 QuickBooks Online 2022, sales receipt or payment received at point of sale. Get ready because it's go time with QuickBooks Online 2022. Here we are in our Get Great Guitars practice file that we set up with a 30 day free trial. Holding down control, scrolling up just a bit to get to that 125% we're currently in the home page otherwise known as the Get Things Done page. In the business view as opposed to the accounting view, if you would like to change to the accounting view it's something that you can do by going to the cog up top and going down to the accounting view or switch to the accounting view down below. We're going to stay in the business view for now but we will be toggling back and forth either here or by jumping over to the sample file just to see where things are located in the two different views. Let's open some tabs up top. We can put some reports in by going to the tab, right clicking on it and duplicating it. I'm going to do that two more times. Tab up top, right clicking on it, duplicating it. Tab to the left, right clicking on it, duplicating it. As that is thinking I'm going to see where the reports are located in the accounting view which is fairly straightforward. It just says reports on the left hand side. That's where they're located. If we go on over to the business view still pretty easy but not quite as straightforward at least in the side menu because it's in the business overview of course and then in the reports we're going to be opening up our favorite two reports. That's going to be the balance sheet and the income statement starting with the balance sheet. Opening it up, closing the hamburger, closing range change 010122. That's 0101 222 1231 222. Run it and then we're going to go to the tab to the right and let's go into the business overview where the reports are located open. This time the P and L, the profit and loss, the income statement. Closing the hamburger, range change 0101 222 1231 222 and run it. One more time going to the tab to the right to get to that trial balance. An underappreciated report in my opinion. It's in the business overview as well. Easiest way to get to it is just to type in trial balance because that's what it's called. The trustee TB not tuberculosis. It's not a bad thing. It's not a disease. It shouldn't be at the bottom of the reports. It's a good report. So we're going to say this is 0101 222 1231 222 and run it. So there we have that. Now let's go back to the first tab. We're going to now imagine a situation where we're getting paid at the same point that we do the work. This would be more of a cash basis type of transaction. In other words, if I was to hit the dropdown up top, looking at the sales type of forms, when we make a sale on account, meaning we did work and are billing the client or invoicing the client and we expect to get paid in the future and a cruel type of transaction, we're then going to be entering the invoice. It's a cruel because there's a timing difference between when we get paid and when we do the work. If we do the work and get paid at the same time, then we can record it with a sales receipt. That's the report that QuickBooks would like us to be using on more of a cash basis method because the sales receipt like the invoice will still be using the items in order to record the sales by item which will give us the designation of which accounts will be affected and help us to track inventory items and so on. Also giving us sub reports, breaking out our income by both customer and by the items that we sold, whether those be service items or inventory items. However, most people when they think of a cash basis method are actually going a step further in part because of the new use and added use or increased use of bank feed technology these days and that they're relying completely on the bank and having the deposit come into the system from the bank then using the deposit form typically in the form of bank feeds but the use of a deposit form for that transaction, a deposit type transaction in order to record the sales. That is not only a cash basis method, that's stepping away further on the simplicity side to basically being reliant on the bank which might be perfectly fine for certain types of businesses. However, you want to note that if you're using that method, you are losing a little bit of detail in the method because you're not using the actual sales items or the sales forms which in the cash basis method would be a sales receipt and therefore you're not having the customer applied automatically although in some instances when you make the deposit you may still be able to add the customer. You can't really make the sub reports which are broken out by customer and by sales thing meaning service items or inventory items as easily if you just record your sales with the bank deposit. So we're going to imagine we're over here on the sales receipt and on the sales receipt most likely you can imagine like the typical scenario would be like at a cash register you would be recording in essence the sales receipt when you scan something into something at the grocery store or something like that it's basically a sales receipt type of transaction because the payment is being made at the same point in time the difference between the sales receipt and the invoice being that the increase goes to accounts receivable with the invoice the increase goes to some kind of cash either undeposited funds or whatever the new clearing account is called money to be deposited or something like that or it's going into the checking account. Okay so let's go ahead and open one up sales receipt and looks a lot like an invoice but it's a sales receipt and this is going to be putting in a string music we're going to make a new customer just on the fly we're flying and we're making a new customer at the same time and we're going to say there it is it's going to be a customer I'm not going to add any details just the generic customer this time string music. So tab in through we're going to say the date is going to be the 19th tab in through it's going to be the sales receipt number location that's going to help us out with our our sales tax the payment method I'm just going to stick with cash just to make it easy we're going to have the reference number and then again do we want to put it into cash being in the checking account in our case directly or do we want to put it into the clearing account which is called here payments to deposit which they changed fairly they changed from undeposited funds but the concept is the same it being a holding account we're going to use the payments to deposit the holding account which we will then use to make the deposit grouping deposits together in the format that we expect to see them on the bank statement note that when you're using a sales receipt or if you're in a cash register situation it's more likely that you're going to need to use some clearing account like undeposited funds or this payments to deposit because you're going to get multiple cash transactions most likely you're going to then walk to the bank and put them into the bank and when you do that you're going to group the cash together you're not going to make separate deposits that will match up to the separate sales that you made during the day therefore you want to make sure that when you put the information into your QuickBooks you put it in the same format as you expect it to be seen on the bank statements making the bank reconciliation as easy as possible so in other words if I was to go here this is my this is our flow chart so we're up here and this is the desktop flow chart but I think it's a good flow chart same names so it's just the accounting process we're in here you can imagine the cash register here where we are making the sales especially for making cash sales we might be making multiple different sales and then taking that money that we got and go into the bank at the end of the day depositing it into the bank therefore I don't want to record the money going directly into the checking account here because it will not match the same format that it will be on the bank I'll have to add up all my sales for the day when doing the bank reconciliation to tie out to the deposit that's not good that's tedious that'll make the bank reconciliation process difficult therefore what we want to do is group that together and undeposited funds then make the deposit in the same format as we expect to see it in the bank statement so that's what we'll do here so there it is what's this going to do we're going to then go down and say this we're going to sell an ELP an ELP which is our Epiphone Les Paul we'll sell three of those at 500 that's the sales price 1500 it's going to be a taxable item the bottom half looking a lot like an invoice down here and then when a GSB which is going to be our Gibson SB we're going to sell one of those at 777 it's also a taxable transaction what's going to happen when we record this we have the sales tax calculated down below let's first change the math on this I'm going to make this sales tax just a 5% sales tax to make it a generic sales tax item just for a generic problem so I'm going to go down and override you wouldn't normally do this in a transaction but to make it generic sales tax that's what we're going to do and I'm going to say they're going to say why I'm going to say other and just confirm and save and close so there it is okay so now we are at then this is going to increase the undeposited funds instead of accounts receivable that's where the difference is between the sales receipt and the invoice by the 2390-85 sales is going to increase by the 2277 similar to the invoice the difference like with the invoice is going to go to a payable account 11385 which you could think of a sales tax payable which they're going to put into whoever you are paying as the vendor they made an account for the California Board of you know tax collection or whatever it is called and then we're also going to have the inventory going down by an amount that's not on the actual sales receipt like with the invoice but driven by the items the system knows because we have a perpetual inventory system and we're going to have the cost of goods sold go up for that amount as well we'll also have this sub ledger for accounts receivable impacted not accounts receivable but for inventory which will break this information out by inventory item as well okay let's save it and close it and then check it out and see if that is indeed the case or if I'm lying over here let's go on or possibly mistaken are you mistaken about stuff let's go ahead and run it let's go to the balance sheet and run it and check it out so we're going to go down into the payments to deposit there it is let's go into it and then we've got then the sales receipt there's the sales receipt I told you so 2390 85 if I go into that that's going to be the bottom line of our sales receipt except it's going to try to change the taxes on this so don't worry about that it was it was right and then it tried to change the tax but it's not going to save that change the tax the tax is now wrong because we changed it to the 5% and then I'm going to say do you want to leave without saving I'm not going to save the changes because they made a change that I didn't want to make so yes I'm leaving without changing and then I'm going to go back up top so be aware of that if you're doing the same practice problem it's going to cause problems but that's okay solving problems is what we do so then I'm going to say some statement or profit and loss and then in the sales line sales line we should have a sales receipt this goes up with the invoices and the sales receipts here broke it out into two lines these are going to be the amounts that we charged not including the sales tax so these amounts don't include the sales tax because the sales tax is going to and so again I'm not going to save the change because it tried to change the sales tax again so no quick books stop trying to mess me up man go into the first tab and then we're going to say that the other side is in the liability account for the California department so it's sales tax payable in other words but they put it in there by the vendor for whatever reason which is the people that are taking or forcing us to be their tax collecting arm and so there it is there so that is it on that one and then scrolling back up top we also know that the inventory is going to go down so inventory if we go up to that there's the inventory account going into the inventory account we can see that it is impacted by our new sales receipt here and it record these two amounts that aren't on the actual invoice why aren't they on the invoice because we sold because the invoice is going to the customer and we don't want it on the invoice but it's driven by the item the item knows what it should be and that's how it was able to record it on a perpetual inventory method close in that back out and I'm not going to save the changes quick books I'm not doing it stop asking stop asking just because you ask a hundred times and then the other side is going to be on the income statement it's going to be in the cost of the goods that are sold and then we got the sales receipt down here as well with those items scrolling back up the impact on the income statement is going to be the sales side going up by the amount we charged and then the cost of goods sold make it going up as well the difference being the impact on the net income we can also take it the sub ledger for the receivable so if I go up to the accounts receivable we impacted that let's make another report to do that go into the tab to the right right click and duplicate and then I'm going to make another report which is going to be the inventory valuation summary so let's go to the reports tab here and let's make another report closing up the hamburger and say this is called inventory valuation summary summary and there we have it so now this ties out we got the unit amounts and the dollar amounts for the thirty eight eight seven eight which should also tie it with on the trustee trial balance which it does next thing I just want to point out here is that if we look at the amount in this area the twenty two eight ninety eighty five if I go back to the first tab and we're going to make a deposit at some point in the future hitting the plus button I'm not going to do it now but if I hit the deposit form hit it I hit it right there and then we're going to say that see how the total ties out here and that's being increased by the payments everything that's in that was created with the received payment and the sales receipt forms are in here so that we can help us out to group those amounts okay closing that back out let's do it again this time just with service items so this will be easier this one will be even easier so we're going to say going to hit the plus button up top we're going to go to another sales receipt now I think I already added this customer but you might not have it yet so you might need to add it it's going to be Sam the guitar man so if you don't have that just simple add Sam the guitar man and then we're going to tap through this thing and it's going to be on the nineteenth so there it is and then the payment I'm just going to say cash again it's going to go into the payment it's not going to go into our checking account I'm just going to put it into the payment which is the undeposited funds and I'll deposit it later grouping it together as we do so we put our diagnostic things here so I'm going to say we have a diagnostic these are service items now what is a guitar diagnostic you don't know what a guitar that's like when you rotate the strings on it you rotate the strings so we're going to do ten of those again this is kind of generic apologize but we're going to do we're doing kind of a generic diagnostic on it it should not be a taxable item driven by the sales items as a non-taxable service item we're going to say for our default problems it should show up automatically if you choose to write sales options on your items list as we saw in prior presentations then we're going to have hourly service, hourly service number one hourly service number one I'm going to pick it is also a non-taxable item we're going to say that we got 15 of those and we're going to say 140 that's going to be 2400 and then we're going to pick one more and that's going to be the tuning the tuning support tuning support for the guitar which is spelled wrong that's what we're going to have here so it's going to be another service generic service item and we're going to say we have 12 of those at the 2400 so same kind of thing here except we're trying to show that we have service items as opposed to inventory items what's going to happen when we record this going to be much more straightforward it's just simply going to be an increase to the cash account of payments to deposited which is a clearing account instead of a checking account the other side then going to revenue to the service revenue account and we don't have any sales tax to deal with which is great we don't have any then items with relation to inventory or cost of goods sold much easier to do so let's save it and close it and then look at it save it and close it let's check it out this time with the trial balance getting used to the trial balance the underappreciated trial balance I appreciate you TB trial balance so we're going to say this is going to go in let's go into then the payment to deposit which we have now increased with this one Sam the guitar man there it is in the other side going back on over is simply going to be in the income statement accounts the balance sheet stops after the equity accounts and we're in the services so there it is right there that's the one scroll in down a bit there is the service items they posted the three items separately and that's it that's it if you don't have to deal with inventory or sales tax see how much easier that would be life should be easy but but no complication then we're going to go to the first tab and let's just take a look at where these customers if I went into the customer center which is in the get pay or pay area if you're in the accounting view it would be in the sales area and then customer tab up top in this view it's in the get paid area or pay area and then customers and then we did this we sold something to Sam the guitar man so you can check that out here so there we go the other way you can take a look at this as you can go up top I can say let's go up top and let's take a look at our transactions which are in our bookkeeping area if we want to look at it that way look at the transactions if we were in the accounting view we would be simply in the sales area looking at all transactions in that area so same stuff just different location we're going to go to the sales transactions this time we're looking at those cash based sales which are going to be using the sales receipt so let's change this to the sales receipt stuff and then status let's just say all and so there we go apply it out there's our two sales receipts one last thing want to point out here is that if I go to the tab to the right and let's make sure it's a fresh one in the accounts of the in the account of the payments to deposit 2870 85 that's the amount that should show up in our deposit area when we make a deposit form so if I go up top which will see in a future presentation and if I was to make the deposit then I can choose from the items that have been made with either the sales receipts or the payment forms after having issued an invoice and then this will help us to group that information taking it out of the clearing account and putting it into the checking account in the proper grouping that will match what is on the bank statements so let's go back on over to our trustee trial balance over here this is where we stand at this point in time we're standing on our two legs our debit leg and this is where we stand so you can check this out if you're matching up that's great if not try changing the date range it's often the date range issue let me run it again just to make sure it's fresh it's often date range issue and then you can drill down on the numbers and see if it's see if you can figure it out and we'll have the transaction detail reports at the end of the sections to further diagnose any differences