How do I get a day's sales from my register or sales system into the books without double-counting the deposit?

Enter the period's sales as one summary, not one entry per sale

Intuit states that a user who uses a separate point of sale system, or who does not invoice customers, can enter one single sales receipt to report the day's total sales in QuickBooks, which Intuit says saves time while still keeping income reports accurate. (jurisdiction: United States (US edition help site, quickbooks.intuit.com/learn-support/en-us), entity_scope: QuickBooks Online users with a separate point of sale system, or who do not invoice customers, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated), conditions: if you use a separate point of sale system, or if you don't invoice customers)

“You can enter a single sales receipt to report the total daily sales in QuickBooks if you use a separate point of sale system. Or if you simply don't invoice customers. This saves you time, while still keeping your income reports accurate.”

Once the sales receipt template is set up, it is used to record the "end of day" sales — that is, the summary covers a day's trading. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Done setting up your sales receipt template? You're now ready to record your "end of day" sales.”

The purpose of the cash receipts journal is to move transaction volume out of the general ledger, where that volume might otherwise clutter the general ledger. (jurisdiction: United States (article of a US accounting CPE publisher; the text itself names no jurisdiction), entity_scope: Businesses that maintain a cash receipts journal)

“This journal is used to offload transaction volume from the general ledger , where it might otherwise clutter up the general ledger.”

The balance held in the cash receipts journal is regularly summarized into a single aggregate amount, and it is that aggregate amount that is posted to the general ledger. (jurisdiction: United States (article of a US accounting CPE publisher; the text itself names no jurisdiction), entity_scope: Businesses that maintain a cash receipts journal alongside a general ledger)

“The balance in the cash receipts journal is regularly summarized into an aggregate amount and posted to the general ledger.”

Partly established. Established: the period's sales enter the ledger as a single balanced record rather than as individual transactions (S01, S04). Missing: what determines the length of the summary period.

Required authority: authoritative professional or accounting standard. Highest achieved: high quality professional secondary reference, official platform documentation.

What the summary has to carry: gross sales, tax collected, discounts and each tender

The daily sales template is populated by selecting the listed daily-sales items in the Product/Service column of the sales receipt, so the sales income line, the tender lines and the overage/underage line sit on one receipt. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Select these items in the Product/Service column:”

In the article's worked example, total reported sales of $1177.20 are made up of $1080 of sales income plus $97.20 of sales tax — i.e. the example separates the sales income figure from the tax collected. (jurisdiction: United States (US edition help site), entity_scope: Illustrative example only, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated), conditions: worked example figures, not a requirement)

“You have $1177.20 in total reported sales ($1080 sales income, plus $97.20 sales tax).”

In the Square sales summary, Gross sales is defined as net sales plus taxes. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: a product metric definition, not a rule; the article elsewhere defines Net sales as gross sales minus returns minus discounts and comps)

“Gross sales : Net sales plus taxes.”

In the Square sales summary, the Taxes metric is the tax amounts applied at the time of sale. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: a product metric definition, not a tax rule)

“Taxes : Tax amounts applied at the time of sale.”

In the Square sales summary, Discounts and comps means deductions made to sales due to returned sales and goodwill losses, such as (open list) incorrect sales or discounts applied. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: a product metric definition, not a rule)

“Discounts and comps : Deductions made to your sales due to returned sales, goodwill losses such as incorrect sales or discounts applied.”

Square's Payment methods report summarises total collected and any associated fees by tender type — credit, debit, gift cards and other tender types — with breakdowns by debit versus credit, card origin (domestic and international) and card brand, and is viewable from Square Dashboard. (jurisdiction: United States, entity_scope: Square sellers with the relevant reports permission, platform: Square Dashboard, platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: tender types listed as an open set ('and other tender types'))

“Payment methods summarize total collected and any associated fees from credit, debit, gift cards, and other tender types, with breakdowns by debit vs credit, card origin (domestic and international), as well as by card brand. You can view payment methods from your Square Dashboard.”

Partly established. Established: gross sales carried in the summary (S06); the amount taken by each tender carried in the summary (S06). Missing: tax collected carried in the summary; discounts and other reductions carried in the summary; what is lost when any one of those components is omitted.

Required authority: authoritative professional or accounting standard, official platform documentation. Highest achieved: official platform documentation.

Making the summary balance — and tracing it back when it doesn't

See In the article's worked example, total reported sales of $1177.20 are made up of $1080 of sales income plus $97.20 of sales tax — i.e. the example separates the sales income figure from the tax collected.

The journal's fields include debit and credit columns recording both sides of each entry, and the normal entry is a debit to cash and a credit to sales. (jurisdiction: United States (article of a US accounting CPE publisher; the text itself names no jurisdiction), entity_scope: Businesses that maintain a cash receipts journal, conditions: described as the normal entry, not the only possible entry)

“Debit and credit columns to record both sides of each entry; the normal entry is a debit to cash and a credit to sales”

To investigate a specific cash receipt, a person might start at the general ledger, move down to the cash receipts journal, and from that journal might obtain a reference to the specific receipt. (jurisdiction: United States (article of a US accounting CPE publisher; the text itself names no jurisdiction), entity_scope: Businesses that maintain a cash receipts journal alongside a general ledger, conditions: described as a possible investigation route ("might"), not a required procedure)

“If someone needs to investigate a specific cash receipt, they might begin at the general ledger and then move down to the cash receipts journal, from which they might obtain a reference to the specific receipt.”

The accountant would then use the reference number taken from the journal to search the source materials and identify the specific receipt in question. (jurisdiction: United States (article of a US accounting CPE publisher; the text itself names no jurisdiction), entity_scope: Businesses that maintain a cash receipts journal alongside a general ledger, conditions: follows the drill-down described in the preceding sentence)

“The accountant would then use the reference number obtained from the journal to search through source materials and identify the specific receipt in question.”

Not established from an authoritative source.

Required authority: authoritative professional or accounting standard. Highest achieved: high quality professional secondary reference.

Where each tender is directed between the sale and the bank

The item setup table specifies a "Cash" item posted to Undeposited Funds, so cash taken in the day is held in Undeposited Funds until it is deposited. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Cash Undeposited Funds Cash”

The item setup table specifies a "Visa/MasterCard" item posted to Undeposited Funds, so amounts taken by that tender sit in Undeposited Funds rather than directly in a bank account. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Visa/MasterCard Undeposited Funds Visa/MasterCard”

The deposit for Discover, Visa, AMEX or Mastercard is recorded as soon as the funds are received from the merchant service provider. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users taking card payments through a merchant service provider, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated), conditions: when funds are received from the merchant service provider)

“Record the deposit for Discover, Visa, AMEX, or Mastercard as soon as you receive the funds from your merchant service provider.”

A cash clearing account records incoming and outgoing cash transactions not yet fully reconciled and acts as an intermediate holding place where receipts and disbursements have timing differences with bank postings; once the bank confirms the transactions, the entries are moved out of the clearing account to the correct final accounts. (jurisdiction: United States (US publisher); described as general bookkeeping practice, not a jurisdiction-specific rule, entity_scope: businesses with bank timing differences on receipts and disbursements, accounting_basis: double-entry general ledger accounting, conditions: applies to cash transactions not yet fully reconciled)

“A cash clearing account records incoming and outgoing cash transactions that are not yet fully reconciled. It acts as an intermediate holding place when receipts and disbursements have timing differences with bank postings. Once the bank confirms the transactions, entries are moved from the clearing account to the correct final accounts.”

A Square payout is described as a transfer of money from a Square account to a bank account, with Square collecting money from the sales that occurred in a given period and, at the end of the period, transferring the total amount less fees, adjustments or holds to the user's bank account. (jurisdiction: United States, entity_scope: QuickBooks Online users with a connected Square account, platform: QuickBooks Online (Square Connector by QuickBooks), platform_edition: US (en-US) help article, updated 8/5/2026)

“A Square payout is a transfer of money from a Square account to a bank account. Square collects money from all the sales that occurred in a given period. At the end of the period, Square transfers the total amount (minus fees, adjustments, or holds) to your bank account.”

In the Square sales summary, Deferred sales means payments received for goods or services not yet delivered, which Square describes as recorded as a liability until fulfillment, such as (open list) gift cards and invoices. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: a product metric definition by the vendor, not authoritative accounting guidance)

“Deferred sales : gift cards and invoices: Payments received for goods or services not yet delivered, recorded as a liability until fulfillment, such as Gift Cards and Invoices.”

Required authority: authoritative professional or accounting standard, official platform documentation. Highest achieved: high quality professional secondary reference, official platform documentation.

The double count, and the control that prevents it

The second step is that, once the user has the deposit slip, a bank deposit is made in QuickBooks to combine the payments sitting in the Undeposited Funds account so they match the real-life deposit. (jurisdiction: United States (en-US QuickBooks Support article), entity_scope: QuickBooks small-business users, platform: QuickBooks, platform_edition: QuickBooks Online Plus, Simple Start, Essentials, Solopreneur Plus; QuickBooks Desktop referenced in related links, conditions: conditioned on the user having the deposit slip)

“When you have your deposit slip, make a bank deposit in QuickBooks to combine the payments in the Undeposited Funds account to match your real-life deposit.”

See A cash clearing account records incoming and outgoing cash transactions not yet fully reconciled and acts as an intermediate holding place where receipts and disbursements have timing differences with bank postings; once the bank confirms the transactions, the entries are moved out of the clearing account to the correct final accounts.

Intuit recommends adding Square transactions only through the Square app, and, where bank accounts are connected in the Transactions window, recommends adding transactions from the Square app first and then matching them in the online banking centre afterwards. (jurisdiction: United States, entity_scope: QuickBooks Online users with a connected Square account; second recommendation applies where bank accounts are connected in the Transactions window, platform: QuickBooks Online (Square Connector by QuickBooks), platform_edition: US (en-US) help article, updated 8/5/2026, conditions: stated as a recommendation to save time, not a requirement)

“To save time, we recommend you only add Square transactions through the app. If your bank accounts are connected in the Transactions window, we also recommend adding transactions from the Square app first, then matching those transactions in your online banking center after.”

For Square income transactions, QuickBooks displays gross amount, net amount and fees, imports detailed line-item-level data, maps each product/service on the sales receipt to an income account, and allows a transaction to be matched to invoices and sales receipts already recorded in the QuickBooks Online account. (jurisdiction: United States, entity_scope: QuickBooks Online users with a connected Square account, platform: QuickBooks Online (Square Connector by QuickBooks), platform_edition: US (en-US) help article, updated 8/5/2026, conditions: matching to existing records applies only where those records were already entered in QuickBooks Online)

“Gross amount, net amount, and fees display for each income transaction. QuickBooks imports detailed line item level data from Square. Each product/service on the sales receipt matches an income account within QuickBooks. You can also match a transaction to existing invoices and sales receipts if you already recorded them in your QuickBooks Online account.”

For invoice payments processed with QuickBooks Payments, QuickBooks handles them and the user does not need to put them in Undeposited Funds; the article's steps are for combining payments processed outside QuickBooks Payments. (jurisdiction: United States, entity_scope: QuickBooks Online users with invoice payments processed through QuickBooks Payments, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials, Intuit Enterprise Suite (US en_US article, updated 8/24/2026), conditions: invoice payments processed with QuickBooks Payments)

“QuickBooks takes care of invoice payments processed with QuickBooks Payments for you. You don't need to put these in Undeposited Funds. If you need to combine payments processed outside of QuickBooks Payments, follow the steps in the next sections.”

Partly established. Established: the specific control that prevents it (S22, S23, S24, S50). Missing: the double-counting failure of the deposit being recorded as income after the sales were already summarised.

Required authority: authoritative professional or accounting standard. Highest achieved: official platform documentation.

The sales-system report behind the entry, and keeping it with the entry

Square states that its sales summary report shows sales information in one place, including (an open list) closed sales, partial payments, tips and deposits. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: the same article elsewhere states the report only includes completed (closed) orders and does not include partial payments or deposits)

“The sales summary report will show all important sales information in one place, including closed sales, partial payments, tips, and deposits, while making it easier for you to understand your business performance.”

See Square's Payment methods report summarises total collected and any associated fees by tender type — credit, debit, gift cards and other tender types — with breakdowns by debit versus credit, card origin (domestic and international) and card brand, and is viewable from Square Dashboard.

The sales summary report can be printed, exported, or shared by copied link from both Square Dashboard and the point of sale app. (jurisdiction: United States, entity_scope: Square sellers with the relevant reports permission, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports)

“From your Square Dashboard and point of sale app, you can print, export, or copy links for the sales summary report.”

In the Square point of sale app, tapping Reports > Sales shows today's sales activity, a preset range shows sales for that period, and a custom date range can be set by tapping the date at the top of the report on a phone or Compare on a tablet; filtering by time of day, device and team member is available. (jurisdiction: United States, entity_scope: Square sellers with the relevant reports permission, platform: Square point of sale app, platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: custom-range gesture differs between phone and tablet)

“Tap Reports > Sales and see today’s sales activity or tap a preset range to view sales for that time period. To set a custom date range, tap the date at the top of the report on your phone, or tap Compare on a tablet, and set your filters. You’re able to filter by time of day, device, and team member.”

Once a source document's information has been recorded in the accounting system, the source document is indexed for easy access and archived. (jurisdiction: United States, entity_scope: businesses generally (no entity type stated), conditions: applies after the information has been recorded in the accounting system)

“Once the information in a source document has been recorded in the accounting system, the source document is indexed for easy access and archived.”

It is usually (not invariably) necessary to retain source documents for several years; no specific period is stated. (jurisdiction: United States, entity_scope: businesses generally (no entity type stated), conditions: hedged ('usually necessary'); duration stated only as 'several years')

“It is usually necessary to retain source documents for several years.”

Partly established. Established: that the report be retained with the entry it supports (S26). Missing: the sales system's period report as the authority for the summary; what the report must show.

Cash over, cash short and other non-sale adjustments

The item setup table specifies an "Overage/underage" item posted to the Overage/Underage Expense account, so cash overages and shortages are carried on the daily sales receipt as their own line rather than within a sales or tender item. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Overage/underage Overage/Underage Expense Overage/Underage”

The article's worked example includes a cash shortage of $16.35 among the day's figures, alongside the cash register count and the separate tender totals. (jurisdiction: United States (US edition help site), entity_scope: Illustrative example only, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated), conditions: worked example figures, not a requirement)

“You have a cash shortage of $16.35.”

The cash over and short account is described as a general ledger account that stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand adjusted for the recorded cash transactions of the period. (jurisdiction: United States (US-oriented general accounting guidance by a US CPE publisher; examples in US dollars), entity_scope: entities maintaining a general ledger and holding cash on hand)

“The cash over and short account is an account in the general ledger . The account stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand, plus or minus any recorded cash transactions during the period.”

The account's primary use is said to be in cash-intensive retail or banking environments and for petty cash handling, and in those cases cash variances should be stored in a single, easily-accessible account. (jurisdiction: United States (US-oriented general accounting guidance by a US CPE publisher; examples in US dollars), entity_scope: cash-intensive retail or banking environments, and petty cash handling, conditions: stated as the primary, not the only, use; applies "in these cases", i.e. the cash-intensive and petty cash situations described)

“The primary use of the cash over and short account is in cash-intensive retail or banking environments, as well as for the handling of petty cash . In these cases, cash variances should be stored in a single, easily-accessible account.”

In the article's example, the cash shortfall is recorded as a debit to the cash over and short account, an expense, and a credit to the petty cash or cash account, reducing the asset. (jurisdiction: United States (US-oriented general accounting guidance by a US CPE publisher; example denominated in US dollars), entity_scope: illustrative example of a petty cash box shortage, conditions: presented as an example entry, not as a stated requirement)

“This cash shortfall is recorded as a debit to the cash over and short account (which is an expense) and a credit to the petty cash or cash account (which is an asset reduction).”

The variance information collected in the account is described as being used to track down why cash levels vary from expectations and to reduce such situations through better procedures, controls and employee training, so that the account serves as the basis for a detective control. (jurisdiction: United States (US-oriented general accounting guidance by a US CPE publisher; examples in US dollars), entity_scope: entities storing cash variances in a cash over and short account, conditions: follows from the described practice of storing variances in a single account)

“This information is then used to track down why cash levels vary from expectations, and to eliminate these situations through the use of better procedures, controls, and employee training. Thus, the account is used as the basis for a detective control .”

Partly established. Established: how cash over or short arising in the period is captured in or alongside the summary rather than absorbed into a sales or tender figure (S31, S32, S33, S34, S35). Missing: how non-sale adjustments arising in the period are captured in or alongside the summary rather than absorbed into a sales or tender figure.

Required authority: authoritative professional or accounting standard, high quality professional secondary reference. Highest achieved: high quality professional secondary reference, official platform documentation.

Period-end check: books against the sales system, and against what reached the bank

Square's Reconciliation Report explains how the amount paid to the seller's bank account is calculated, showing total payments collected together with every element that must be accounted for to determine the amount transferred. (jurisdiction: United States, entity_scope: Square sellers with a linked bank account, platform: Square Dashboard (Reports > Accounting > Reconciliation), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports)

“The Reconciliation Report explains to you how the amount paid to your bank account is calculated. It shows your total payments collected along with every element that needs to be accounted for in order to determine the amount transferred to you.”

Sales summary figures may differ from those in other Square reports, such as Payments or Team Sales, because of different calculation methods and timing. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: examples of other reports given as an open list ('like'))

“Sales summary numbers may differ from other reports (like Payments or Team Sales) due to different calculation methods and timing.”

Square's sales summary report includes only completed (closed) orders and excludes partial payments and deposits. (jurisdiction: United States, entity_scope: Square sellers, platform: Square (Square Dashboard and point of sale app), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: the article's overview section conversely lists partial payments and deposits as included)

“The sales summary report only includes completed (closed) orders and does not include partial payments or deposits.”

The Reconciliation Report lets a seller see how the payment transferred to the bank account derives from total payments collected once all aspects of a transaction are accounted for; Square advises aligning the transfer schedule and reporting day for the simplest tracking. (jurisdiction: United States, entity_scope: Square sellers with a linked bank account, platform: Square Dashboard (Reports > Accounting > Reconciliation), platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: alignment advice is framed as being for the simplest tracking, not a requirement)

“This allows you to understand how the payment transferred to your bank account is derived from your total payments collected when accounting for all aspects of a transaction. For the simplest tracking, make sure your transfer schedule and reporting day are aligned.”

In the deposit step the user records the actual amount of funds deposited to the bank; the article says this step is important for making sure recorded deposits match what the bank statement shows. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Record the actual amount of funds deposited to the bank. This step is important for making sure your deposits match what's shown on your bank statement.”

See A Square payout is described as a transfer of money from a Square account to a bank account, with Square collecting money from the sales that occurred in a given period and, at the end of the period, transferring the total amount less fees, adjustments or holds to the user's bank account.

Partly established. Established: the tender recorded agreeing with what reached the bank (S37, S40, S41). Missing: sales recorded for the period agreeing with the sales system's own total; what an unresolved difference indicates.

Required authority: authoritative professional or accounting standard, official platform documentation. Highest achieved: official platform documentation.

The single balanced summary record, and what sets the period it covers

The article describes recording a business's total daily sales in QuickBooks Online by means of a single sales receipt. (jurisdiction: United States (US edition help site, quickbooks.intuit.com/learn-support/en-us), entity_scope: Businesses using QuickBooks Online, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus (as listed on the article), effective_from: 2026-08-03 (article last updated))

“Find out how to record your total daily sales in QuickBooks Online using a single sales receipt.”

See Once the sales receipt template is set up, it is used to record the "end of day" sales — that is, the summary covers a day's trading.

See The daily sales template is populated by selecting the listed daily-sales items in the Product/Service column of the sales receipt, so the sales income line, the tender lines and the overage/underage line sit on one receipt.

See The balance held in the cash receipts journal is regularly summarized into a single aggregate amount, and it is that aggregate amount that is posted to the general ledger.

Partly established. Established: how a period's sales recorded in a separate sales system are brought into the ledger as a single balanced summary (S01, S42); what components that record must contain (S06). Missing: the condition under which it balances; what determines the length of the period a single summary covers.

Required authority: authoritative professional or accounting standard. Highest achieved: high quality professional secondary reference, official platform documentation.

What a register or point-of-sale period report contains, and how it is run for a period

See In the Square sales summary, Gross sales is defined as net sales plus taxes.

See In the Square sales summary, the Taxes metric is the tax amounts applied at the time of sale.

See In the Square sales summary, Discounts and comps means deductions made to sales due to returned sales and goodwill losses, such as (open list) incorrect sales or discounts applied.

See Square's Payment methods report summarises total collected and any associated fees by tender type — credit, debit, gift cards and other tender types — with breakdowns by debit versus credit, card origin (domestic and international) and card brand, and is viewable from Square Dashboard.

The sales summary report is obtained in Square Dashboard by signing in and going to Reports > Sales summary. (jurisdiction: United States, entity_scope: Square sellers with the relevant reports permission, platform: Square Dashboard, platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports)

“Sign in to Square Dashboard and go to Reports > Sales summary .”

A sales summary for a chosen period is obtained by using the date selector tool to refine a date range and selecting filters; the default reporting period can be customised by toggling on Custom workweek and editing workweek settings from the calendar. (jurisdiction: United States, entity_scope: Square sellers with the relevant reports permission, platform: Square Dashboard, platform_edition: Square Support Center United States (English) article: View sales summary, sales trends and payment methods reports, conditions: workweek customisation applies only if the seller chooses to customise the default reporting period)

“Use the date selector tool to refine a date range and select the relevant filters to view your report. If you want to customize your default reporting period, toggle on Custom workweek and click Edit from the calendar to adjust your workweek settings.”

Holding amounts received until the bank confirms them

A clearing account may be used to hold transactions for a short period of time (permissive, not required). (jurisdiction: United States (US publisher); general bookkeeping description, entity_scope: general businesses, day-to-day accounting, accounting_basis: double-entry general ledger accounting)

“A clearing account may be used to hold transactions for a short period of time.”

See A cash clearing account records incoming and outgoing cash transactions not yet fully reconciled and acts as an intermediate holding place where receipts and disbursements have timing differences with bank postings; once the bank confirms the transactions, the entries are moved out of the clearing account to the correct final accounts.

As an illustrative example, a customer deposit may first be posted to the cash clearing account and remain there until the bank officially processes it the following day — an example of money held between receipt and the bank, not a requirement. (jurisdiction: United States (US publisher); illustrative example only, entity_scope: businesses receiving customer deposits, accounting_basis: double-entry general ledger accounting, conditions: stated as an example; hedged: "may first hit")

“For example, a deposit from a customer may first hit the cash clearing account until the bank officially processes it the next day.”

Partly established. Established: the resulting deposit or settlement matched against those held amounts rather than recorded a second time (S22, S23, S24, S50, S52). Missing: how amounts taken by each tender are held between the sale and the bank.

Required authority: authoritative professional or accounting standard. Highest achieved: high quality professional secondary reference, official platform documentation.

How small-business accounting systems hold undeposited amounts and match the deposit against them

In QuickBooks, the Undeposited Funds account holds invoice payments and sales receipts that the user wants to combine before taking them to the bank. (jurisdiction: United States (en-US QuickBooks Support article, US pricing and US dollar examples), entity_scope: QuickBooks small-business users, platform: QuickBooks, platform_edition: QuickBooks Online Plus, Simple Start, Essentials, Solopreneur Plus; QuickBooks Desktop referenced in related links, conditions: applies to payments the user wants to combine before banking them)

“The Undeposited Funds account holds invoice payments and sales receipts you want to combine before taking them to the bank.”

The setup table specifies a "Clearing account" of category Cash and cash equivalents, account type Bank with detail type Cash on hand, described as a zero balance account for daily sales. (jurisdiction: United States (US edition help site), entity_scope: QuickBooks Online users following this daily-sales setup, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Solopreneur Plus, effective_from: 2026-08-03 (article last updated))

“Clearing account Cash and cash equivalents Bank / Cash on hand Zero balance account for daily sales”

On the payment or sales receipt form, the destination of the money received is chosen in the 'Deposit to' dropdown, where the user selects the account being used for undeposited funds. (jurisdiction: United States, entity_scope: QuickBooks Online users recording customer payments or sales receipts, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials, Intuit Enterprise Suite (US en_US article, updated 8/24/2026))

“From the Deposit to dropdown, select the account you’re using for undeposited funds.”

The later bank deposit is recorded in QuickBooks by using the deposit slip to combine the already-recorded payments, and all payments sitting in the Undeposited Funds account automatically appear in the Bank Deposit window for that purpose. (jurisdiction: United States, entity_scope: QuickBooks Online users recording a bank deposit of previously received payments, platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials, Intuit Enterprise Suite (US en_US article, updated 8/24/2026), conditions: payments were previously recorded to the Undeposited Funds account)

“Use your deposit slip to record a bank deposit and combine the payments in QuickBooks . All payments in the Undeposited Funds account automatically appear in the Bank Deposit window.”

The undeposited fund report in QuickBooks Online shows a list of undeposited funds, and its report period defaults to 90 days. (jurisdiction: United States (QuickBooks Online US help site, en-us), entity_scope: Users of QuickBooks Online (products listed for this article), platform: QuickBooks Online, platform_edition: QuickBooks Online Advanced, Plus, Simple Start, Essentials; QuickBooks Ledger; Intuit Enterprise Suite; QuickBooks Solopreneur Plus (as listed on the article), effective_from: 2026-08-05 (article last updated), conditions: 90 days is the default period, not a fixed limit)

“In the report, you can see a list of undeposited funds that covers a default report period of 90 days.”

In QuickBooks Online with the Square Connector, a Square payout can be matched with the deposit from the bank account where a Square deposit bank account is connected to QuickBooks Online, and adding a payout to the books causes the app to record a bank deposit that automatically links with the individual sales transactions and fees. (jurisdiction: United States, entity_scope: QuickBooks Online users who have connected the Square Connector by QuickBooks to a Square account, platform: QuickBooks Online (Square Connector by QuickBooks), platform_edition: US (en-US) help article, updated 8/5/2026, conditions: matching a payout to a bank deposit requires a Square deposit bank account connected to QuickBooks Online)

“You can also match a payout with the deposit from the bank account (in case you have a Square deposit bank account connected to QuickBooks Online). When you add a payout to your books, the app records a bank deposit that automatically links with the individual sales transactions and fees.”

Not established from an authoritative source.

Retaining the report that supports the summary entry

See Once a source document's information has been recorded in the accounting system, the source document is indexed for easy access and archived.

See It is usually (not invariably) necessary to retain source documents for several years; no specific period is stated.

Partly established. Established: the expectation that it is retained with the entry it supports (S26). Missing: what the sales-system report must evidence to support a summary entry.

Where over and short differences are recorded instead of sales

See The cash over and short account is described as a general ledger account that stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand adjusted for the recorded cash transactions of the period.

See The account's primary use is said to be in cash-intensive retail or banking environments and for petty cash handling, and in those cases cash variances should be stored in a single, easily-accessible account.

See In the article's example, the cash shortfall is recorded as a debit to the cash over and short account, an expense, and a credit to the petty cash or cash account, reducing the asset.

In the article's example, had there instead been too much cash in the petty cash box, the entry would be reversed: a debit to cash and a credit to the cash over and short account. (jurisdiction: United States (US-oriented general accounting guidance by a US CPE publisher; example denominated in US dollars), entity_scope: illustrative example of a petty cash box overage, conditions: presented as an alternative case within an example, not as a stated requirement; the article describes an overage as a rare condition)

“Alternatively, if there had been too much cash in the petty cash box (a rare condition indeed!), the entry would be reversed, with a debit to cash and a credit to the cash over and short account.”

Partly established. Established: how cash over or short is recorded in or alongside the summary rather than absorbed into sales or tender figures (S31, S32, S33, S34, S35, S53). Missing: how non-sale adjustments arising within a sales period are recorded in or alongside the summary rather than absorbed into sales or tender figures.