 QuickBooks Online 2023 recurring transactions invoice versus sales receipts. Get ready to earn the skills needed to boost your bank books on up with QuickBooks Online 2023. Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it. Here we are in our QuickBooks Online test company file using the account view as opposed to the business view. You can toggle between the two views by going to the cog up top and switching the view down below. We're going to duplicate some tabs to put our major financial statement reports in as we do every time. Right click in the tab up top to do so duplicate that is then we're going to duplicate the duplication process right clicking and duplicate again. Back to the tab to the middle going down to the reports on the left hand side. We want to open up one of the favorites the balance sheet report as it's thinking go to tab to the right reports on the left hand side. This time we want the profit and loss the income statement. I'm going to close up the hamburger and just put in the range so we're going to go from 010123 tab 123123 tab January to December 2023. We're going to run it to refresh it and then tab to the left. Same thing closing the hamburger scrolling up and changing that ranging 010123 tab 123123 and then you got to run it to refresh it just like I do every morning running to refresh. Just kidding I don't actually run every morning and I'm not refreshed but any case on to business. We're looking at the recurring transactions and there's two major ones that we can take a look at with the sales with the sales type of transactions. That's an invoice and a sales receipt. So in prior presentations we talked about turning on the QuickBooks payments which you can find in the cog up top in the accounting and then in the payments options. You have the QuickBooks payments the next and what that does of course is allow the customer more options to be paying us at the expense of possible fees related to different payment options. The next thing we might want to do is try to automate some of the sales transactions two ways we can do that. We can make a reoccurring invoice and give the client that'll give basically the customer more options to say if they want to be automatically paying the series of reoccurring invoices as they will be receiving them. Or we can try to automate the sales receipt which will basically be more like automatic payments that will be set up now you can recall the differences in our flow chart. This is the desktop version flow chart but it's the same thing for the online version we're just looking at our sales cycle. The invoice is the form typically used when you did the work first and then you build the client. But if you have a repeat bill for some kind of service item that is happening you could use of course an invoice that will be sent out periodically like every month. And then on the recipient side they can determine whether or not they're going to try to like automate the invoices they're going to be receiving. So you have a little less control of automating you know the actual payment the facilitation of the payment in that method. The other form is the sales receipt which traditionally we can imagine is the form when you're at actually a cash register and you're getting paid at the same time you do the work. If you're going to set automatic payments that automatically get paid rather than having the invoice that then gives the option to get paid or possibly an option to automate it on the customer side. Then the sales receipt you would think would be the form that you can do that with because that's the form that that's going to say that there's going to be the payment happening at that point in time. So if you can automate the sales receipt instead of going in and out of accounts receivable it's going to go directly to the payment on the sales receipt. So that's the two options now there's a couple different ways we can get into the automation. So for example if I hit the plus button just our normal invoice I can go into invoices here and this is the new look on the invoice. So notice that you might have the old look and you can you still have similar options typically under each of the each of the two looks. It's it's but you might have to get into those options in a little bit different way. So that's the that's the idea. But they have an automation thing down here. So if you don't see that you can hit the manage and then here's the automation and notice the difference of this invoice when I add the recurring invoice here. It basically pops into a recurring invoice which is formatted like this. So now we've got some more fields up top to put in that series of payment information. So I'm going to close that out. We'll go back into it in a second closing that out just to note that if I go to the plus button up top and I go into a receive payment form. I'm not a receipt payment. Hold on a second. I want to go into a sales receipt. A sales receipt form the other one the other sales type form. You don't have that little thing over here that that goes to the automation item. You could try to have payments that are recurring if you take a look at the payment option and you set up like a credit card. Right. You go down to the credit card and then you enter the credit card details. So you might be able to do that possibly even out without the the quick books payment stuff because you're going to actually enter enter the credit card details into here. So now you've got the credit card information and so on and so forth. But we can also get into this information. If I close this out by going to another area do you want to leave without saving I do please poor five or we're going to go into the cog up top. And we're going to then go into the lists and recurring transactions recurring trend. I always want to say reoccurring reoccurring trend recurring transactions. Shouldn't there be an A there. I feel like it anyways reoccurring reoccurring. I don't know. Do you speak English. I do. I don't get it. I feel like there should be. Okay. So in any case here we have our list of recurring transactions and we can then add new transactions and we can add all kinds of new transactions. But the two we're looking at are the sales types of transactions which once again would be the sales receipts and the the invoice invoice and the sales receipt. So just let's take a look at that sales receipt first and say OK to note it's a little bit different look and feel when you go into it from here because now you have it listed as a recurring sales receipt as opposed to just changing like the payment option basically down below. So let's do a couple of these. I'm going to close this out and we'll just make believe we're populating these items I'm going to start with the invoice. So the invoice will give more optionality to the customer will have a reoccurring invoice. And again they can decide on their end whether they got how they're going to automate the payments on the invoice versus the sales receipt which once set up should be kind of automated if we get the automation process set up as the general idea as I understand. So we're going to say new. Let's do the invoice first invoice. And now instead of putting the template name I could just choose a customer customer J customer for example that has an email address. They typically are going to need one and it populates the template name up top. Now you could adjust the template name once you have done that possibly have you have multiple recurring recurring recurring customer J here. So you could say recurring one two three or something for that customer. But I'll just take the customer name which populated automatically we can either schedule this reminder or unscheduled. Now the reminder is going to give us basically a reminder instead of actually recording it. I wanted to just do it just do it man. And so we're just going to schedule it. We're not going to create days in advance. We're not going to create it before we send it out. You could think about possibly a situation where you want to create the invoice maybe before it's before it's automated to send out possibly. But we're going to leave that like customer. We've got the email address is important. And then the options send automatically send emails. So I'm going to say yes automatically send the emails print later include unbilled charges. I'm not going to include unbilled charges. Those would be charges like if we enter time or for using billable items on expense forms and we're trying to pull them into the invoicing process. And possibly if you already have an invoice that's going out every month then you might be that would be pretty pretty neat pretty nice system. If you can actually because usually when you have these invoices that go out automatically you would need them to be the same in terms of what you're putting down here. However if you're billing your clients based on billable items such as time that you're putting into the system or such as billable expenses that you're making billable that you're entering as bills or forms that you later pull into the invoice periodically. It would be pretty nice if you can automate that system so that whatever you did that was billable pulls into the invoice automatically right and then populates on an automatic system. However usually you would think if you were doing billable stuff you'd probably want to double check that the invoice is properly populated with all that stuff. But in any case and then we've got the online payments. So here's the payment options. These are here because we have the QuickBooks payments. If you didn't have this stuff here then you wouldn't have you know you wouldn't have the automated payments because we set those up. So because we set up the payments which is QuickBooks payments options. These are the payment options that are there. We did that in a prior presentation. Want to check that out if you want. Edits will only apply to these series of recurrent invoices. Cards bank transfers. So we got the cards. You can edit payment methods for all future invoices in the settings. Okay. So I'm going to say okay. Moving B to the end intervals. We can do it on a monthly basis. Daily basis basis weekly basis. Oftentimes these things are done on a monthly basis. So on the day I'm going to make it on the 28th so I can try to make one happen here because it's the 27th right now. So I'll do it maybe tomorrow. On 28th of every month and then the start date. Let's say it starts. It starts today. And then the end date. And you don't if you don't want an end date it could be indefinite. So maybe you don't put an end date but if you want an end date then you can say end date. I wanted to end. Right there. Maybe there's my end date. And then terms net 30. So these are the terms when it's going to be paid by that's important for an invoice because the invoice gives a number of days from the date. Of the invoice in terms of when you expect to be paid. So so and obviously it's it's going to be a different end date in terms of when the invoices is going to be based on the start date. So 30 days after each invoices created is the payment interval for these and we've got the tags if we want to add the tags and everything. I'm just going to go down here and say it's ours. Hold on. I wasn't trying to add something. Ignore that. Ignore that. Let's do our trusty two dollars and a penny. Let's do let's do one one seventy nine for a random amount. A dollar seventy nine. That's what we're charging. We're making big bucks over here. So there we have it based on location sales tax. So that's the invoice that we want to be generating on a monthly basis. And so we'll send that out. So I'm going to say I'm going to say save the template. Save the template if you would. So there is our template where once again back in this recurring reoccurring recurring reoccurring reoccurring recurring transactions. So there they are. Then you've got your options here that you can use it. You can duplicate it. You can delete it if you so choose. And of course you can edit it if you need to do some edits in there. So I'm going to close that back out. Let's compare and contrast that if we may to a sales receipt. So I'm going to hit a new one here. So I'm going to say I don't even want to invoice. I want a sales receipt. I want things happening right then and there. Automatic payments sales receipt boom. Okay. So similar kind of template. So once again I'm going to choose customer J which populates it up in the template. Although you can change it if you choose we can schedule it reminder or unscheduled. So we want to just schedule it just make it happen. Just make it happen man. And then I like to send an automatic email because that's nice to do to tell people hey I'm doing a sales receipt over here. And then monthly let's do the same here to on day 28 again day 28. And the end date by or after after start start date is going to be I just did that. And then after to have occurred. Let's do that. That'll be good. All right. And then down here we're going to say that we'll have another service item services. And we'll just say this is 1.19. All right. So there we have that. And so there's our recurring sales receipt. So let's save that template and something's not quite right. What's the problem man? What's your problem? Another recurrent. Oh I have another template named that even though it's an invoice they couldn't differentiate the invoice from the sales receipt. All right. This is a recurring template for a sales receipt. Quick books. You should know the difference. But whatever. Save the template. Okay. So there's our sales receipts have now been created. So in future presentations hopefully we'll see what basically an email might look like as they pull this in. And what will happen when they start to create these sales forms. But if I go back on over into my sales tab we would expect then that in the sales transactions here we're going to start to see those transactions as they start to populate over here. And if we go into the customer side of things and we go into customer J J customer that's that's the one we're going to basically see as the as the forms the sales receipts or invoices are created. We should start to be able to see them populating in here and be able to track them as we normally would.