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QuickBooks Online Tips: Getting Paid

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If there’s one thing every business owner agrees on, it’s that getting paid is an important part of running a business. Accurately keeping track of money coming in helps determine business decisions but also is a key component during tax time. Lucky for you, we have a webinar for that! Sit back and relax while an expert goes through Get paid: Manage your sales, invoices, and customers. Learn about everything from invoices to spotting trends in your sales with QuickBooks Online.

One question we see often is what is the difference between invoices and sales receipts. To some the differences may be obvious, but it's helpful to understand the distinction between these forms. Let’s head over to our QuickBooks Blog for help.

Invoices

These are used when a business has completed a customer’s order and needs to collect payment for the goods or services provided.

Key points to understand about invoices include:

  • Invoices are issued to collect payment after a business delivers goods or services to its customers.
  • The seller sends an invoice to the buyer to let them know their payment is going to be due soon.
  • Invoices are more commonly used by service providers and during business-to-business (B2B) transactions.

How do you create one in QuickBooks Online? Let me show you how:

  1. Select + New.
  2. Choose Invoice.
  3. From the Customer dropdown, select a customer. Note: Make sure all of their info is correct, especially their email address.
  4. Check the Invoice date. If you need to, change the due date in the Terms dropdown. 

Keep in mind that “Net” refers to the number of days until the payment is due. This defaults to 30 days, but you can change the due date if needed.

  1. From the Product/Service column, select a product or service or choose +Add new to create a new product or service right from the invoice.
  2. Enter a quantity, rate, and change the amount if needed.
  3. Lastly, select Save and send to email the receipt or Print Preview to print.

Webinar Invoice.png

Sales receipts

A receipt is used as a proof of payment when a customer pays for goods or services.

Key points to understand about receipts include:

  • A business provides a receipt to its customers as a record of a sale.
  • Receipts outline when a transaction took place, how much a customer has paid, and which payment methods the customer used to make the payment. They also list the items or services the customer paid for.
  • Receipts help buyers keep track of payments they have made.
  • In many cases, customers will need a receipt to make returns to a business. Because receipts indicate proof of purchase, businesses can use them to verify a transaction.
  • Because receipts are proof of a customer’s payment, they're issued by businesses of all types. Businesses should generally issue their customers receipts for any transactions made.

Follow these simple steps to create a sales receipt in QuickBooks Online:

  1. Select + New.
  2. Click Sales receipt.
  3. Select the customer from the Customer dropdown. Note: If you haven't set them up in QuickBooks yet, select Add a new customer.
  4. Enter the sales info, such as the payment method.
  5. Enter line items for the products and services you sold.
  6. When you're done, select Save and send to email the receipt or Print Preview to print.

Webinar Sales Receipt.png

As you can see, the forms look very similar, but there are some key differences. Because a sales receipt is given after receiving payment, there are fields for Payment Method and a Deposit To area to choose an account for that transaction. 

Ready to learn how to get that cash in your pocket? Check out the webinar dates and times and sign up today!

Learn how to:

  • Understand the difference between invoices and sales receipts
  • Track your accounts payable and see how much customers owe you
  • Accept and record payments on your phone
  • Customize invoice tracking to your business
  • Spot trends in your sales

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