How to Record a Cash SaleNote: A cash sale records a payment at the time you make a sale. If you allow a customer to delay payment, you should record this as an invoice.
To record a cash sale, click File > New > Money Received. The Money Received window will appear:
Note: The Type will default to 'General Payment' only if the customer has no outstanding invoices.
Enter the details into the following fields:
- Received From: Enter the customer name. (If you don't need to keep track of individual
customers, enter 'Unknown Customer'). If the customer has oustanding
invoices the payment Type
will default to 'Invoice Payment' – see How to Record an Invoice Payment.
- Date: The date you received the payment.
- Amount Received: The amount of money you received from your customer.
- Deposit Into Account: By default, payments are deposited into the
'Money to be Banked' account. (This account represents cash and cheques you have
received but not yet paid into your bank account). If you receive a payment
directly into your bank account, change the Deposit Into Account field to 'Cheque Account'.
- ID: A unique number for this payment.
- Journal Memo: A description of this transaction for your records.
- Type: This is the type of payment. If the customer has no outstanding invoices
this will default to 'General Payment'.
- More Options > VAT Treatment (only shown if registered for VAT): This list choice determines
how your sale will affect your VAT return. Select the option which best describes the sale.
- From Account: This is the account used to track sales, usually 'Sales Income'.
- VAT Column (only shown if registered for VAT): This is the rate of VAT
you charge your customer. This is usually 15%, but there are exceptions
– if you're not sure of the correct rate, talk to your accountant or
call the HMRC National Advice Service on 0845 010 9000.
- Amount Column: The amount applied to the account, inclusive of VAT.
- Total 'From' Amount: This is the total of the Amount column,
and must equal the Amount Received.