Earlier I showed you how to process a sale using an invoice. In that instance the payment was going to be received at a later date. We are now going to deal with a transaction where payment is received in full at the same time as the sale. This payment can be via cash, cheque or credit card.
Since you have already processed an invoice you should be comfortable with doing this as the screen and the functions are the same.
From the Home page you can choose either of these two ways to access Sales Receipts. Click on the Create Sales Receipts icon, or choose Customers, New Transactions and then Sales Receipts. This will take you to the Enter Sales Receipts window.
If you do not see the Create Sales Receipts on your Home page that means you did not check the box in Preferences, Desktop View, Company Preferences. Go back and complete those steps if you need to. This is also the preference area where you can turn off or on Estimates, Sales Tax, Inventory, Payroll and Time Tracking from appearing on your Home page.
Since you already have some Customers set up lets use Hart Printing.
You will notice that QuickBooks is using the Custom Sales Receipt default template and has assigned a number 1 in the Sale No. field. Don’t forget the Date, and here we’ll use 31/01/2011. Tab past the Sold To field to the Cheque No. field. This Customer is paying via a cheque so key in our example of 56789 and tab to the Payment Method field.
The arrow indicates a menu list from which to choose, and you will select Cheque. Notice that if you were to choose any others, with the exception of Cash and Cheque, the box beside the credit card icon with a lighting bolt through it becomes visible. You cannot use this function unless you have a QuickBooks Merchant Service account.
Tab to the Item field and choose Consulting – OS, tab to Qty and type in 2, choose Printers in Class field and tab through to the Tax field making sure you have the correct code. The Amount field should read 90.00 and the Total 100.80 using a 12% HST tax. Print this now so that you can give a copy to your Customer and then Save & Close.
The amount that you just posted has gone to the Undeposited Funds account and awaits your deposit. Depending onwhat time of day it is, you can wait until the end of the day to deposit the funds or until you have several more of these types of transactions accumulated.
Here’s a tip for you regarding deposits. If you go to yourMenu bar, choose Edit, Preferences, Sales & Customers, Company Preferences, at the bottom of the screen you will see Receive Payments and some choices with boxes beside them.
If you unmark the box: Use Undeposited Funds as a default deposit to account and say OK, the next time that you process a Sales Receipt or Invoice you will notice a Deposit To field with a drop-down arrow that allows you to choose your bank. Once you choose your bank and Save & Close this will post that Sales Receipt directly to your bank.
The downside to this shortcut is that if you have a number of Sales Receipts in a day and you post them all, when you go to reconcile your bank statement, your QuickBooks will not recognize these Sales Receipts as a group total. If you had 10 of these Sales Receipts, you would then have to manually add them up in order to arrive at a total for the day. Remember, I didn’t say all the tips would save you time.
In this case I would leave the Use Undeposited Funds as a default deposit to account marked.
Tip: If you are a business that is using the QuickBooks Premier edition, you can use sales orders to track items that customers have ordered, but are out of stock. Now in case you are a service-based business, you can use sales orders to schedule work crews, plan labour costs, and esitmate revenue flow based on services scheduled.
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