This guide is designed to explain how to use an "Undeposited Funds" or "Sales Receipts" account in Ambrook through invoices (to get item-level data) while still keeping these funds separate from true accounts receivable where money is owed.

The first step is to create a current asset account for sales deposits on the balance sheet. This will act like a “clearing” account, where you’ll put both deposits and sales into it, so that you can make sure the sales you record match up with deposits into your bank account. A good analogy is that it acts like a “kitchen drawer”, where you’re storing money in your drawer while you wait to be able to deposit it into the bank.

When you see sales receipts come onto your ledger, you’ll tag these deposits as an “asset adjustment” to the “Sales Receipts” account. This should be for:

You can choose to record invoices on a monthly, weekly, or daily basis. You can either use reports from these POS to get totals over a certain time period, or record individual sales. It’s useful to have item quantities in these invoices (by pounds or by items) to be able to use it for unit economics later on. You can also use items to speed up the process. The “Customer” can either be individual customers, the locations, or you can create a contact called “Square”.

Next to “match” on the invoice, click the plus button and select “transaction”. Select the “Sales Receipts” account, and record a transaction in the amount of the invoice. This will move the money from Accounts Receivable to a Sales Receipt account.

Periodically, you can total fees charged by the POS and create a transaction from the “Sales Receipts” accounts. This will help you to make sure you reconcile what got deposited from the bank

This should make the remaining amount equal to zero on the Sales Receipts account. If it is not zero, ensure that you have recorded all cash transactions and accounted for all fees or gift cards as payments.