Special Tips for Retailers Using QuickBooks 2015 - dummies

Special Tips for Retailers Using QuickBooks 2015

By Stephen L. Nelson

There is a process to recording sales in QuickBooks 2015. If you’re a small business, you can record each individual sale, but if you make hundreds of sales in a few hours, that’s not feasible. So here’s what retailers do to record their sales. Retailers record the day’s sales by using one, two, or three sales receipt transactions. Retailers don’t record each individual sales receipt transaction.

Say that some coffee mug retailer sold 200 red coffee mugs for the day for $3.00 each. In that case, at the end of the day, the retailer needs to record total sales of $600 and then the sales tax. Pretty straightforward, right? And that’s not too much work, all things considered.

Here is a handful of other tips for recording retail sales:

  • You probably want to record a sales receipt transaction for each deposit you make. In this manner, you can indicate that a particular sales receipt transaction (really a batch of sales) is deposited at one time into your bank account — which makes reconciling your bank account relatively easy.

  • You probably want to separate cash sales from credit card sales because often credit card sales are handled differently. Your credit card processing company, for example, might hold on to credit card sales for a few days, or it might deduct a fee before depositing the money into your account. You want to record a separate sales receipt transaction for each deposit that you make into the bank account.

  • If you don’t use the Item list to monitor your inventory, use items that are designated as non-inventory parts. For example, you might use non-inventory part items, such as daily cash sales, daily AmEx sales, and daily Visa/MC sales if you make three deposits every day for cash and check sales, for American Express sales, and for Visa and MasterCard sales.

    If you don’t track inventory in your items file, your CPA handles the inventory and cost of goods sold calculations on your tax return. He or she probably also records a journal entry transaction to get your account balances correct as of the end of your fiscal year.

  • You may want to look at the QuickBooks Point of Sale system. The QuickBooks Point of Sale system makes it easy to quickly record cash register sales. In fact, the more expensive version of the QuickBooks Point of Sale system comes with a scanner, a receipt printer, and a cash drawer.

    When you ring up a sale with the QuickBooks Point of Sale system, the software automatically records your sales and the effect on inventory and cost of goods sold.

  • You also may not want to use inventory items to track your inventory if you’re a retailer. You may instead want to use non-inventory part items or generic non-inventory part items. In this way, QuickBooks won’t track the quantity of items that sell — only the dollar amounts of your sales.