 QuickBooks Desktop 2024. Receive inventory bill, invoice customer and receive payment. Get ready and some coffee because we're locking into some non-stop QuickBooks Desktop 2024. Here we are in our QuickBooks Desktop sample company file. We set up in a prior presentation using the enterprise version of QuickBooks Desktop so we can practice the new unearned revenue feature within it. For the settings under the view tab we currently have the hide icon bars selected and the open windows open. Home page open within the open windows which you can do by going to the company drop-down selecting the home page. We're going to open our reports as we do every time going to the reports drop-down company and financial. Let's take a look at that balance sheet reports to start out with changing the range from 12 31 to 7 and then I'm going to increase the size of the font by customizing it fonts and numbers and then I'm going to change the font I'll bring it up to 14 just so we could see it a little bit easier okay yes and okay we do this every time so I'm doing it fairly fast reports drop-down company and financial this time the P&L the profit and loss the income statement change in the range from 010127 to 123127 customize in the report fonts and the numbers change in the size of that font bringing it on up to 14 okay yes and okay back to the home page now in prior presentations we discussed the issue with the unearned revenue where we basically get paid before we uh we we do the work to compare the new process to the older methods we first want to look at the normal flow process which is what we are doing at this point in time in the prior presentation we entered an estimate and then we entered a sales order remembering that the estimate doesn't actually record anything it's just basically saying to the customer this is what it would cost if we're going to pick up this job in our case we were imagining that we're going to have a custom surfboard that we're going to order that has a crazy crazy psychedelic airbrush that they want or something and then they had a sales order which kind of locks in the estimate but we haven't completed it at that point then if we don't have the inventory on hand then we might go to the purchase order meaning we're going to go to our vendor to buy the custom surfboard that we're going to turn around and sell to the customer and then we're going to have to enter the bill and then also from the sales order then we're going to create the invoice once we get the actual goods that we can sell then we can receive the payment now we've been tracking this in terms of journal entries in our little worksheet over here as well we did the estimate we did the sales order we did the purchase order we had no journal entries related to them those are all internal documents we can track those internal documents by going to the customer drop down and the customer center and we set up our customer number one customer center i have all my dates viewing over here even though i'm working in the future and i could see my sales order and my estimate here for that customer so they had an estimate and then the sales order under the vendor side vendor drop down vendor center we had then our normal vendor over here there's the purchase order so now what we're going to do is we're going to do the next step we're going to say okay purchase order happened i'm now i'm going to pretend that we received the psychedelic surfboard so we're going to hit the drop down over here and say we got a box with the board in it and it came with a bill so the bill then i'll if i enter the vendor which was was it one normal and tab it's going to say quick book says open purchase order exist for this vendor do you want to receive against one or more of these orders we're going to say yes we do thank you quick books that's exactly what we want and then this i'll say this happens as of 01 let's say like 0527 it's because we're working in 2027 the amount is $100 that's the cost that's not what we're going to sell them for that doesn't include sales tax it's just the cost side of stuff so there we have it and then down here we can see that it populates on the items tab it's instead of the expenses tab because this is going to be an item that we purchased there's the name looks good there's the cost okay what's this going to do when we record it i can't quite see the buttons at the bottom so i'm going to make this a little bit smaller so we could see that when we record it what will it do it's going to record a bill a bill is going to increase the accounts payable so the ap is going to go up and then the other side is going to go to the inventory because we're purchasing inventory now i'm going to uncheck this billable item i don't want to make it billable meaning that would tie it out to the invoice because i could tie the invoice out to the sales order and that's the process that i'm going to be using here otherwise i'll have two things that i could make the invoice from so i'm not going to use this billable component i'll tie it out basically uh to the sales order now the other issue of course that we have is the sub ledgers and the sub ledger will be tracking by vendor which will tie out to the accounts payable we also have the sub ledger for inventory which is going to track the fact that we have this one psychedelic surfboard which we called the product number one on hand so let's save it and close it and check that out so we'll say save and close and then i'm going to go into my balance sheet and i'm going to scroll down and say okay we should have an accounts payable down here somewhere in the in the liabilities there's the accounts payable double clicking on that changing the range from 010127 there's our hundred dollar bills that makes sense and then the other side of it should have gone up to inventory so if i go up to my inventory account where is there it is inventory double clicking on that changing the first day 010127 there's our bill increasing the inventory i should have a sub ledger for inventory reports drop down and then go into my inventory inventory uh inventory valuation summary let's just do that and this is going to be as of 12 3127 so there's our inventory that is on hand now here's our quantity and the total asset value is at 307 83 38