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Sample of invoice receipt for Purchasing

difference between entering invoices and sales receipts in QuickBooks everyone this is Matt Holquist with the QuickBooks University and here we are on the QuickBooks home screen and so I want to go through today the difference between when you enter an invoice and when you enter a sales receipt in QuickBooks because I see far too many people get this wrong and then it's a matter of having to go back and fix a ton of information to get it right all right so there's two basic ways to record sales or Revenue in QuickBooks for your business and you'll see it right here on the home screen you've got create invoices and you've got create sales receipts now let me go through a very quick uh analysis here of showing you how to enter either one of these okay so it brings up a form this is very basic in QuickBooks and we say okay we're going to choose a customer Mark Bauman and you're going to put in the item all right we'll say floor plans and you put in quantity and price let's say we'll make this 200 each all right four hundred dollars that is an invoice now you're gonna you know print this mail it you're gonna email it to your customer and they pay you at a later time okay so that is the first important distinction an invoice is when a customer or client is going to pay you at a later date all right so you send this out it becomes what's called a couch receivable which is what your customers owe you and then when you receive that payment you offset it against this invoice and you clear it out of the system all right so let's go back to the home screen and then I'm going to show you a sales receipt okay when we say create sales receipt you'll notice it's the same kind of setup it's a form that looks pretty much just like the invoice except now it says sales receipt at the top and it's got these boxes all right so sales receipt same thing we're going to say Mark Bauman home remodel if you need to put a class in there you can do that we'll say new construction date sale number and what you're going to do is choose your item and you're going to say Blueprints and we're going to say Quantity two and 200 okay so this one is also four hundred dollars just like the invoice now you'll see here that you have the option to choose now why would you choose this well this is because a sales receipt you record when somebody pays you immediately all right so you wouldn't do an invoice if they're there and they pay you right then you know you'll see that typically like in a retail store or something like that where somebody pays right when they check out that's when you use a sales receipt in QuickBooks the invoice is when they pay you later the sales receipt is when they pay you at the time of the transaction you want to make sure you get this right otherwise it will severely mess up your books all right so you're going to choose here you're going to say check could be credit card you know you can choose more but we'll say a check and then we want to put in the check number over here and we click save and close or save and do we'll say save and close so that is when a sale is recorded when you do the sales receipt and the invoice when you send an invoice is when the sales recorded but then you collect the money later on again so the important distinction here invoice when a customer pays you later sales receipt when they pay you immediately any questions any comments feel free to leave those below and I will see you in the next video