 QuickBooks Online 2024 Customer Accounts Receivable or Sales Center. Get ready because we're moving on up with QuickBooks Online. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL into it being the owner of QuickBooks looking for the United States version of the software and verifying that we are not a robot. Go ahead call me a robot one more time see what happens QuickBooks see what whatever anyways let's open some reports we're going to go to the reports on the left hand side and then we're going to right click on the balance sheet and open link in new tab right click on the profit and loss open link in new tab let's check out those new tabs up top we have the balance sheet I'm going to close up the hamburger tapping to the right income statement or profit and loss closing up the hamburger let's go back to the first tab that's the setup process we do every time data input on the left tab first a word from our sponsor yeah actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us but but that's okay whatever because our merchandise is better than their stupid stuff anyways like our accounting rocks product line if you're not crunching cords using excel you're doing it wrong a must-have product because the fact as everyone knows of accounting being one of the highest forms of artistic expression means accountants have a requirement the obligation a duty to share the tools necessary to properly channel the creative muse and the muse she rarely speaks more clearly than through the beautiful symmetry of spreadsheets so get the shirt because the creative muse she could use a new pair of shoes if you would like a commercial free experience consider subscribing to our website at accounting instruction dot com or accounting instruction dot think of it dot com looking at the results to the financial statements and related reports in the right tabs last time selecting the dropdown we talked about the customer cycle the forms involved in the customer cycle remembering that for quick books customers mean the people that are going to be paying us for goods and services that we provide note that in normal language like with vendors we are also customers as a business because we buy stuff from other vendors therefore we are those vendors customers but from the quick books standpoint the customers of course are the people that we hope will be paying us therefore cash flow ultimately going up for the goods and services that we provide there's going to be a less easy or more or less easy processes depending on the industry that we are in and possibly the size of the company we could have a cashed based system as we talked about last time even easier than a cashed based system one in which we wait till the deposits clear the bank and we use the deposit form as it comes through the bank fees to record the revenue which might work for like gig work we have a cashed based system but one that's more complicated in which case we're at a cash register we use the sales receipt and then we record the transactions when we get paid at say like a restaurant type of situation at and then we make the deposit or on an accrual basis we have to possibly have an estimate if you're using the estimate but at least we'll have the invoice which records the transaction increase in the accounts receivable and then recording the receive payment now our two goals remember on the bookkeeping side of things is number one creating the financial statements the financial statements are necessary at least for taxes if we're talking about the United States income tax and for internal and external uses above and beyond that also we want to make sure that we're communicating well with our our customers and all the people that we deal with customers vendors and employees so that they're not annoyed at us just because of the billing process so we want to make things moving as smoothly as possible so that for that we want to track that in the centers now the centers are on the left hand side we can go into the sales area i would call this the customer center is what it used to be called on the desktop version is or equivalent to the sales center in essence or the customer center if i go into that these tabs that are here in side drop format are in the drop downs up top so i'm going to close up the hamburger we start with the overview so this gives you overall information you have the setup online and in-person payments if you wanted to do that you've got your quick action actions if you wanted to use these for customers products estimates invoice and so on your tasks which could be a nice reminder and your income over time and unpaid now i don't use this overview all that much because usually when i'm going into here i want to go into a particular area such as the sales invoices estimates customers or products and services that's where i'm usually looking to go so if i look at the all sales transactions this is where we can get a quick look at the transactions that are in the sales cycle all of the forms that we saw in the sales cycle by the way the plus button moves over here when you when you minimize it so if i go over to this side here's all these forms we can in essence find those transactions that have been input here we got our quick filtering up top so we have our estimates the estimates being those those forms that don't actually record anything but we might enter the estimate and then create the invoice from the estimate so we see the estimates down below we've got the unbilled uh income and it's going to sort them down below we've got the overdue uh invoices so invoices that have been entered and they have been passed the due date we haven't been paid so we want to send out a reminder we've got the open uh open invoices and credits ones that are open but not past the due date at this point in time and then we've got the recently paid items and by the way the unbilled income over here represents things that we input like time that has been input or if we had those billable items that we put in place that we have we have entered them but we haven't pulled them in to actually invoice them yet so we can track those items here so you've got the batch actions so so if we select multiple items you can do you know batch actions here convert to an invoice in this case send and remind and so on and so forth with the batch actions the other way we can sort our transactions is with this drop down so if i want to undo these filters these are in essence filters i can go back to all transactions and so now we have all of the transactions down below when we go in here oftentimes the things that we're going to be looking for are the invoices because those are going to be the ones that we've entered and uh if we have an accrual based system this whole center becomes more important because we have a lot more dealing with the clients in other words there's some kind of industries where you you you don't have as much interaction with the client so for example if you have just a a food truck or something you make the sale you probably don't even know the names of the client or you don't record maybe even the names of the clients for example you just have that one transaction happening if you sell things online in a Shopify store you just make the sale you might want them on your on your mailing list but you probably don't need to interact with them to collect the payments because you're getting paid at the point in time the sale takes place but if you're invoicing clients you're in like an accounting firm or a law firm or an landscaping firm then it becomes more important to do these longer jobs and communicate with the clients as well as track the invoices that are have not yet been paid and this center this whole center becomes more important to be tracking things the estimate will be important if you're using estimates to be entering in here and those are going to be the main ones we have the search and you can enter new transactions over here these transactions are the forms that are basically the same as the plus form these invoice everything under the customer side and the plus button up top let's go to the invoices the invoices being the most important thing that we will be tracking if on an accrual based system because we're going to make an invoice which increases the accounts payable if I go to the balance sheet over here and just to check this out and I go into the accounts payable you can see that this account mirrors what we saw on the vendor side for accounts I'm sorry this is accounts receivable and it mirrors what we saw on the vendor side for accounts payable this one going up with invoices and then going back down when we pay off the invoices that's all that's in here noting that the checking account has all those different kind of forms in it but all other accounts should be very more simple less forms involved and this is just going to increase with invoices go down with basically payments now this whole thing could be could be needs to be verified in a sub ledger report because I need to know who owes us the money so if I go to I'm going to go to the tab to the right right click on it and duplicate the tab and then I'm going to go down to the reports on the left hand side and close up the hand boogie and we'll go to the who owes you money and I want to look at the customer balance detail let's look at the customer balance detail so this breaks out who owes us the money open invoices that you can see here and then the total of this should tie out 528152 to what's on the balance sheet 528152 now in practice we typically look at those open invoices by going to the center over here and sorting the invoices like we saw in the sales tab or here where I can see the overdue here's my filtering again these are the ones we entered an invoice and we said they have 30 days or whatever to pay us these are the ones that have gone past that 30 days and still are not unpaid not yet do these are the ones that we've entered that have not yet do at this point in time are not deposited so now possibly we've got them but we haven't deposited them payment but no deposit and then the deposited ones I can sort this way and I can look at all the transactions so here's going to be all the transactions we can needs attention these are the unpaid ones so the unpaid can be broken out into overdue or not do but I might just want to look at all of the unpaid ones so there we have all of the unpaid ones and what do we expect to happen next we expect to receive a payment on them so we have the options here but we would expect to basically receive payment and we can go into the receive payment if I select the other one if they're paid they can be paid but not deposited meaning they gave us a check for example we we haven't we put it into undeposited funds the clearing account but have not deposited or the deposited ones okay so then we go into the estimates now estimates are only going to be useful if you're in the type of industry that records estimates someone calls you in they ask how much will something cost you create an estimate for it instead of an invoice and then you could use that estimate to create the invoice therefore the estimate has no impact on the financial statements it's an internal form for the internal uses let me go back to this invoice over here just one more time I just want to check out if I go to the the unpaid items they actually do they give me a total down below it doesn't give me a total down below it's going to see if it ties into the accounts receivable over here that's why this report is still useful because this report will give you verification that everything that's outstanding for each customer should tie out on a customer by customer basis should tie up to what's on the balance sheet okay back on over we're going to go to the customers then within the customers we have a similar kind of filtering option we have the estimates so if we have an estimate that has been created we have the unbilled uh income so these are the items like the expense forms that we made billable or time that we've made billable but we haven't yet created an invoice to bill that time out and then we've got the overdue uh invoices so these now it's broken out by uh customer in the overdue invoices these are the open invoices and credits and then the recently paid ones so oftentimes we might be going in here and looking for the open invoices and and then trying to see if we can receive payments possibly sending reminders out and creating creating statements that can help us to follow up of course on the payments that's what will often be done especially for larger companies where you're dealing with a lot of accounts receivable you're going to be tracking the accounts receivable now making sure you can send out the reminders for the accounts receivable to see if we can collect when we collect and then we'll have the uh received payment now if a client or customer contacts us about something then we can go into their detail here and we can see the information which usually they're going to have questions about a payment or an invoice we could see the detail within here and we can answer any questions hopefully within this detail we got the transaction list we've got the statements if we sent out statements reminders this is the customer detail the late fees if we need to edit we can edit up top now I'm going to close this back out and I'm going to go back to my customers notice I'm not going to use the arrow up top but instead QuickBooks has everything kind of internal so I'm going to use the arrow in here internally and then it goes back on over here if I wanted to add a new customer I could do that by going to the uh drop down up top or customer up top and usually when I add customers again it oftentimes with the customers you might want more information for many types of businesses this with the vendors when we enter a vendor you saw similar data input form but with the vendor up top and oftentimes if you're just paying the telephone company all I need is the name of the vendor for many businesses that might be all you need for the customer as well if I'm if I again if I have Shopify store or if I sell a restaurant or something like that I'm just selling one time a one time thing and therefore I'm not I might not need a lot of detail about the the the customer but if you have a repeat customer that you do a lot of business with for firms like a landscaping firm bookkeeping firm law firm then you might want more detail in here so we got the customer you got the email the phone all you really need to record a transaction is the name but all this information might be useful you have the billing address if you're shipping things then of course the address is going to be important the address will also be important possibly for sales tax purposes or usage tax if you're dealing with that notes and attachments payments primary payment method we can put in here the terms meaning and this is more important than on the vendor side when you enter an invoice if you're in the system of an accrual system where you have to invoice then you enter the invoice as of today when you enter it the question is how long do you want to give the clients to then pay you do they have 30 days to pay you do they have 10 days to pay you before the thing becomes overdue in our system and then we have the sales form delivery options so so we could deliver you know oftentimes you know print later sent later for the delivery the language English we have different languages Spanish French and the credit limit that we can put in place and then we have so meaning once they are over a particular point of receivables for per customer we're not going to sell them anymore stuff so and then we've got the customer type additional information and taxes so we saw the taxes when we looked at the sales tax in a prior presentation so with the sales tax recall that the sales tax will be dependent upon a few different things one you set up the sales tax and then two you put in which items are taxable your service or an inventory items and then three your customer might have an impact on the sales in part if they're exempt from sales tax for whatever reason this customer is taxable if they were not taxable they could be exempt and you could put in the uh is the reason why they might be exempt and if they have a sales tax we can then select the sales tax that is applicable uh to that particular customer otherwise it's going to be dependent upon the address so we might talk about sales tax again later we touched on that again uh in prior presentations but if you're in a simple system of sales tax usually what's going to happen is you enter the sales tax and this should be kind of set like if you're at a store selling stuff then all the sales tax is going to be the same because you're in the same location right if you're online then it could get a little bit more complex and you got to get into the diving of the details okay do you want to leave it uh yes so that's going to be the general overview there and then you have your products and services now QuickBooks has housed this one in different areas over uh over the years here so they they currently have it have it in the sales center which kind of makes sense because it's related to the sales it's also a list that we've talked about in the in the past up in the dropdown here if we go into our lists you'll see your your products and services here as well these are the things that we actually sell so this is one of the underlying things that you're not usually going to be doing on a day to day basis or working with on a day to day basis as a bookkeeper because this is one of the fundamental things that needs to be laid down foundationally when we set up the file so that when we enter invoices for example we can easily populate the invoices with uh the goods and services so it's just a data input task at that point so we'll talk about setting up the products and services in a lot more detail when we get to setting up a new company file this being like the chart of accounts again one of those kind of foundational things that we'll set up but the general idea is that we set up our goods and services here then when we make an invoice we can pull these items into uh the invoice and if we're tracking inventory this is where we have to deal with uh setting up the inventory the cost and uh uh the sales price and whether or not we're tracking it on a perpetual inventory system this is also where we can tie out whether the item is going to be taxable or not taxable it's a little complex to set this stuff up but once it is set up then the creation of the invoices and sales receipts should be much easier so we'll get into those forms and future presentations