QuickBooksForum.com.au

Hi,

Thanks for setting up an Aussie Forum for Quickbooks!

I have a small problem.

Unfortunately we have lost some cash before it got deposited into our bank. It was not stolen, but has been carelessly lost by my better? half.

I now have a $200 journal from the Cash Register Funds Account sitting in Undeposited Funds Account.

What is the best way to handle the lost $200 cash in quickbooks? Where can I journal the lost money out the Undeposited funds Account to?

Also as the money was lost from GST sales do I still have to pay the GST from the lost sales money? How do I handle the GST.

I’m running Quickbooks 07/08 with Retail Point of Sale.

Any help or suggestions appreciated, thanks.

Technically and legally, yes, this is still a SALE and hence GST applies (I am required to say this by the way - legally).

There are a few options, 2 being to journal the funds to owners drawings/shareholders loans (whichever applies), or write off as stolen. Your accountant really should advise on this.

There are also a few ways to handle the QB transaction, but this depends on how you are going account for the missing funds.


Kind regards,

Jason
www.quickbooksolutions.com.au