Schedule For Entering Sales Bookkeeping Question

(missoula, mt)

Schedule For Entering Sales

Hello. I have a small business, and most of my sales are wholesale. I use Account edge (MAC). No problems.

My question is this:

For online sales, my online cart (Joomla) does not sync with Account edge, so I have to manually enter sales.

1. Should I do one at a time, or end of month?

2. I have been doing as JANEDOE, rather than each name. I have customers name in Joomla database. Is this ok?

3. I collect some shipping, but not enough to cover full costs, so I pay some out of pocket. The Sales screen does not allow me to input freight paid if I made a sale (only freight collected). Do I just lump all freight fees into one lump sum end of month?

Thank you for your time. One day, I'll have a bookkeeper. For now, I am actually enjoying learning this.

Best, Melissa

CA Sales Tax Reporting Deductions

by Christi
(Oakland, CA USA)

Hi, I have a question on how to use the 'deductions' section when calculating my sales tax payable. Am I supposed to deduct my business expenses in this section? Example: do I deduct my payroll wages under the 'services' deduction? I own a bar in California and have not been using the 'deductions' section at all.
Thank you!
Christi

Cash sales

I sold a piece of equipment to a customer outside of the USA. He came here in person to inspect the machine and paid me in cash the balance owed. I owed nothing on the machine. It just so happened i had to pay another debt quickly, so i used that cash to pay the other debt. I cannot seen to make it all justify itself in my books. can you help?

Hi,

Great question.

You can do a quick journal entry for the cash transaction that never went through the bank. Let's say you initially received $500 for the sale and susequently paid $500 for rent. The journal entry would be recorded with a CREDIT to Sales and a DEBIT to Rent Expense.

Certified Sales

by Doamma
(Florida)

I have a coin operated laundry and I am trying to keep my rent the same instead of significantly raising it. My landlord is requesting a P&L and balance sheet and something called "certified sales". I'm not sure what this is and how it pertains to my business. Is it a liability or an asset and where is the figure (if any) generated from?

Journal Entry For Sale of Equipment

What is the correct jornal entry when you trade a piece of equipment towards the purchase price of a new piece of equipment. For example: purchase new lawnmower for $11,600, HST is $1,248, trade in of old lawnmower is $2,000, original purchase price of old lawnmower is $9,900, balance of depreciation is $1,858.79.

Products For Sale

What do I call products that are purchased for resale in the business?

Property Management Escrows

by Brenda
(Byron Center, MI)

A homeowner buying on land contract who is paying water directly was delinquent and water amount went to taxes.

Can we take the amount paid by land contract holder and adjust the amount paid to interest down by the amount the land contract holder had to pay for delinquent water that went taxes and show the lower amount of interest paid on the 1098 statement.

Property Sold

by Eloise
(SA)

Property has been sold, what entries should be put through to close off the asset, and what account does the profit on the sale of the property go to.

Many thanks
Eloise

Sales Journal Records 2 Separate Sales Under Same Entry

by Andrea
(Sydney Australia)

Hi,

Upon the last verification test I found that 2 of my sales have ended up under one Sales Journal entry instead of 2 separate journal entries. I thought I just delete that journal entry and re-enter the 2 sales, This is what happened:
In sales register both sales are deleted,
in sales journal only the first one is deleted and the second one appeares now under the entry of the sale above the original entry

first it was:

SJ INvoice 65
Invoice 66 no separate entries here

Deleted both invoices
now in sales journal it looks like

SJ Invoice 64
INvoice 66

the invoice 66 attached itself to 64 now.
Correct look would have been

SJ INvoice 65

SJ Invoice 66

and after deleting the invoices it shoud have been

SJ Invoice 64
SJ Invoice 67

I have deleted all invoices of that day and now that invoice is attached to an invoice of the previous day.
So obviously deleting won't fix that problem, have you got an idea how to fix that? IT's MYOB premier we are talking about. And I have no idea how that happened in the first place.

Many thanks for help

Sale of an S-Corp

by Jenny
(CA)

When an S-Corp is sold (basically shares were sold and all assets and liabilities were transferred to the new owner) - how do i report this on the books? Specifically, what happens to the prior owner's equity, as far as bookkeeping is concerned? I have never encountered this before and am not sure how to handle it. Do I start an entirely new set of books for the new owner? The sale was done on January 1. Does the prior owner take a percentage of the profit/loss for that one day of ownership? Any help on this would be much appreciated.

Sale of Assets

by Chris
(South Africa)

What is the journal for the sale of an asset? eg motor vehicle

Sale of Business

How do I record the sale of a buisness in which the owner had a portion of his debt paid off by the buyer and he recieved a cash payment? The sale included all business assets, excluding three of the vehicles. The business is an S Corporation.

Sale of Property

by Julian
(Wilmington, NC)

Sold one of our old printers and I want to make sure I post it correctly. Would I debit the bank account and credit the computer equipment account (fixed assets)?

Third Party Commission Sales

by H Currie
(NS Canada)

I'm relatively new to bookkeeping, just completed a certificate that provided me with basics of BKping. I am currently working with a sole proprietor, setting up her financials in SA. She operates a second-hand cd/dvd store, but also sells tickets to music events through a third party, which pays her commission, but also bills her for ticket sales she has made (I guess this would be for the amount of revenues in ticket sales seh would collect on their behalf). I have set up her commission under commission revenue, but am uncertain how to set up the ticket sales and invoice she receives from the company she is selling the tickets for. Any suggestions?

Want to Claim for a House

My husband is unemployed since one and half year we have one son n we live in my mother in low's house we have no property now she want us to be out from the house can we claim for a house for us?

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