This article will help you to understand what needs to be done if the amount in your cash drawer and Z-Out Drawer Count report doesn’t match with each other. Basically, you will be able to know how to record a cash shortage or overage in QuickBooks Desktop.
The Z-Out Drawer Count report is used for maintaining a record of the sum of your cash flow for a particular day. If you find that the money in your cash drawer is less or more, it is known as the cash shortage or overage.
Your books need to be matched to what happens to your business out of the software. We will be helping you with the process to keep your books in QuickBooks Desktop up-to-date.
Step 1: Make Sure There’s a Shortage Or Overage
- Open your cash drawer and recount the money from it.
- Ensure that the opening and ending amount in the Z-Out Drawer Count report are accurate.
- From the main menu, go to the Reports
- Click on Cash Drawer and then select Z-Out Drawer Count.
- Make changes to the date and then click on Apply date range.
- Review the amount of the cash drawer and the report.
If both the amounts are the same, you can perform your end-of-day procedure. However, if there’s any kind of shortage or overage, you need to go to the next step.
Step 2: Run a Financial Exchange
- From the Financial menu, click on Financial Center.
- Go to the Actions section and choose Update QuickBooks Desktop Now.
Step 3: Create a Shortage Or Overage Account In QuickBooks Desktop
If there’s a shortage or overage account already, you need to jump to the 4th steps directly.
- From the List menu, click on Chart of Accounts.
- Click on the Accounts ▼ dropdown and choose New.
- Select an account type and click on Continue.
- Provide all the account info and then click on Save & Close.
Step 4: Record The Shortage Or Overage Using a Deposit
- From the Banking menu, choose Make Deposits
- Select the pending payments you want to deposit from the Payments to Deposit and then click on OK.
- From the Make Deposits window, click on Save & New.
- Make changes to the Deposit to, Date, and Memo fields.
- From the Received From section, click on the small arrow ▼
- Click on the Cash in Drawer.
- From the Account section, click on the small arrow ▼ icon and then choose your shortage or overage account.
- Provide the shortage (negative) or overage (positive) amount under the Amount section. Example: $10 shortage = -10, $10 overage = 10
- Click on Save & Close.
Technical Support For QuickBooks Desktop
Hopefully, you find this article helpful and now you are able to record a cash shortage in QuickBooks Desktop. Performing this process is very important as the difference between the amounts may lead to some technical issues in QuickBooks as well. However, if you are facing any issue while managing a cash shortage or overage, you can connect with our QuickBooks Data Services team. You can dial our toll-free QuickBooks Support Phone Number +1800-324-6599 to get instant help for all your errors and issues.