Hi gang - I've searched for hours trying to find the answer in this group but have run out of energy - I'm sure it's my misunderstanding of the proper setup - sure hope you can help.
We are a small video rental business having just moved over to Quickbooks Pro 2004. We rent videos as well as sell small retails items (snacks, clothing etc.). All our payments are received at the time of purchase (ie. we use the sales receipt entry as opposed to an invoice).
I would like to be able to track the amounts received for our broad items categories (ie. rentals, beverages, snacks, merchandise). so I created a short list of items.
My cash register does a nice job of spitting out a daily total against each of these items and I simply enter the total on separate lines in the sales receipt, for each item (with the appropriate tax codes). I dont enter any payment type because imbedded in the daily totals for each different item would be all forms of cash/credit and debit payments. My register does not split out items and the different payment methods (nor am I too concerned about knowing the exact split by payment type). I set the sales receipt to deposit directly to my bank account.
However, I just noticed when I look in my bank account register a strange entry pattern that has also caused the bank balance to be screwed up. Each of the items appears on a daily entry, as a split item, with the total for that item in the payment column. Then the daily total for all the items follows as a deposit. The two cancel each other out and in effect it shows I received no revenue for the day. The bank account balance just reflects all the other expenses and the whole thing is out of whack! Naturally my profit and loss report also shows no income and just expenses. I tried changing the sales receipt to group with other undeposited funds, but the result is I just loose the deposit entry altogether.
I'm assuming this is my lack of understanding of the proper setup for a retail operation and my general confusion of types of accounts.
Can anyone out there help steer me in the right direction before I have too much re-entry work to do!
Thanks alot in advance - Bill