By Kathie Beasley (Contributor, ProAdvisor) Email me here
We’ll talk today about sales receipts. A very good question to ask is, “When is an invoice vs. a sales receipt used?” The answer is simple.
Invoices and Receive Payment are used for deferred payments from your customers, while sales receipts are used for immediate payments. Payments received for which an invoice hasn’t been created can be recognized by a sales receipt, much like you would use while checking out at the store. Also, remember if you run a cash-based business, one sales receipt can be created daily summarizing the total sales rather than a receipt for each transaction.
To create a sales receipt in QuickBooks, you click on the “quick create” icon in the upper right hand (the circle with the cross to the immediate right of the search bar). On the left of the drop-down menu, you’ll see Sales Receipt. Your screen will then appear.
Fill in the fields with the appropriate data, click save, and you’re done. Pay special attention to the “deposit to” field to insure the funds will be reflected in the correct account. Another option would be to deposit to Undeposited Funds, group together all daily sales receipts and create a Bank Deposit, if needed.
As with invoices, your sales receipt can be customized to reflect your personal/company preferences using the Gear icon and choosing Custom Form Styles. The four sections on this page: design, content, emails and payments all enable you to edit your sales receipts, invoices or estimates.
As one still learning the ins and outs of QuickBooks, I did want to point out a wonderfully helpful tool too often overlooked; the Help button. Stuck? Click it and enter your question. An answer will be there. It’s usually a better option than bugging the boss.