QuickBooks is one of the most preferred accounting software around the globe. It is being used by a huge number of small and medium sized companies to manage their financials. Also, it has the capability to maintain a good record of the accounting data of the company.
What are sales receipts?
Sales receipt as we know is a slip of paper given by a company, or any vendor depicting a purchase made recently. It also includes other information like date, sum, department, etc. Sales receipt is a commonly used part of accounts. It is basically required to bill a customer.
Sales Receipts in QuickBooks
If you are using QuickBooks how would you get to know what when you have to bill the client using invoice or the sales receipt. This majorly relies on the fact that whether you have got the complete payment together or if the customer is using different methods to pay like a credit card. Here is when you would need a Sales receipt:
- When you get the complete payment just at that time only
- When the customer is using only a single method to make the payment
Many companies depend on a cash register or tailored solution to track day-to-day sales dealings. When they are recording checks as well as other financial dealings in QuickBooks, they have to rapidly bring all the required information from the systems together.
QuickBooks allows the user to generate invoices and record payments. It enables you to use the sales receipt feature also when customers pay you in completely, and at that very moment.
Filling out a sales receipt is easy and it is quite similar to completing an invoice or purchase order. When you generate a sales receipt in the accounting software, you are actually recording that particular information at the very same time.
The steps to create a sales receipt in QuickBooks are pretty simple. Just click on the option that says Create Sales Receipts on the home page, you may also choose to open the Customers menu, from there also you can choose ‘Enter Sales Receipts’ option. A new window will pop up, you will have to fill out all the required detail and save the sales receipt.
Analyzing the Sales Reports
These reports are the best way to find out whether the customers or clients are late on invoice payments. There is an option to search every sales receipt for “Aging”, to retrieve the information.
Steps to check ‘Aging’:
Right at the Reports window, type “Aging” in the search box, and after that choose A/R Aging Summary, once the drop-down menu appears.
A/R Aging Summary Report
A/R aging summary report helps to identify which receipts are labeled as “Current” in the Column (not late). There is also a specific column for late payments, named ‘late invoices’, and other ones for very late as well as delinquent invoices.
Utilizing the power of Reports to Examine Your Business
You can choose to customize in various ways to create these and other Sales or A/R Reports. You can feel free to use the reports to get acquainted with your businesses’ financial situation.