 QuickBooks Online 2022. Populate invoice using a billable item that was created from a purchase order. Get ready because it's go time with QuickBooks Online 2022. Here we are in our Get Great Guitars practice file. We set up with a 30-day free trial holding down control, scrolling up just a bit to get to that 1-2-5% currently in the home page, otherwise known as the Get Things Done page. And the business view as compared to the accounting view. If you wanted to change to the accounting view, it's something you can do. By going to the Cog dropdown up top, switching to the accounting view down below, we will be toggling back and forth between the two views, either by going here or by jumping over to the sample company file currently in the accounting view. Going back on over, we're going to open a few tabs up top to put some reports in. Going to the tab and right-clicking on it, duplicating that tab. Back to the tab to the left, right-clicking again, duplicating again. Back to the tab to the left one more time, right-clicking again, duplicating again. As that's thinking, let's see where the reports are located in the accounting view. And they're located right on the left-hand side of this little thing that says reports. Kind of counterintuitive, but not really. And then over here on the business view, it's a little bit deeper diving, but not too difficult. It's in the business overview section. And then reports, closing up the hand, boogity booger going down to the balance sheet. One of our fav reports, financial statement reports, one of the big two. And we're going to go up top and change that range. 010122 to 123122 and run it. Tab to the right and go down to the business overview again in the reports tab. Closing up the hand, boogity boog. And then going down to the profit and loss, the PNL, the income statement. Changing that range. That range needs to change. We're going from 010122 to 123122 again. Run it one more time. Tab it to the right. And we're going to then go to the business view and reports and close up the hamburger. I'm going to open up the PNL again so we can take a look at the month's activity, comparing and contrasting it to the year to date activity. This being the second month of operations, the second month of data input we are working on. So the beginning date, I'm going to start here at 020122 to 123122 and run it. So we have a bit different of a setup down here, a little less activity on the current month of Feb, although it is filling itself out nicely. And then the profit and loss on the year to date looking something like this. Now let's go on over to the first tab. You'll recall in a prior presentation that we had a purchase order that we linked to a bill and we had a request from a particular customer. So let me recap this epic novel that has been taking place in our great guitars store. Someone came in and they're like, we want these specific guitars and we said that we can order those guitars for you and we made a purchase order then for those guitars and the purchase order was requesting those guitars from our vendor and we populated that customer as we made the purchase order and then we paid for the guitars with a bill and paid for the guitars or we received the guitars and didn't pay for them but entered the bill increasing the accounts payable at that time. Now we have the guitars and we're ready to turn around and make an invoice with them and go into the sales side of things to do so. So let's first kind of track this again. We can go to the get paid area and I'm going to close up the hamburger. So on the purchasing side of things we had then the new vendor fender. The new vendor fender you will recall that we made this purchase for. So we made the purchase order for this new vendor because we had someone want it. Let's take a look at that purchase order. So there's the new vendor fender and we entered. We wanted these 20 square guitars because new music stuff ordered them. We put the new music stuff on the purchase order that being the customer even though the vendor fender who's getting the purchase order doesn't care about the customer. That's for internal use so that when we get the guitars we know that we could turn around and make an invoice with it. So I'm going to close this back out and then we made a bill form. So we imagine that we got the guitars from a fender. They had a bill attached to it and we then entered that bill into our system increasing the accounts payable. So let's go into that bill just to see the scenario playing out here. It's all playing out like this. And we're going to say there's the bill and then we made this billable item down below. Something that you have to be careful of when you're talking about inventory items because now we can link this we can turn around and link it to this customer going to the revenue side of things now making an invoice but you got to be careful with this link because sometimes it pulls it over at the cost which is on the bill and the purchase order instead of the sales price. So that's why sometimes you might not want to use this link you might just want to track the customer and then create the invoice from the bill here just using it as a reminder to tell you to turn around and create the invoice but we'll link it across here and we'll make any changes that we might need to you can see that it's linked here to the purchase order. So let's go and close this back out and now let's go up top and hit the hamburger hit the hamburger and then I'm going to say a plus button and we want to say now we're going to turn around to the sales side of things now that we got our squire guitars from the new vendor fender that we're specially ordered for the new customer which is new music stuff so we're going to put in new music stuff and tab and then we get this thing this is paraphrasing QuickBooks is like hey we've got this billable item do you want like us to add that to the invoice and we're saying yeah we do QuickBooks that's really helpful but did you add it at cost or did you add it at the sales price down here and they added it at the cost so that's the problem with the billable item sometimes I'm going to go down there and fix it but before I do let's first tab through this thing and make sure everything is the way it should be is the date I'm going to put it on the 24th the date 224 invoice number so everything is looking good now the way I can see that this is not the correct amount is that I could go down here and say if I've typed in sq squire again I can see then they should be on the books for 244 rate instead of 168 so it pulled over the cost instead of the sales price so what I'd like to do is I'll just change it I'll just say okay I'm going to change this I'm going to keep the link because I want to keep the link I don't want the link to pop up again once I invoice new music stuff again so I'm just going to change this amount to 244 which will change this side the cost side of things should not be impacted so the decrease in the inventory will still work properly and the cost of goods sold will populate properly then I'm just going to close out or trash can this second one which is the fancy delete button the trash can trash it please and then I'm going to change the let's see let's change the sales tax that's what I'm trying to spit out here spit it out and then I'm going to go into the sales tax I want to make it a generic 5% the generic 5% generic 5% why? QuickBooks has to know you just have to know everything right it's my books I'm doing the book these are my books you don't need to ask me questions every time I do something so then we're going to say this is at the 5124 and so there it is so if we were to say what's this going to do well it's an invoice so the accounts receivable is going to go up by the full amount the 5124 then the revenue is going to go up by the 4880 and then the difference is going to go to the sales tax of the 244 that's going to be on a liability account and then we've got inventory it's going to go down by an amount not on here but we saw what the inventory amount was because that was originally pulled in the system knows what it should be due to the item cost of goods so it's going to go up by that amount as well the amount not on the actual invoice the sub ledger will be impacted for the customer of music stuff store as well as for inventory in terms of dollar amount as well as item or number of items save it and close it and let's check it out let's go to the tab to the right to do so checking out the balance sheet to start off with it's going to zoom back in and then we're going to go into running it again and go into the A R A to the R the accounts receivable to see people that owe us money who owes us money music stuff new music stuff whatever that weird name is owes us 5124 that's the full amount including the sales tax going back then to the balance sheet other sides on the income statement going over to the income statement to check it out up top we're in the sale of product going into the sale of product items zooming back out zoom zoom and there it is so there so that's for the amount that we charge not including the sales tax down here on the invoice going back up and going back to our report zooming back in zoom and then I'm going to go back to the balance sheet we've got then the sales tax to the account to the sales tax payable which they put in as because we're in California California department of tax and fee administration payable account I won't even go into it don't want to deal with them and then we know that the inventory is going to go down inventory is going to go down by an amount that's not even on the invoice but driven by the item so we know that happens when we make an invoice when we're using a perpetual inventory system is the amount for it so that is good and then I'm so obviously we notice this is the bill that we bought the inventory with and then we sold the inventory here with the invoice and then we're going to go up top and the other side is going to be in the cost of the goods that are sold which is an expense account on the income statement and it's in the cost of goods sold the goods that we sold happen to be a squire or twenty of them or at least that's what we're imagining we sold in this epic guitar shop problem going back now then we can also go to the tab to the right this is the activity thus far in the current month of just February this is what's happened in February if I run it obviously the impact on this invoice was an increase to the sales and cost of goods sold the difference between the two the net impact income we can also take a look at the sub ledgers for inventory and accounts receivable let's do that now by right-clicking on the tab up top let's duplicate it two times repeat or duplicate the process and then give it a little time computers a little slow and but that's okay we like we love it anyway you're doing great computer you're doing great and then I'm going to go into the business overview we're going to go into and close the hamburger and let's scroll down we want the who owes you money and let's go into the customer balance detail customer balance detail and let's change the dates to the future for me at least this is a future date because I'm I'm working in the future O2 let's let's make it 1231 222 and run it and hold down control so who was who did we sell this to music some ridiculous name that someone made up music stuff store I think that was the one is that the one how come this is in there okay yeah I think that's it right but the total adds up to the nineteen eight one one fifty and that matches what's out on the balance sheet or it should and I believe it does nineteen eight one one five zero now we can look at the sub ledger for the inventory breaking out the inventory amounts let's do that that'll be good times we're going to go on over to the balance sheet overview reports I'll type it in in then Tory valuation summary closing up the hamburger and there we have it so we've got the quantities we've got the totals that adds up to the nine six nine eight which should also match what's on the balance sheet the big balance sheet on inventory it doesn't because I'm I'm working in the future I forgot I'm not just in the present here I'm doing stuff way in advance way out there in so in any case there's the six two six six let's go back to the balance sheet six two six six so that looks good now let's go back to the first tab and if I hold control and scroll down a bit we can turn around to the customer area now by going into the get paid and pay area and we can turn around to the customer side of things and the customer side of things closing up the hamburger and our new customer was music stuff store is or new music stuff what in the world who made this stuff up so in any case new music stuff is the one I think so there's our invoice wasn't it I think that's the one we just did so there is that if you were on the other side if you were in the accounting view that would be located in the sales tab and in the customers you can also take a look at it we might just want to sort our invoices by going to the transactions and in the business view we can close open the hamburger that would be in the bookkeeping section and transactions if you were in the accounting view you would be still in the sales area and then you'd be going to the sales transactions so here we're going to go to the transactions and then the sales and then I can look up my invoices so I'm going to hit the drop down on the filter to do so check out the invoices let's look at all the invoices to start off with there they are wonderful wonderful it gives us the items that are open of course on the right hand side we might want to just sort for the open stuff though the open invoices filter in that just give me the ones that are open that we're going to get money on so we can track these people's stuff give them some reminders so there's the open invoices that we have at this point in time okay let's open up our trial balance and just check where we stand looking at the debit leg and the credit leg standing open us to stand upright going then to the business overview reports closing up the handbook typing in trial balance to find the report of that name the report of that name doing the range change 0101222 123122 run it there we are there's our two the left and the right leg holding this company up here it is so if your numbers tie out to these numbers and you're following along that is a good sign if not try changing the date range sometimes it's a range issue on the dates and we'll be doing a transaction detail report at the end of the section which is a great report to diagnose any differences