Post on 17-Nov-2014
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The Zero Sum Sales Receipt
Taking Minimum Time for Maximum Results
Today’s Agenda• Why
Easily see errors every day. Comparisons of Sales Items Makes reconciling your Bank
Account painless• How
To Create a ZSR and Memorize it.
Input the everyday information
Sales Tax Show me the Money!
• Questions
• Who Is Debbie? Is a Good Fit for the Zero Sum
Sales Receipt (And who isn’t!)• What
What is it?? What’s on it? What happens Behind the
Scenes?• Where
Does the Information go in your QB File?
Is the information found?
Biography
• Partner Behind the Scenes Financial Services
• Advanced Certified QB ProAdvisor • QB Certified Since 2005• QB Enterprise Certified• Masters Degree in Computer Info
Systems• And for fun, plays the violin!
Debbie Kilsheimer
Who is a Good Fit?
• Any Business that want to capture the Daily Sales Activity.
• Some of my clients using this technique:Specialty Wine and Cheese ShopUnionVeterinary HospitalHair SalonRestaurants Decorative Concrete Supply Company
Who is a NOT a Good Fit?
• Any Business that tracks Sales by Individual Customer.
• Some of my clients that do NOT use this technique:My own Accounting FirmPiano RetailerCar DealershipArchitectConstructionHomeowner’s AssociationNon-Profit Agency
What exactly is a ZSR?
• The “INS” Sales of your Items Sales Tax CollectedPayments on AccountsGift Certificates Sold
• The “OUTS”Cash/Checks MasterCard/VISA/DebitsDiscoverAMEX Gift Certificates RedeemedCash Over/ShortRegister “Payouts”
The TOTAL of your “INS” less your “OUTS” will ALWAYS be ZERO!
Let’s Look at a few Examples
• The Vin Yard• The Local 295• Safe Haven Veterinary Hospital• DJ’s Deck
To begin…• Determine what you sell each day.
Create an Item for each. Create and Item for Sales Tax
• Figure out how the money gets to you bank. Create a Payment for each payment type
Item List
The Process• Take your daily print out from your POS system. • Create your Zero Sum Sales Receipt duplicating the
items as they appear on the POS report. • Memorize it. • Every day, just pull up the Memorized Sales Receipt
and type in the figures. • Make your Deposits. • Reconcile your Bank every day, every week or every
month!
The Vin Yard
• The POS Print Out.Daily Sales
Money Received
Let’s See it in Action
The Bank
Key Points• To CREATE your ZSR
Determine Your Item ListTrack how you get paidDuplicate your POS Daily SummaryMemorize it.
• To USE it every day.Open you Memorized Transaction ListType your figures from your POS ReportMake your DepositsReconcile your Bank.
I can do this!!
Sales Tax
• Sales Tax is NOT tracked using QuickBooks Sales Tax Feature. You can turn in OFF in your Preferences.
• Sales Tax is an Item in the Sales Receipt pointing to a Current Liability type on your Chart of Accounts.
• Run a Sales by Item Report every month and “Do the Math” to fill out your Sales Tax Return every month
• Create and Pay a Bill for your Sales Tax monthly.
Actual Return
Questions