Hi Torri
Our business used to accept both credit and cash payments. Now we switch to cash only. How do you do a journal entry for cash tip collected by employee? We used to have a tip account payable for credit card tips. Employees report their cash tip to us and we do pay tax on cash tip.
I read about tips in and tips out. I set up the accounts already and have been paying them .
The problem is I set up payroll account as a separate company from main checking account. I do a journal entry of payroll expense at the end of each month in the main checking account. How do I do the journal entry for cash in and cash out? Thank you
