How to Record a Sales Invoice or a Sales Receipt in Quickbooks

How to Record a Sales Invoice or a Sales Receipt in Quickbooks

Maintaining accurate financial records is indispensable for businesses in every industry. Beyond tracking income and expenses, it is vital in effectively managing cash flow, budgeting, and conducting thorough financial analysis. 

Just as Dumbledore draws insights from his pensieve to make informed decisions, maintaining accurate financial records empowers you to navigate your business's past, present, and future with wisdom and foresight.

maintaining accurate financial records

QuickBooks, a widely used accounting software, offers a range of efficient tools for recording sales transactions, such as sales invoices and sales receipts. Whether your business deals with products or services, understanding the correct procedure for accurately documenting these transactions in QuickBooks is essential for upholding a well-structured and orderly financial system. 

In this guide, we will provide you with a transparent, step-by-step process for recording sales invoices and QuickBooks sales receipt and we will understand what are sales receipts in QuickBooks.

What is a QuickBooks Sales Receipt?

QuickBooks Sales Receipt

A QuickBooks sales receipt is a financial document used to confirm the completion of a sale, where payment is received immediately. This receipt serves as proof of purchase for the business and the customer. Sales receipts are created when customers make a full payment at the time of the sale, typically in cash or by credit card.

In QuickBooks, a sales receipt includes essential information such as customer details, the transaction date, a description of the goods or services sold, quantities, unit prices, and the total amount paid. It also records the payment method used: cash, check, or credit card. QuickBooks automatically updates the relevant accounts and generates a journal entry based on the details provided in the sales receipt.

Sales receipts are especially valuable for businesses primarily conducting point-of-sale transactions, such as retail stores, restaurants, or service providers, who receive immediate payment. By accurately recording these sales receipts QuickBooks, businesses can effectively monitor and analyze their revenue, maintain precise financial records, and generate reports for future reference or tax purposes.

What is an Invoice?

quickbooks invoice

An invoice is a formal document in commercial transactions that provides buyer and seller agreement information. It is a claim for payment for goods or services rendered. In simpler terms, it is a bill the seller issues to the buyer, stating the amount owed.

An invoice typically includes important details such as the seller's business name, contact information, and logo. It also provides the buyer's name and address. An invoice also contains a detailed product description, including quantities, unit prices, applicable taxes, and discounts. It also specifies the payment terms, such as the due date and acceptable payment methods.

Invoices are crucial in business accounting, enabling sales tracking, revenue generation, and proper financial record-keeping. They serve as legal documents establishing the buyer's obligation to pay the specified amount within the agreed-upon timeframe. Invoices are crucial to keeping accurate financial records, fulfilling tax obligations, and optimizing cash flow management.

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Difference Between Sales Receipts and Sales Invoices

What is a sales receipt in QuickBooks, and how is it different from a sales invoice? Let's understand the basics. Sales Receipts and Sales Invoices are two distinct financial documents utilized in QuickBooks to document sales transactions. Here is a breakdown of the key dissimilarities between the two:

Sales Receipts:

  • Sales Receipts are given to customers when they make an immediate payment at the time of purchase.
  • They are employed for point-of-sale transactions or situations in which payment is received upfront.
  • Sales Receipts offer immediate proof of purchase to customers.
  • They include pertinent details such as the customer's name, date of sale, sold items, quantities, prices, and the total amount paid.
  • Sales Receipts automatically update relevant accounts and generate a journal entry in QuickBooks.
  • They are primarily used for cash transactions, credit card sales, or transactions involving immediate payment methods.

Sales Invoices:

  • Sales Invoices are issued when goods or services are sold, but the payment is expected to be received later.
  • They are utilized for sales on credit or situations where payment terms have been agreed upon.
  • Sales Invoices serve as a formal request for payment.
  • They provide comprehensive information, including the seller's name, buyer's details, description of goods or services, quantities, prices, applicable taxes or discounts, payment terms, and the due date.
  • Sales Invoices do not impact financial accounts until payment is received.
  • They are typically utilized to keep a record of sales and generate an accounts receivable entry.

Understanding the distinctions between sales receipts and sales invoices can assist businesses in selecting the appropriate document based on the nature of the sales transaction and payment terms involved.

Creating a Sales Receipt on QuickBooks

Creating a Sales Receipt on QuickBooks

To know how to create sales receipt in QuickBooks online, simply follow these steps:

1. Begin by accessing the QuickBooks Home screen.

2. Locate and click the "Create" button (+) in the top right corner.

3. Under the Customers section, you will find the option for "Sales Receipt." Select it.

4. Proceed by entering all the essential information, including the customer's name, date of sale, and sale number.

5. Detail the items sold, specifying quantities and prices. You have the option to either choose from existing items or create new ones.

6. Add any applicable discounts, taxes, or shipping charges to the receipt.

7. Indicate the method of payment employed, such as cash, credit card, or check.

8. Enter all relevant payment details, including the received amount.

9. Before finalizing, review the sales receipt for accuracy and make necessary adjustments.

10. Finally, click "Save and close" to securely store the created sales receipt.

Adhering to these straightforward steps can effortlessly generate a sales receipt QuickBooks. This will ensure the precise recording of your sales transaction details while promptly generating a comprehensive receipt for your valued customer.

Creating a Sales Invoice on QuickBooks

To generate a sales invoice in QuickBooks, refer to the steps below:

1. Start by navigating to the QuickBooks Home screen.

2. Locate and click the "Create" button (+) in the top right corner.

3. From the options under the Customers section, choose "Invoice."

4. Enter the customer's name and necessary contact details.

5. Proceed by inputting the invoice specifics, such as the date, due date, and unique invoice number.

6. Add the items or services sold, including their respective quantities and prices.

7. If there are any applicable discounts, taxes, or shipping charges, include them accordingly.

8. Take a moment to thoroughly review the invoice to ensure accuracy and make any necessary adjustments.

9. Utilize the "Save and send" option to store and transmit the invoice to the customer. Alternatively, select "Save and close" if you prefer to save the invoice without sending it immediately.

10. QuickBooks will automatically update the accounts receivable and make a journal entry to record the transaction.

Recording your total daily sales in QuickBooks Online

To record your total daily sales in QuickBooks Online, follow these steps-

Access the Sales Receipts page

After signing in to your QuickBooks Online account, click the "+" icon at the top right corner. Then, under the Customers section, select "Sales Receipt."

Enter customer details

Provide the customer's name or choose from the existing customer list. If the sale is a cash transaction without a specific customer, select the "Names" option and input a suitable name like "Cash Sales."

Skip line item details

Since you want to record the total daily sales, there is no need to enter individual line item details. Proceed to the next step.

Enter the total amount

On the "Product/Service" line, enter an appropriate name, such as "Total Sales." Then, input the total amount of your daily sales in the "Amount" field.

Save and categorize the sales receipt

Save the sales receipt by clicking on "Save and Close." Afterward, ensure that you categorize the sales receipt correctly to guarantee accurate financial reporting.

This way, you can effectively record your daily sales in QuickBooks Online. This will make it easier for you to track your revenue and maintain precise financial records.

Recording Invoice Payments in QuickBooks Online

To record an invoice payment in QuickBooks Online, follow these steps for accurate tracking and management of your receivables:

1. Start by logging into your QuickBooks Online account and locating the "+" icon at the top right corner of the page. Click on it and navigate to the "Receive Payment" option under the Customers section.

2. Select the customer making the payment from the dropdown list. If needed, you can also create a new customer profile.

3. Next, choose the relevant invoice(s) against which the payment is being made. QuickBooks Online will display any outstanding invoices for the customer, making it easy to select the correct ones.

4. Now, enter the payment details. This includes the payment amount, payment date, and payment method. You can also include a reference number for your record-keeping purposes if desired.

5. Once you've entered the payment details, allocate the payment to the specific invoices. You can apply the payment in full or partial or customize the allocation according to your needs.

6. Finally, review the payment details and ensure everything is accurate. Once satisfied, click "Save and close" to record the invoice payment in QuickBooks Online.

These steps can help you easily navigate the "Receive Payment" option in QuickBooks Online, select the appropriate customer and invoice(s), enter the payment details accurately, allocate the payment correctly, and save it, ensuring the proper tracking and management of your receivables.

Virtual Bookkeeping Assistants for QuickBooks Tasks

Virtual Bookkeeping Assistants for QuickBooks

A virtual assistant can support various bookkeeping tasks, specifically those pertaining to QuickBooks online sales receipt. Below is an overview of the specific actions that a virtual assistant can undertake concerning QuickBooks sales receipts:

  • Help choose between recording a sales receipt or invoice.

By assessing the nature of the transaction, a virtual assistant can advise on whether a sales receipt or invoice is the more suitable option.

  • Input customer details, including name and contact information.

Accurate entry of customer names and contact information ensures proper record-keeping.

  • Select products or services sold and add new items if needed.

A virtual assistant can choose the correct items from your product or service list and add new items as needed.

  • Enter the quantity and unit price for all products or services.

The virtual assistant will input the quantity and unit price for each product or service line item.

  • Apply discounts or adjustments for accurate pricing.

Any applicable discounts or adjustments will be inserted to ensure accurate pricing on the sales receipt.

  • For invoices, specify payment terms and due dates.

The virtual assistant can determine the payment terms and due dates when creating an invoice.

  • For receipts, enter payment details if received immediately.

The virtual assistant will record the payment method, amount, and date on the sales receipt if immediate payment is received.

  • Double-check all details for accuracy.

The virtual assistant will verify all entered information for accuracy and make any necessary corrections.

  • Save the sales transaction to record it in QuickBooks.

The virtual assistant will save the completed sales transaction to record it in QuickBooks.

  • Explore options to send invoices directly to customers.

Various sending options in QuickBooks will be investigated, allowing the virtual assistant to send invoices directly to customers.

  • Utilize QuickBooks features for email or print delivery.

QuickBooks features will be utilized to send invoices via email or for physical delivery by printing them.

  • Access sales reports to monitor transaction history.

The virtual assistant will retrieve sales reports to monitor transaction history and gain insights into sales performance.

  • Analyze sales data for informed business decisions.

By analyzing sales data, the virtual assistant can help you make informed business decisions and identify trends or areas for improvement.

  • Offer ongoing support for any additional QuickBooks inquiries.

The virtual assistant will provide ongoing assistance and support for additional QuickBooks inquiries or tasks.

Wishup: Your One-stop-solution for Expert Virtual Assistance

wishup virtual assistants

Wishup, a reputable virtual assistance company, specializes in providing various services to assist businesses with administrative tasks. Specifically, regarding bookkeeping, Wishup offers proficient virtual assistants highly skilled in QuickBooks and other accounting software. Utilizing Wishup for your bookkeeping needs offers several advantages, which include:

Experience cost-effective services

When you partner with Wishup, you gain access to affordable bookkeeping services without the additional expenses of hiring a full-time employee.

Partner with the top 0.1% of talent

At Wishup, we meticulously select the cream of the crop for virtual assistants, ensuring you collaborate with highly skilled professionals proficient in bookkeeping and QuickBooks.

Seamlessly onboard your virtual assistant within a single day

Wishup offers an efficient and seamless onboarding experience, enabling you to begin collaborating with your virtual assistant in as little as 24 hours.

Eliminate the need for a training budget

By leveraging the expertise of Wishup's experienced virtual assistants, you can effectively bypass the need for expensive training programs. These virtual assistants already possess the necessary skill set in bookkeeping and QuickBooks, saving you time and resources.

Benefit from Wishup's exceptional no-questions-asked replacement policy

If your assigned virtual assistant does not meet your expectations, Wishup offers a hassle-free replacement policy. This means you can easily get a new assistant better suited to fulfill your bookkeeping requirements without any questioning or hassle. With Wishup, we aim to ensure you always have the perfect fit for your bookkeeping needs.

Put your virtual assistant to the test with a 7-day Risk-Free Trial

At Wishup, we provide a risk-free trial period of 7 days. This trial period allows you to thoroughly assess the skills and capabilities of your virtual assistant before making a long-term commitment. We understand the importance of finding the right fit for your needs and offer this opportunity to ensure your satisfaction.

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Conclusion 

To sum up, QuickBooks provides a straightforward and user-friendly process for recording sales, as mentioned earlier. However, if you prefer to outsource this task or need additional support, Wishup is available to assist you.

Our virtual assistant services specialize in QuickBooks and can efficiently handle various bookkeeping tasks, including recording sales and invoicing. Whether you require assistance on an occasional basis or ongoing support, our skilled virtual assistants at Wishup are prepared to help. 

Contact us today through a free consultation or email ([email protected]) to discuss your bookkeeping requirements and explore how we can offer personalized virtual assistance tailored to your business.

FAQs: QuickBooks Sales Receipt

What is a QuickBooks sales receipt?

A QuickBooks sales receipt is an official document that records a cash sale or payment received from a customer for products or services. This document contains key information, including customer details, items sold, quantity, price, and payment method. Its main purpose is to serve as a tangible proof of the transaction.

What is the difference between a deposit and a sales receipt in QuickBooks?

In QuickBooks, a deposit refers to a payment made in advance or as a lump sum, which is then held in an account until it is used to offset an invoice or sales receipt. Conversely, a sales receipt is a record that documents the immediate payment received from a customer for goods or services.