Tech sales closing for Legal Services

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do you sometimes get paid on the same  day for rendering a legal service   to a client well then you need to know how to  record sales receipts for immediate services if you have any questions about this topic you can  leave them in the comments section below and i'll   do my best to help you and of course if you feel  the video helped you i hope you will click like   and don't forget to subscribe to get updates on  new videos that come out all the time sometimes   our law firm gets paid on the same day that we  render a service to the client this is usually   for immediate services like a notary the correct  document to make in this case is a sales receipt   making a sales receipt in quickbooks online  is the same as making an invoice we can print   the receipt at the moment we get paid for example  let's imagine on february 1 we performed two   notary services for alan arby he came in and gave  us a check for five dollars for two signatures   for two dollars and fifty cents each the check  was deposited the same day that we did the service   and it was deposited into chase bank so what  changes in the trial balance if we give a   service and get paid immediately well income from  notary service increases by the amount we earned   on the day that we gave the service and since  we got the money directly into our bank account   at the moment we got the service then  the cash and the chase bank also goes up   and those will be the numbers in the trial  balance but what happens to the customer's balance   would the customer's balance change if we  recorded a sale receipt and the answer is   no the sales receipt will still be listed  in the transaction list by customer report   but the customer would not owe us a different  amount of money as a result of paying for   something they received immediately so let's look  at what the results will be in the trial balance   cash and chase bank will be five dollars more  and income from notary service will show up for   the first time on the trial balance as five  dollars so from the top left well let's just   adjust our little show here okay from the top  left we click new sales receipt and again it looks   just like an invoice we go forward to february  1st and we're doing 2021 in our little story   the customer who paid us was alan arby now be  careful the the money went directly into the   bank account click directly under where it says  product and service and choose notary services   we set that up in the beginning of the  course and there were two services performed   two dollars and fifty cents  each that means the cash in bank   is increasing by five dollars and so is the income  from notary service when we click save and close   we can go back to the trial balance reports  trial balance and take a look cash in chase   bank is twenty five thousand and five dollars  and the notary income is now five dollars but   let's take a look at the customer reports if  we click reports transaction list by customer   you can see that the sales receipt was listed in  the very simple list of transactions by customer   which is organized by date but however if  you click reports and you click open invoice   you will not see the sale receipt if you click  reports and you click customer balance summary   you will not see the effect of the sale receipt  because it does not change the unearned income   amount or the amount receivable because we got  paid today and now that we've performed a second   service let's take a quick look at the profit  and loss we click reports profit and loss   and you can see this is the first time  that we have two separate income accounts   with two separate income items earned for two  separate services notice the profit and loss   shows the total of the income category we have  not yet recorded any expenses but i wanted to   show you that the purpose of the profit and loss  was to first add the total of the income category   then add the total of the expense category to  get the net operating income and the net income   so let's take a look at the  next transaction let's imagine   february 5th we perform same-day legal services  for betty boop she deposited a hundred dollars   into the chase bank account for the service  and here's the transaction number 76543   whatever but because we got paid on the  same day that we rendered the service   the proper document to make is a sales  receipt so in the top left we click new   sales receipt and we said this was  february 5th it was betty boop february 5th   make sure that the money is going into  the correct bank account click directly   under products or service and choose legal  services rendered and then just put the amount a hundred dollars oh not a thousand be careful  sorry about that there you go can always fix   now when we click save and close you can see legal  services income has increased by a hundred dollars   and the profit and loss shows the results  of every number in the trial balance that's   under the category of income and expense so these  numbers are the same in the trial balance with all   the other numbers and what's also the same is that  you can double click the number and get a list of   every transaction that led up to that total for  that uh account so the total legal service uh   fees income click the arrow is a result of these  four transactions and you can see these three were   invoices but this last one that increased the  account by a hundred dollars is a sales receipt   and you can still double click and go back  and change anything you want if you need to