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QuickBooks users perceive that is hassle-free to maintain a record of their particular cash receipts in their respective accounts. As a QuickBooks user, you can enter or record cash receipts in QuickBooks accounting software, not to mention in its other versions too.
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Such versions usually range from QuickBooks Online to QuickBooks Desktop. If, as a QuickBooks user, you want to record the cash receipts in QuickBooks, then you may move ahead with the Custom Reports option, or Chart of Accounts feature. However, in order to use the option or the said feature, It is imperative that you create invoices while adding the particular cash receipts.
In today’s article, We will talk about this feature or option, available in different versions of QuickBooks accounting software in order to add them to your given cash receipts. Not to mention, when you do not want to create invoices to add them, the steps will be added in this article.
How to Add Cash Receipts in QuickBooks?
When you wish to add cash receipts in QuickBooks, you may use the Chart of Accounts feature. This method consists of COA that will result in creating a Petty Cash Account. Also, you can opt for the Custom Reports option as per your desire. The Custom Report feature will assist you with the Transaction Details. With the help of these details, it is possible to include the receipts report in the accounting software QuickBooks.
Method 1: Using the Chart of Accounts
In QuickBooks, there are several options available for COA to record things, not to mention the cash receipts report. You can select the Chart of Accounts by viewing the Lists option.
Here are the detailed steps to add the QuickBooks cash receipts report for a better understanding:
Step 1: Navigate to your QuickBooks account and press Lists.
Step 2: Choose the Chart of Accounts option.
Step 3: Now click on the drop-down menu called Account.
Step 4: Click the option where the word New is written.
Step 5: Now navigate back to the Bank option.
Step 6: After this, Select Continue .
Step 7: Enter a name in the given Account field.
Note: You are allowed to add a name like Petty Cash or Cash Driver in this given step.
Step 8: Select the balance of the account as Zero or 0.
Step 9: In the segment, As of, Enter the current date.
Step 10: Click the Save and Close option.
Step 11: After selecting the Lists bar, Select the Chart of Accounts icon.
Step 12: Choose the particular account that you had created before by the name Petty Cash.
Step 13: You will receive an option to enter in a Payee or not that will smoothen while monitoring the needed data.
Step 14: Not to mention, You will also have to enter the amount of the receipt in the particular column called Payment.
Step 15: Go down to the line which is Next.
Step 16: Select the drop-down of the Account.
Step 17: Select the Expense Account via which you will complete the purchase.
Step 18: If you wish to divide the particular amount between two accounts or more accounts, select the Split option.
Step 19: Click Record to complete entering or creating the QuickBooks cash receipts report.
Method 2: Using the Custom Report
To add cash receipts report to your QuickBooks account, you can take the help of the Custom Reports option. To find this option, you can begin by looking for the Reports option in the provided QuickBooks menu.
Here are the detailed steps to post the cash receipts report in QuickBooks:
Step 1: Search for the Reports option from the provided menu in QuickBooks.
Step 2: Press Custom Reports.
Step 3: Choose the option that says, Transaction Detail is required.
Step 4: Enter the needed date span.
Step 5: Add a tick before the following things present in the Columns section
- Date
- Memo
- Type
- Number
- Clear
- Amount
- Split
Step 6: In the given drop-down for Total By, Click on Customer.
Step 7: You can even go for other options like Sum by Account or Sum by Month.
Step 8: After pressing on the option, Filters bar, you are required to select the Transaction Type.
Step 9: Now, from the available drop-down, Click Multiple Transactions.
Step 10: Mark the following transactions types:
- Payment
- Invoice
- Sales Receipt
- Deposit
Step 11: Click the tab for OK.
Step 12: Now when you select the filter named Detailed Summary, You will need to click Summary Only.
Step 13: Click OK.
How to add cash receipts to your QuickBooks account in the form of a report is clear now. As it is seen above, you are needed to deploy several pieces of data in this method. You are recommended to enter and add the right detail to avoid any kind of inconsistencies in the report.
How to Post Cash Receipts in QuickBooks Desktop?
In your QuickBooks Desktop, the cash receipts can be posted with the use of the particular Customers feature. You will have to look for the particular Customers bar from the provided menu in QuickBooks Desktop.
Here are the elaborated steps to add cash receipts to QuickBooks:
Step 1: Open your QuickBooks Desktop account. Now search for the Customers option available in the menu.
Step 2: Now click on Create Invoices.
Step 3: Now enter a present Customer. If you want you can add a new Customer also.
Step 4: Complete the fields with the needed details.
Note: The terms and conditions can also be included in the particular transaction if you want.
Step 5: Choose the tab for Cash Account.
Step 6: Press Save.
Step 7: Now go to the Customers bar provided in the menu for QuickBooks Desktop.
Step 8: Press on Invoices afterward.
Step 9: Now you need to select the invoice related to the QuickBooks Cash Receipt feature.
Step 10: Click Mark as Paid.
Note: It is mandatory to authenticate whether the particular transactions are checked as unpaid or paid. In case they are not checked as paid, then the user is likely to encounter a problem concerning the making of Reports and Statement Reconciliation in the particular QuickBooks Desktop.
How to Add Cash Receipts without Invoices into QuickBooks Online?
To add cash receipts without invoices into QuickBooks Online, you will need to go through the Customer option.
Step 1: Navigate to the QuickBooks Online screen.
Step 2: Press on the option, + New.
Step 3: Under the Customer drop-down menu, select Sales Receipt.
Step 4: Next, You need to select a customer among the provided options. It will be available in the drop-down menu.
Step 5: Press on the Product/Service.
Step 6: Complete the Cash Receipt Amount.
Step 7: Click the tab for Save and Close.
It is possible to record cash receipts in QuickBooks along with its other versions. The article explained above will help you and give you a thorough understanding of recording QuickBooks cash receipts on Desktop and Online and the different ways to perform it.
Still, if you get confused or need professional help in completing these steps, get in touch with our Dancing Numbers experts via LIVE CHAT.
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Frequently Asked Questions (Faqs)
What is the meaning of the QuickBooks Cash Receipts Journal Report?
The Cash Receipt report allows you to undertake the payment trends that have been acquired from the customers. You can view it with multiple parameters like customer groups, collectors, sales managers, etc.
It can be determined depending on the open items that are cleared in accounting like credit notes, debit notes, invoices, unallocated payments, etc. Because the report offers several helpful details, it becomes crucial to prepare QuickBooks cash receipts journal report.
What is the Significance of Petty Cash in QuickBooks?
When a petty cash account is set up, adding cash receipts is fast and easy.
Generally, when a purchase is made using petty cash, then the expenses are still recorded or counted within your statement. It only helps to match the expenses or income with their particular accounts.
How to Register Cash Sales in QuickBooks Self-Employed?
Here are the instructions to record cash sales in QuickBooks self-employed:
Step 1: On the left side of the navigation menu, Select Transactions.
Step 2: Press on Add Transactions button on the top-right and enter all the details like Transaction amount, Date, Category, etc.
Step 3: When it is complete, Press Save.
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