I have a new nightclub and use Quickbooks to track my financials. I use an older POS system for my nightly cash sales. A couple of friends with other nightclub businesses told me that they use their weekly bank deposits to track their net cash sales/profits for the week (cash sales - cash expenses = depostis/cash profits for the week). Is this legal?

The reason I ask is because my POS system is old and I cannot seem to print sales reports with it. Also, on occasion a few employees have not used the POS system when it is very busy and simply put the cash in the POS register.

As long as your taxes are done legitimately, there's nothing illegal about the way you track your cash.

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Originally Posted by ISneezeFunny

As long as your taxes are done legitimately, there's nothing illegal about the way you track your cash.

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Would this not be improper recording since I could simply take cash out of my register and deposit less at the bank, thereby showing reduce profits and reducing less taxes to be paid. Also, if I were ever audited would this be OK given that I have no proof of sales?