2 questions.  You were talking about marking invoices as paid to "Undeposited Funds" and also clearing them that way when they show up in our accounts.  But in the example you gave you have it listed as "Sales."  Q1:  Did you actually mean to say "Undeposited Funds" instead of Sales, or am I not following and there is some time that you put Sales and another time you put UF?  Q2:  I am also confused as to when I split out the sales tax.  If I do that won't it appear in my book as being zero and then I won't know how much I am to pay quarterly?

    Sorry for my ignorance!  I just want to make sure I am doing this right and saving a lot of time and headache later on :) 


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