This article defines an invoice, sales receipt, bill, and statement so you can properly enter these transactions in QuickBooks Online.
Learn about invoices
An invoice is used when you want to receive money from your customers.
- You send it to your customers who haven't paid yet when specific work items or goods/services sold are completed or fulfilled.
- It's an individual sales transaction that can partially comprise a statement of your customer's account.
Learn about sales receipts
A sales receipt is used for goods/services rendered at the time of a purchase (sometimes referred to as a "point of sale" purchase), or if your customers give you immediate payment.
Learn about bills
When you receive an invoice from a supplier, you'll need to enter it as a bill. This will then help you track the money you owe so you can pay by the due date.
Learn about statements
A statement is the status of the customer's account at a particular point in time.
- It represents sales transactions, credits, and payments in each line item for a given period. It doesn't offer as much detail as individual sales transactions.
- It notifies your customers where they stand and if they still owe you any money. You send it to your customers on a regular basis.