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Three types of sales transactions can be entered into AccountRight Live, quotes, orders and invoices. These transactions are entered through the sales command center. Before recording any sales transactions, let's understand the difference between the types. A quote enables us to record estimates of items or services. A quote does not impact stock levels and can be converted into an order or an invoice. We use an order to record items or services ordered by customers but not actually sold or completed.
If the order includes a deposit payment then a transaction will appear in the sales journal. An invoice can be created before or after the goods or services are actually delivered. Stock levels and accounts are updated when an invoice is entered, including the debtors account. An open invoice in one that is not yet paid in full. A closed invoice is one that has been paid in full. We can choose between five different sales layouts in AccountRight Live. Service, item, professional, time billing, and miscellaneous.
The sale layout chosen will be determined by the type of business. For example, manufacturing, retail, or service, and whether a printed invoice is required. Let us start by viewing the sales preferences.
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