 QuickBooks Desktop 2023 sales receipt form. Let's do it within 2-its. QuickBooks Desktop 2023. QuickBooks Desktop sample rock castle construction practice file provided by QuickBooks going through the setup process we do every time maximizing the home page to the gray area. Going to the view drop-down, open windows list on the left-hand reports drop-down to get to those major financial statements company and financial that being the P&L profit and loss otherwise known as the income statement from 010124 to 123124 that being the date range let's customize that report so I can go to the fonts and numbers and change the font to 12 okay yes okay and then we're going to go to the reports again find the other major financial statement report under the company and financial that being the balance sheet standard changing the date 123124 customizing it to so we can change the fonts and numbers to 12 again is that okay yes it is okay okay and that's our startup process every time back to the home page we've been looking at the customer cycle which we can see as the revenue cycle we might call it or the sales cycle or the accounts receivable cycle remembering that customers for QuickBooks from means that at the end of the day we're hoping to get money increases deposits to our checking account typically at the end of the cycle for goods and services we provide to the customer we might do that in a fairly easy kind of process depending on the industry such as if we're in the gig work where we might wait till it clears the bank use bank feeds to record the deposit or we might have a more complex system possibly still a cashed-based system but one in which we make transactions or sales at the same point in time we receive the revenue like a food truck and we want to record the sales receipt and then the deposit or we might be in a system as we've been talking about in terms of the forums where we have to build the client like a law firm a bookkeeping firm possibly a landscaping company or something we do the work we build the client when we build the client notice like notice the terminology here oftentimes you hear we build the client but from invoice's perspective we're invoicing the client it's the same it's basically the same thing but just remember in practice we can use these two terms kind of interchangeably from QuickBooks perspective we have to name the forum based on which side of the table we are on so when we are entering it into QuickBooks we're invoicing the client that would increase the accounts receivable the other side go into sales we could then receive the payment which typically decreases the accounts receivable always does that the other side often goes into undeposited funds although could be deposited directly into the check-in account and then we make the deposit which would take it out of undeposited funds and put it into the check-in account so now we're thinking about a situation where we have the create sales receipt the create sales receipt is the form that we should be using if we're doing a full service bookkeeping for a cashed based system so note again you could do something easier than a full service cashed based system one in which you're reliant on the bank in order to record the transactions and then you're recording the transactions based on the bank's information possibly using bank feeds so that would be here doing just skipping the the create sales receipt just recording the deposit that would be applicable if you're in a company such as gig work where you're getting paid by like a platform like youtube or something it's just paying you and you just whenever the deposit hits the bank you just want to record that deposit as income you typically have the information to help you track by customer because that will be in the memo of the deposit and that's a nice straightforward kind of situation however uh it'll be a little bit more complex for example if you have something like a food truck or something you can imagine the create sales receipt as the form you might use if you're making a sale at a point like at a register for example in that case you don't typically want to make sales because you can imagine making multiple sales collecting multiple forms of payments including cash possibly and then going to the bank at the end of the day you're going to deposit all that into the bank in some way shape or form however you got paid and then you could wait till it clears the bank and just record that lump sum of cash deposit as revenue you could do that but you're skipping some internal controls by doing that because one you can't record who you receive the money from you can't track who you receive the money as well because that's typically done in the sales receipt if you make a deposit with just cash or for even if it goes through a credit card account it might be more difficult to get the customer information into your system if you just record it as a lump deposit at the end of the day and you can't do the typical internal controls you would like to do if you're in a cash register situation that would be you want to have your sales receipts that you're going to be recording for the sales that are taking place you want to count the cash typically that you've gotten and compare that to basically the sales receipts that you've been recording within the system so you can make sure that those two tie out so that there hasn't been theft or anything that happened or you met something got messed up you know in that process and then you'll typically want to make the deposit from there and group the deposits in such a way that they will be seen on the bank statement making the bank reconciliation as easy as possible so let's imagine a situation let's say we were going to go into the create sales receipt again we kind of kind of imagine that we're at like a check register and we can open up the sales receipt we're going to make a sale and it looks similar to an invoice it will be much the same as an invoice except that we're not going to be hitting accounts receivable so i'm going to go back to a prior one here let's go back to a prior one i'm going to close up the carrot on the left and on the right and so there we have the basic information we're going to have a customer now note that that it could be quite nice to be adding the customers as you go because the customers could be quite important depending on the business you're in in order to track them because you might want to send them things like you know a sale your sales or what you're going to be selling in the future have them on your mailing list and so on although you might be in a type of company where you don't need to track as much information because you don't expect to see that individual again or something it might not be as important but it's nice as you add the sales receipt to be able to add the customer information you've got the class which is going to be specific to a particular industry like construction we might talk about that later that might not be there unless you've got class it won't be there unless you turned on class tracking notice that we could deposit it into the checking account here and I believe this option would be something that would be put in place when we changed the options in the preferences field so if it's not there if that option isn't there you'll recall from the prior presentation when we had the payments we went into the preferences we went into payments company preferences and we unchecked this which I believe is checked by default use undeposited funds as a default deposit to account so so in other words it may automatically most of the time be going to undeposited funds rather than going into the checking account let's go to a prior one most of these are going direct they got them going directly into the checking account so in any case this one might be going to in some cases the undeposited funds account which could be quite common because again you might be getting paid with say cash if you're getting paid with checks then you would think that that it would be something that's going to hit the bank in the same amount as the check amount but if you're making a lot of cash sales what will end up happening is you're going to have to group those cash sales together and you're probably going to deposit them in one lump sum at the end of the night therefore you don't want to make each sales transaction going directly into your checking account because then when you try to reconcile to the to the bank statement it won't you'll have to add up all those all those amounts to tie out to what has been deposited on the bank statement with one lump sum amount so that's what we want to keep aware of you could get you could get paid with cash you might have a check and then we could have a credit or debit note that the credit or debit card is another kind of confusing component with regards to this matching situation because the credit card company is might be grouping the amounts of payments that they're getting possibly recording a charge as well and then depositing that amount into your checking account you want to make sure that you have a system set up so that you're making a deposit that matches the same grouping format as the credit card company which may require you to go in and out of an undeposited funds account you could get an e-check as well so basically recorded the transaction that you got through an e-check so if we go then we've got the date here we've got the sales number typically generated automatically sold to typically all we need is the name but you might want more information than that if you can collect it when you're making sales to customers so that you can give the customer you know your sales stuff in the future right and then you've got your item just like with the invoice the items are going to be very important to make the sales process as easy as possible because the item is going to tell us what the rate is that we sell whatever we're selling for making it easy for someone if they're just entering as they make if they're entering the sales into the system as they make the sales then you want to make the item category as easy as possible that will pull up so if you imagine being in a store and you go to the cash register the person putting the data into the cash register should not need to be a genius you know and know everything about the double entry accounting system in order to just record the transaction the way to make that as easy as possible is to make these items appropriate correct easier to fill out when you're entering the deposit form as well as setting up things like the sales tax we'll talk about how to set up those items in a future presentation and then we've got the the description the quantity the rate and then whether it's going to be taxable or not notice down here that we do have a tax applied the tax is a state and local tax in the united states typically the tax is going to be applied to the customer basically in theory so every time we record these transactions we want to think about what's going to be the journal entry before we record them then we'll go to the source document where they completed forms balance sheet income statement the financial statements and drill back down and kind of double check them remember that you do have like like the cheat sheet and the reports here which is going to be the the the transaction journal hopefully it opens this time so that gives you basically your journal entry so it'll show you the accounts that are impacted so we got the checking account we've got the the materials and then we've got the sales tax now notice this one's a little bit more tricky with the inventory just like with the just like we saw with the invoice because with inventory you could have a system where you just mark up the inventory and then sell it or you might have a system where you're going to be taking raw material and conforming it to an end product in which case you're going to use a job cost system or process cost system which is a little bit different a little bit more confusing a bit more of a specialty so let's close this back out and just kind of an analyze that we're going to go to the main here and just say what's going to happen well to sales receipt that means it's going to increase either undeposited funds or the checking account here they've specified the checking account and then the other side and what's going to go into there the full amount that we're going to collect from them at the same point in time that we that we did the work like if it's a food truck at the point in time we give them the food right at this point of sale it's a cash based system still charging sales tax 102 65 the other side then is going to be going to sales but it's only going to go to sales for what we charged which is the $95 in this case again you might think this tax is kind of messed things up you might think why don't I put the sales at 102 65 then when I pay the sales tax I make an expense of $7 and 65 cents or whatever so it'll go on as revenue and then off as an expense we don't do that because it's not really revenue to us in theory or an expense to us in theory instead it's a charge that we're being forced to be the tax collector the government has inserted themselves into the system to make us the tax collector so in theory we're collecting the 765 which is being charged to the customer which isn't revenue to us and therefore is going to go directly to a payable account accounts payable so we don't have sales tax expense because the the revenue never hit the income statement either it went directly to a payable account is the idea so that would be that and so that so we got the revenue is at the 95 the difference goes to the payable account and then typically if it's inventory if it was a system where you're just buying inventory and marking it up and not in a job cost system then you would have inventory would be going down by an amount that's not on the the sales receipt because just like when you kind of check something out at a grocery store it only shows you the sales price the sales receipt only shows you like a receipt that you can imagine you give to someone it's not going to show the cost of the inventory that's sold only the sales price but the cost will be there it's known if we set up the items correctly and if we're using a perpetual inventory system then it will decrease the quantity as well as the amount of the cost of the the inventory using a weighted average method I believe is what's going to be used on the desktop version you know 5-4 life or weighted average the other side's going to go to the cost of good sold account representing the cost of good sold so there's kind of a lot going on especially if you have inventory even though the sales transaction looks fairly basic fairly easy to look at let's give a quick recap of the items up top we've got the new item to make a new one we can save our receipts save as a pdf you can delete it we can create a copy of it if you have a complex receipt then it could be useful you can memorize the transactions make it a little bit easier mark as pending you can print it you can preview it so if you're going to provide these sales receipts to somebody then you can check out the preview of them you can email the sales receipt print later you can have an attachment to it you can add time and costs in a similar way as with the invoice so you could track time use the time tracking to then add that information into your invoice for example you've got the formatting another preview you can look at the different templates you could set up different templates for the sales receipt although the sales receipt might be something you use more on an internal basis you might not be printing out the sales receipt but of course you might as well as as evidence of the sale too so but obviously the invoice for sure would be going to the external customer either way you'd still need them for the internal transaction to record the transaction download the template customize data layout you've got the spelling and you can insert and delete the rows down below and copy a line as well you got the send and ship you've got the email the FedEx and so on as we saw with the invoice you've got the reports the main one I think is useful is the transaction journal you could go to some of these reports but I think a lot of times you'd be looking at those reports in the customer center or in the reports area you can find those kind of reports and the payments you can add a credit card processing back to the main page let's go ahead and close this out and analyze them then from the end result the financial statements and then drill back down to see what's going on with the sales receipts so if I go here I'm going to go to the the balance sheet so if I enter a sales receipt notice that they had all theirs going to the checking account but it could also be going into the undeposted funds so in other words the sales receipt it's going to increase some kind of payment amount either it's going to be increased in the checking account if we put it directly into the checking account which we would only want to do if we we think that we're going to have each individual sale hitting our bank statement with that dollar amount if we think that we're going to have to group sales together as we make deposits as might happen if we have credit card sales for example or cash sales then we might want to put it through undeposited funds in a similar fashion as we saw with the received payment after invoicing in prior presentations so if I and then if it was an undeposited funds then we would deposit it into the checking account with an extra step if I double click the check-in account here and change the date 010124 we've got our our deposits and let's see if we can look for a a receipt payment you know we can actually sort these I was going to do these before just to just to make this a little bit easier if I was to customize this report and try to use my filtering let's say we filtered the report and we we want to filter by the type so I'm going to say I'm going to filter by the type of transaction type and then I want to say this is going to be a sales receipt so we'll talk more about these reports later and kind of filtering the filtering them later but notice it's useful to note what these forms are because then you can use some of these filtering options and then you've got your sales receipt also just realize that when you look at the checking account there's going to be a lot more kind of different types of forms in it because the checking account cash is like the lifeblood of the company most other accounts don't have as many kind of different transaction or forms that will be used within them so if I double click on a sales receipt so there we go it drills us back down to the sales receipt closing this back out and then closing this back out the other side would be going to revenue of some kind so if I go to the profit and loss and we go into our revenue account double clicking the revenue and again most of these these are all invoices I'm not sure where they put the sales receipt if I go into these are all here's a sales receipt so there's a sales receipt that we have here double clicking on that note that when I go into the sales receipt if there was any sales tax applied then it wouldn't include the sales tax right it would only charge what we charged for it so let's see if this one had any sales tax no the sales tax will be let's go back let's find one with sales tax if I go into the materials materials had sales tax and I go into a sales receipt there's a sales receipt double clicking that one you can see there's the there's the the sales tax that is charged with sales tax it's 1067 88 but the amount we have here is only the 650 and that represents this number right here so it doesn't include the sales tax is what I'm trying to point out here because the sales tax is going to go to the balance sheet account of the payable account and it's going to be down here in the sales tax payable right there sales tax double clicking it changing the date 010124 and so there we have the sales tax from a sales receipt there's one hold in hold on there's one right there that's a sales tax payment where's the sales receipt sales receipt here's a sales receipt doesn't have anything in it anyway sales receipt here's this here's the sales that's a sales tax payment let's see here's a sales receipt doesn't have anything in it sales receipt sales receipt there's there's one double clicking on it so there we have the tax there so I'm going to close that back out and scroll back up and let's close this one out and then if there's inventory involved typically and again it's a little bit different with the job cost system but usually if you're just buying inventory marking it up and then selling it like you'd seen like a grocery store for example you would double click on the inventory 010124 and you'd have a decrease on the inventory from again a sales receipt I could I was going to sort it by but there's a sales receipt item receipt that's an item receipt let's see if I can sort this one again let's go to customize filters I'm going to go transaction and let's see if we can find a sales receipt and okay note that it's not really uncommon if you have a company that mainly builds the customers with an invoice to not have many sales receipt transactions because typically you're going to be setting up a system appropriate to your particular company so if I if I close this out for example and go to the home page notice that this company as a construction company typically builds its customers with an invoice meaning they do the work and then invoice the customer typically if you have a different type of company then most of your sales might be in a sales receipt for example a situation where you got like a cash register situation in that case the sales receipt would be recording the inventory transaction as in a similar way that we saw with the invoices so if I go back on over to the balance sheet let's say I go into the inventory and change the date from 010124 and let's just choose an invoice just to give an example of the same kind of idea note that up here we've got like a cabinet let's say this was just a normal inventory kind of system where you buy the inventory mark it up and then sell it then for example these line items would be showing the sales price and not the cost but the system knows what the cost is just like when you scan something at the grocery store because of the items the items are going to tell it what the cost is we'll talk about how to set up the items in future presentations but if you're using a perpetual inventory system then the system will be able to record a decrease to the quantity of units of inventory as well as the cost not the sales price of them in inventory closing this back out closing this back out then the inventory will tie out to the inventory reports if you go to the drop down up top inventory the inventory valuation summary here uh should should basically tie out if this was at 123124 30624 so 30624 and then the other side would go to the profit and loss in the cost of goods sold and once again it would generally record if you had just like a normal marking up of the inventory and selling it type of system the cost of goods sold the expense of us selling the inventory at the cost not the sales price if dealing with inventory in that way then the net effect on net income on the profit loss or income statement would be an increase to the income the sales price minus the expense to cost the goods sold of the of the inventory