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Understanding invoices, statements, and sales receipts

From: QuickBooks Pro 2010 Essential Training

Video: Understanding invoices, statements, and sales receipts

QuickBooks offers the three kinds of sales forms businesses typically use. Invoices, sales receipts and statements. Each one has its purpose but it turns out that an invoice can do everything a sales receipt or statement can do. So if you aren't sure which form you need, just create an invoice. A sales receipt is designed to record sales when your customer pays in full at the time of the sale. When you create a sales receipt, QuickBooks immediately posts the payment into your bank account or the undeposited funds account, which is where money sits until you record a bank deposit.

Understanding invoices, statements, and sales receipts

QuickBooks offers the three kinds of sales forms businesses typically use. Invoices, sales receipts and statements. Each one has its purpose but it turns out that an invoice can do everything a sales receipt or statement can do. So if you aren't sure which form you need, just create an invoice. A sales receipt is designed to record sales when your customer pays in full at the time of the sale. When you create a sales receipt, QuickBooks immediately posts the payment into your bank account or the undeposited funds account, which is where money sits until you record a bank deposit.

A sales receipt can't keep track of a customer balance. It doesn't accept payments in advance, and you can't stockpile customer charges until you're ready to create the receipt. But you can add up numerous charges on one sales receipt, use group items to add what you sell, subtotal items, apply sales tax, apply discounts and include custom fields or a message to the customer. An invoice can do everything the sales receipt does and more.

An invoice can start from a customer's balance, deduct payments the customer made, add new charges and figure out the new balance. If the customer pays in advance, you can create an invoice with items specifically for recording a prepayment and create a credit for the customer. You can also assign time and expenses as billable to a customer and add them to an invoice later on. Statements are set up to summarize an account, just like your bank statement does. When you create a statement in QuickBooks, the program finds all the transactions that affect the customer's balance, invoices, statement charges and payments, and adds them to the statement.

The statement shows the starting balance, payments made, new charges added and the resulting ending balance. You can't use group items or subtotals and you can't apply sales tax or discounts to statements. You also can't use custom fields or add a customer message. Now that you know the difference between the types of sales forms, you are ready to choose the right form for the job. You will learn how to create invoices and statements in this chapter. The chapter Receiving Payments shows you how to create a sales receipt.

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This video is part of

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QuickBooks Pro 2010 Essential Training

69 video lessons · 22190 viewers

Bonnie Biafore
Author

 
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  1. 8m 19s
    1. Welcome
      52s
    2. Editions of QuickBooks
      3m 24s
    3. QuickBooks bookkeeping basics
      2m 46s
    4. Using the exercise files
      41s
    5. Disclaimer
      36s
  2. 9m 12s
    1. Opening a company file
      2m 4s
    2. Using the QuickBooks menus and home page
      2m 49s
    3. Touring the Customer, Vendor, and Employee Centers
      2m 32s
    4. Navigating between QuickBooks windows
      1m 47s
  3. 10m 50s
    1. Gathering the information you need
      2m 4s
    2. Creating a company file
      5m 33s
    3. Converting from another program
      3m 13s
  4. 8m 19s
    1. Naming and numbering accounts
      3m 36s
    2. Creating an account
      2m 26s
    3. Making an account inactive
      2m 17s
  5. 14m 50s
    1. Creating a customer profile
      3m 40s
    2. Adding customer information
      4m 33s
    3. Creating a job
      2m 18s
    4. Making customers inactive
      1m 39s
    5. Creating a vendor
      2m 40s
  6. 43m 35s
    1. Why use QuickBooks items?
      2m 59s
    2. Creating a service item
      4m 26s
    3. Setting up time tracking
      2m 53s
    4. Entering time
      4m 19s
    5. Tracking mileage
      4m 34s
    6. Creating an inventory item
      6m 7s
    7. Creating a non-inventory item
      3m 34s
    8. Setting up sales tax
      6m 59s
    9. Setting up discounts and charges
      3m 46s
    10. Creating a group of items
      2m 16s
    11. Making items inactive
      1m 42s
  7. 30m 46s
    1. Creating a purchase order
      3m 8s
    2. Entering a bill
      4m 37s
    3. Recording inventory you receive
      3m 47s
    4. Paying bills
      4m 5s
    5. Handling a credit from a vendor
      5m 2s
    6. Writing a check for expenses
      3m 17s
    7. Paying with a credit card
      1m 40s
    8. Paying with cash
      2m 53s
    9. Paying sales tax
      2m 17s
  8. 35m 5s
    1. Understanding invoices, statements, and sales receipts
      2m 23s
    2. Creating an invoice and filling in header fields
      2m 55s
    3. Adding items to an invoice
      5m 7s
    4. Adding billable time and cost to an invoice
      5m 57s
    5. Using subtotals, discounts, and other charges
      3m 6s
    6. Creating an estimate
      2m 49s
    7. Handling a customer credit
      4m 57s
    8. Creating a statement charge
      3m 7s
    9. Producing a statement
      4m 44s
  9. 14m 44s
    1. Setting up print options
      4m 13s
    2. Aligning forms with printer paper
      3m 0s
    3. Printing one or more forms
      4m 29s
    4. Emailing a sales form
      3m 2s
  10. 14m 8s
    1. Receiving a payment
      3m 49s
    2. Assessing finance charges
      4m 9s
    3. Creating a sales receipt for a cash sale
      2m 39s
    4. Depositing payments
      3m 31s
  11. 10m 37s
    1. Preparing to reconcile a bank account
      1m 50s
    2. Reconciling transactions to your bank statement
      3m 14s
    3. Correcting discrepancies
      5m 33s
  12. 9m 51s
    1. Using the Report Center to find reports
      3m 0s
    2. Running a report
      3m 45s
    3. Printing or saving a report
      3m 6s
  13. 6m 8s
    1. Why use journal entries?
      3m 3s
    2. Creating a general journal entry
      3m 5s
  14. 13m 39s
    1. Creating a new user
      4m 58s
    2. Backing up your company file
      6m 10s
    3. Restoring a company file
      2m 31s
  15. 27s
    1. Goodbye
      27s

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