If you are using QuickBooks Square POS along with Commerce Snc and you want to learn how to record Cash Deposits With Square POS, then here is the best way you can record your Cash deposit if your cash sales are getting lumped into undeposited funds.
Here is some information that you proceed on learning how to record Cash Deposits With Square POS in QuickBooks Online-
The grocery amount that you will be displayed with depends on the account you have chosen or entered while you were creating that deposit.
If you select “Expense” then the amount will be shown to you as an expense although if you select it as “Cost Of Good” then the amount will be shown as COGS.
You can also check the petty cash register as these amounts automatically get added into a petty cash account
Steps how to record Cash Deposits With Square POS
- From the toolbar select the icon (+).
- Choose “Bank Deposit which can be found under “Other”.
- Now you will need to select the account which you deposit the funds to from the field available for “Choose an account”.
- Mark the checkbox for “Select the payment included in this deposit table which is for the transaction to be deposited.
- In the table that is for “Add funds to this deposit” enter the additional item information including the form available for “received form”.
- Click on save and close to save the changes.
Now once you have completed the steps that have been mentioned above you will need to macth you transaction from the actual deposit here is how it’s done-
- Choose the “For Review” tab from the Banking page.
- Select the preferred transaction in order to open the selected transaction.
- Now you have to either select “Find other records” or else “Find match”. This will open the match transaction window.
- Now you will have to find the transaction. You can use the dropdown menu for ‘Show” to narrow up the transactions you prefer.
- Now once you fin the transactions select all of the checkboxes for the transaction matching. Then what you need to do is verify the total amount and make sure that they match the downloaded transaction.
- Once confirmed click the save button.
Incase your Square POS transaction gets registered under Undeposited funds then you can record it as deposited to a particular bank account that you prefer.
- Click on the “+” icon.
- Select the option for “Bank Deposit”.
- Now you have to choose a bank account under which you want to record your transaction as deposited. This can be found under “Bank Deposit Page”.
- Simply put a mark in checkboxes that are for Square Deposit Transaction which will be under “Select the included in this deposit” section.
- Switch to the section for “Add funds to this deposit”.
- Now you have to enter some negative transaction like:
Petty Cash- $16.18
- Click on the “Save & Close” to save the progress.
Here were some steps that you can follow to record your Cash Deposit with Square POS but in case any error or issue is being encountered you can contact QuickBooks Technical Support for further help. If you have any questions about QuickBooks you can ask at Customer help.