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Understanding invoices, sales receipts, bills, and statements in QuickBooks

by Intuit7 Updated 4 days ago

Learn about the different transaction forms, including invoices, sales receipts, bills, and statements. This article explains the purpose of each form and when to use it, helping you accurately record your business transactions.

🛈 This article is for customers who use QuickBooks Online (Simple Start, Essentials, Plus or Advanced), or QuickBooks Sole Trader.

Invoices

An invoice is a request for payment that you send to your customers for goods or services they've received but haven't yet paid for. Here are the key features:

  • Details of goods or services: Lists the goods or services provided, their prices, and the total amount due.
  • Payment terms: Includes the due date and accepted payment methods.
  • Purpose: Sent to customers who have an account with your business and will pay later.

Learn how to create invoices in QuickBooks Online.

Sales receipts

A sales receipt is a record of a sale that's paid for immediately. Here are the key features:

  • Immediate payment: Used when customers pay at the point of sale, often with cash or a credit card.
  • Simplified format: Similar to an invoice, but typically doesn't include payment terms.

Learn how to  create and send sales receipts in QuickBooks Online.

Bills

A bill is an invoice that you receive from a supplier for goods or services you've purchased on credit. Here are the key features:

  • Details of purchases: Lists the goods or services purchased, their prices, and the total amount due.
  • Payment terms: Includes the due date and accepted payment methods.
  • Purpose: Used to track your business expenses and accounts payable.

Learn how to enter and manage bills in QuickBooks Online.

Statements

A statement is a summary of a customer's account activity over a period of time. Here are the key features:

  • Account summary: Shows all invoices, payments, and credits applied to the customer's account.
  • Current balance: Provides a snapshot of the customer's outstanding balance.
  • Purpose: Useful for reminding customers of overdue payments and keeping clear records of their transactions.

Statement types:

  • Balance forward: Lists invoices and payments with outstanding balances for a specific date range.
  • Open item: Lists all open, unpaid invoices from the last 365 days.
  • Transaction statement: Lists all transactions for the selected date range.

Learn how to create and send customer statements in QuickBooks Online.

In QuickBooks Sole Trader

  • Receive payment: In QuickBooks Sole Trader, you might see the term "Record payment" instead of "Receive Payment".
  • Sales receipt and statement: These forms aren't available in QuickBooks Sole Trader.

What's next?

For more, explore:

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