The Zero Sum Sales Receipt

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 Shop
Union
Veterinary Hospital
Hair Salon
Restaurants
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 Firm
Piano Retailer
Car Dealership
Architect
Construction
Homeowner’s Association
Non-Profit Agency

What exactly is a ZSR?
The “INS”
Sales of your Items
Sales Tax Collected
Payments on Accounts
Gift Certificates Sold
The “OUTS”
Cash/Checks
MasterCard/VISA/Debits
Discover
AMEX
Gift Certificates Redeemed
Cash Over/Short
Register “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 List
Track how you get paid
Duplicate your POS Daily Summary
Memorize it.
To USE it every day.
Open you Memorized Transaction List
Type your figures from your POS Report
Make your Deposits
Reconcile 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

Thank you! [email_address] 386-852-5755 Cell Phone

The Zero Sum Sales Receipt

by HostPaul on Aug 03, 2009

Accessibility

Categories

Upload Details

Usage Rights

1 Embed 2

Statistics

The Zero Sum Sales Receipt — Presentation Transcript