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QuickBooks Online QBO Sales

How to Record Consignment Sales on Consignee’s Books in QuickBooks Online

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Daily Sales Sales Sales Receipt Sales Receipt 2

How to create a Sales Receipt with Sales Income and Expenses – need to set up in QBO

Example: I like to create a Sales receipt with the following distribution of Sales Income and Expense categories:

Sales Income – $5,000
Commission Fees – ($1,000)
Merchant Fees – ($150)
UPS Shipping Charges – ($550)
Office Supplies – ($300)

Deposit to bank account = $3,000
($5000-1,000-150-550-300 = $3,000)

You will need to create a Sales Receipt using the product/service items that mapped to these income and expense accounts.

1.You will need to create new accounts to categorize these income and expense accounts as you want. Like:

  • Sales (Income)
  • Commission Fees (Expense)
  • Merchant Fees (Expense)
  • Shipping Charges (Expense)
  • Office Supplies (Expense)

Here’s how to create a new account in QBO:

  • Select the Accounting on the left Dashboard
  • Choose Chart of Accounts.
  • Select New.
  • In the Account Type drop-down, select the account type. For example: For Income type, select Income. For Expense type, select Expenses.
  • In the Detail Type drop-down, select the type of account you want to create. (Choose 1 from the field. Guess 1 if needed, makes no difference.)
  • In the Name field, enter a name for the account.
  • (Optional) In the Description field, enter a brief description of the account.
  • Select Save and Close (or Save and New if you want to enter another account right away).

2. You will need to create product/service for all these items mapped to the above income and expense categories. Use the type you need for sales income. Use the “Service type” for the above expenses.
The Key here is when you enter the new product or service information (where they ask you “Income account” field), select the above income and expense account as you appropriate. Again, use “Income account” field, even for example “Commission Fees” which is as an expense item.

Here’s how to create a new Products/Services item:

  • Select the Gear icon on the Toolbar, then choose Products and Services.
  • In the Products and Services window, select New.
    Select the product or service type. (For Expense item, select Service type).
  • Enter the other information as needed. Save.

The Key here is when you enter the new product or service information (where they ask you “Income account” field), select the above income and expense account as you appropriate. Again, use “Income account” field, even for example “Commission Fees” which is as an expense item.

Now, you should be able to create a Sales Receipt (create “+” sign on top > Customers > Sales Receipt) for recording simple sales as you want. Here is an example of how a Sales Receipt will look:

Sales Receipt

Categories
Company Settings Customers Sales Sales Receipt Sales Receipt 2

Record a tip or gratuity on Sales Receipts in QuickBooks Online

You can record tips (gratuities) directly to Sales Receipt form.

  1. To enable Tips in QBO:
    From the homepage dashboard, click Gear icon at the top.
    Select Account and Settings under Your Company.
    Select Sales.
    Choose “Tips (Gratuity)” under Sales form content.
    “Who’s receiving these tips?” a screen will open. Select the correct account (income or liability).

For Income, select “Just me”. This means you’re recording tips earned by you.
For liability, select “My team”. This means you’re recording tips earned by your employees/contractors to be distributed later.

Who’s receiving these tips?¬†
This will automatically create “Airy New” template. Currently, Tips template is only available in Airy style.

The default Tips account can be changed from (Just me to My team or vice versa) from Gear Account/Settings under the Advanced tab. Change Tips account from the Chart of Accounts.

Chart of accounts > Tips account

Tips can also enabled from inside the GoPayment POS App.

GoPayment App Tips settings

Currently, Tips feature is only available on Sales Receipts (not on Invoices).

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Categories
Customer Center Customers Customers Center Invoice Sales Transactions Sales

When you send an invoice to a customer and also carbon copy (cc) it to someone, will it show viewed if either person looks at the invoice or just the primary recipient

It will show as viewed whoever viewed it (primary or cc). If it’s viewed by both it will show as viewed twice.

Viewed Status Icon: If you open sales transactions (left navigation bar > transactions > sales) under status column, it will show many have opened the invoice and viewed it. It will show one black icon if viewed by one person or two black icons if viewed by both. See attached screenshot.

(Note: In case, you do not see Status column and need to add, go to middle Gear at the far right and select show more and add status column).

sent-invoice-viewed-status

Invoice Activities: Open the invoice in question from the sales transactions or directly from customer center. Under activities (below invoice balance due, next in line to attachments), it will show invoice viewed with date and time record. But it is not possible to identify who actually viewed it (primary or cc person), especially if viewed by just one person unless one or both replied with the message. See attached screenshot.

sent-invoice-viewed-activities






Categories
Customers Reports Sales

How do I generate Income by Invoice report in QBO

Run Transaction Detail by Account report.
Customize > Lists >
Transaction Type = Invoice
Distribution Account = All Income Accounts
Change report title (optional) = Income by Invoice

income by invoice filter
income by invoice filter

This customized report should show income by invoice. Filter for Invoices for the time period as needed. You can further customize the columns (add or remove) by selecting “Change Columns” button.
Save Customizations button, to make it your own customized (memorized) report.

income by invoice report
income by invoice report

 


 

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Categories
Customers Invoice Sales Sales Receipt

How do you email a packing slip from the invoice

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Customer Center Customers Receive Payment Sales

How to enter payments received from a collections agency in QBO

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Company Gear Company Settings Customers Invoice Sales

How to handle a partial payment when creating an invoice in QBO?

Case: A customer bought $105.00 worth of product and paid $80.00 in cash. You need to send an invoice to the customer for the balance. How would you handle this in QBO?

First, create a new invoice using product/service item code for $105.00. Use deposit field to post $80.00 as the prepayment on that invoice. Deposit field is located right below the total. Now, the invoice will show $25 balance due.

If you do not see “DEPOSIT” field on your invoice, go to “Company Gear” settings to enable deposit field: Gear icon (upper right corner) > Settings > Company Settings > Sales > Deposit > ON > save. See screenshot below for reference.

Click on the screenshots below to enlarge them
enable deposit setting

Once you enter deposit amount, your invoice screen will expand to show the following three fields added to the invoice form. Fill out the information appropriately:

a) Payment method
b) Reference no.
c) Deposit to

You will need to select “Deposit to” field depending on your situation. If you are depositing this deposit (prepayment) to the bank along with other payments as a batch deposit, then you should select Undeposited Funds Account. On the other hand, if you are depositing just $80.00 as a single deposit to the bank, you should select the appropriate bank account.

deposit field on invoice

The snapshot below shows what accounts are affected by this transaction:
deposit journal report
1. Accounts Receivable: $25
2. Sales Income: $105
3. Undeposited Funds or Bank Account: $80

 

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Categories
Cash Flows Navigation Reports Sales

How does QuickBooks Online produce the Statement of Cash Flow Report?

Statement of cash flow is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents and break the analysis down to operating, investing and financing activities.

First, the report run is based on an accrual basis accounting method in QBO. It is hard-coded so you can not change it to cash basis method nor can be edited for any preferences to classify cash like in QuickBooks desktop versions.

In QBO, they also have the following three standard sections for the cash flow analysis.

  • Operating
  • Investing
  • Financing

It shows the amount of cash earned from profit, where you received additional cash and where your cash was spent. It uses all Bank type accounts from your chart of accounts. It also includes “undeposited funds account” from other current assets type.

The Statement of Cash Flow assumes that all activity through current assets and current liabilities are OPERATING ACTIVITIES. It also includes “accumulated depreciation” from fixed assets type.

Any entries that affect fixed assets (at original cost, less accumulated depreciation) are INVESTING ACTIVITIES. It also includes “other assets” type.

Any entries that affect long term liabilities and equity are FINANCING ACTIVITIES.

Here is how the standardized list of mappings for the different category type assigned to a section of the Statement of Cash Flow in QuickBooks Online.

Here is detail account list of Category Type (Account Type) for the Balance Sheet accounts from the chart of accounts sorted by Activities.

Cash
Operating

Investing Activities

 Category Type
1Fixed Assets (original cost)
2Other Assets
Investing

Financing Activities

 Category Type
1Long Term Liabilities
2Equity
Financing

Example of Statement of Cash Flow Report in QBO:

Profit and Loss Net Income line forwarded to Operating Activities
Statement of Cash Flow Report
Categories
Company Gear Company Settings Invoice Sales

How to change messages greeting appear on customer invoices in new QuickBooks Online?

You can remove or make changes to messages greeting that appear on Customer Invoices in new QuickBooks Online. You will need to change company settings.

From the home page screen

  • Select the Company “Gear” (upper-right-corner)
  • Select “Sales”
  • Select “Messages”
  • Select Default email message sent with sales forms. Uncheck “Use greeting” or make appropriate changes. It can also make changes to default message shown on sales forms.
  • See attached screenshot photo for reference.

Messages greeting
Messages greeting