Discover the Perfect Sales Receipt Example for Planning Your Business Transactions

Sales receipt example for Planning

in QuickBooks Online there are two forms that you can use to record sales the invoice and the sales receipt and that makes the question what's the difference in this video we're going to talk about when we would use each form and we're also going to look at an example in quickbooks online so that you can see how both are recorded so what are we waiting for let's get started [Music] the difference between the invoice and the cells receipt is pretty simple if you complete a sale of a product or service but you make the payment due at a later date you're gonna use the invoice to record the sale and later you're gonna have to record a separate transaction for when you receive the payment from the customer however if you make the payment due upon completion of the sale as in payment is due immediately then you're gonna use the sales receipt because with the sales receipt you're documenting the sale and the payment at the same time let's look at an example so we can see how this works in QuickBooks Online on April 1st the company completed awesome services for the customer jaywalker we charge $1,000 for the service due within 10 days of completion of services as per our Terms on April 11 mr. Rockler pays us in full with the cheque reference number one two three on April 13 the company completed services for the customer sandy beach this was one of our more minor services so we charge $200 for the services due upon completion over the counter she pays us cash let's start with the April 1st transaction this is the day that we completed services for mr. Walker but payment isn't due for another ten days in this case we're going to use the invoice to record the sale so here we go we're gonna come to new invoice we're gonna select Jane Walker as the customer and invoice date it's gonna be 4-1 in terms we're gonna select net 10 because in because the payment is due in 10 days and notice that when I select net 10 it updates the due date in products and services I actually previously set up a service and if you guys want me to do a video on uh setting up products and services let me know in the comments below and in the description whatever we want to put it so we're gonna delete quantity and rate because we already know the amount it's one thousand alternatively you could put a thousand and the rate and one in the quantity but since the company is charging a flat fee for the service I'm not gonna bother see best word to April 11 when we receive the payment from mr. Walker we've already recorded the sale so now we need to separately record the payment in quickbooks online using receive payment let's go to new receive payment and our customer is going to be jaywalker and the payment date is for does she 11 the payment method was check because he paid us with check one two three and the reference number is gonna be seven eight nine just kidding I just wanted to see if you're paying attention one two three and deposit two we're gonna put this into undeposited funds because we're not depositing yet we're just collecting the payment if you notice that when we typed up his name that his outstanding invoice popped up automatically so we're gonna select that and just make sure that the payment is the correct amount and save and close in this April 13 transaction the payment is due at the same time as services completed so we're going to use the sales receipt in this case to record the services and the payment let's go to new and this time we're going to select sales receipt now how we record a sales receipt is very similar to how we record an invoice except for two differences one there are no credit terms and two we're also recording the payment on the same form so we're gonna come up here to customer sandy beach and the sales receipt date oh it's already there at 413 and cash we're going to deposit two undeposited funds because again we're not depositing we're just collecting and the rest is exactly the same guys we're gonna select the service I'm going to put a description we're going to delete all of this stuff that we don't need and type in the amount of our services 200 save and close okay guys so we looked at recording the cell using a cellular seat or an invoice we looked at recording the receipt of a payment from a customer so in the next video we're going to look at recording the deposit of those payments so stay tuned for that and don't forget to hit that subscribe button for updates on the latest see you later [Music]