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Making Deposits from QuickBooks Point of Sale

This is another blog post showing the link between QuickBooks Point of Sale (QBPOS) and QuickBooks Financial, the QuickBooks accounting software we are all familiar with.

As sales are created in QBPOS, amounts tendered accumulate, just like in QuickBooks Financial so one deposit can be made from multiple payments. That deposit though won’t be recorded in QBPOS, it will be recorded in QuickBooks Financial.

Above is a screenshot of a sales receipt being recorded in QBPOS. The sample file is a furniture/appliance store. The customer is going to pay this amount with a check. The arrow points to the tender button that will be used to record the check and information like the check number.

After payment has been accepted, the transaction will be saved.

There are two other sales receipts in the QBPOS sample file. We will want to deposit all of them.

There are a couple of ways to send this information to QuickBooks Financial. Normally, this would be accomplished through an ‘End of Day’ procedure.

Let’s look at that function in QBPOS.

When the end of day function is selected, the above window is displayed.

Several functions will all occur when the Start button is selected. A report will be printed showing the sales data for the day. It is called a Z report after the old register tape reports that print from cash registers.

These would typically be run at the end of each day, print the sales data, and reset the cumulative numbers for the register to start adding totals again the next sales day.

With QBPOS, numbers don’t need to be reset like the old cash registers. The report, still showing the sales data like the old z tapes of cash register days, keeps the same familiar name.

The End of Day function in QBPOS, as can be seen in the above graphic, will also run a backup of the company data. It will exchange data with QuickBooks Financial, the function we are interested in looking at today.

If the sample file used Intuit’s merchant services to process credit card sales within QBPOS (no separate credit card terminal), the batch function would also be part of the End of Day procedure and would show as one of the steps listed in the above screenshot.

Let’s run End of Day, then make a bank deposit in QuickBooks Financial.

Above is the familiar screen in QuickBooks Financial showing the payments in Undeposited Funds as we prepare a bank deposit transaction. You can see in the highlighted section that there are several payment types.

These payments can be selected for different deposits, the Visa payment being recorded as a separate deposit from cash and check.

The integration between QBPOS and QuickBooks Financial is very tight. It helps the QBPOS user to still be able to accomplish the accounting functions of their business in the familiar QuickBooks software.

 Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor

Hector Garcia

Hector Garcia

Hector Garcia is a CPA and QuickBooks Consultant.

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