Sales receipt

kd786 · ‎March 24, 2022

Hi.

We are in the process of implementing Quickbooks for a local community which is a registered charity. Our major source of income is through donations for which I had a couple of questions, would be grateful if someone could advise and confirm if my understanding is correct. We are using the accruals concept of accounting and all our members are set up as Donors on the system.

1. Sales receipts - members usually pay donations directly into our bank account and for their personal records, would request a receipt. Therefore my understanding would be to raise a receipt through the sales receipt function. Would this process be correct and can someone explain me the Double entry that this would create?

2. Bank reconciliation - when we will get around to reconciling the bank, we would capture the donations that have been received for which we will have already raised a sales receipt under Question 1 above. Therefore, what will be the implication of the bank reconciliation against the sales receipts that have been raised and also what will be the Double entry impact of this?

Thank you.

GeorgiaC1 · ‎March 24, 2022

Hi kd786, thanks for joining the Community :smiling_face_with_smiling_eyes: - this would be the correct process to record the transaction and send the receipt. The sales receipt is linked to two accounts creating the double-entry - the first is through the 'deposit to' account (this is typically the bank account) and the second is through the 'product/service' - the account that the 'product/service' is linked to is the designated on the 'Income account' field in the P/S settings. Once saved, you can view the debit and credit posting of the transaction by selecting More > Transaction journal on the sales receipt.

The reconciliation tool allows you to check off transactions posted to the bank account in QuickBooks against your bank statement in real-life - if the sales receipts are posted against the bank account, you'll then be able to reconcile those here. There is no direct impact on double-entry during a reconciliation.

kd786 · ‎April 04, 2022

Hi GeorgiaC1! Thank you for your response. Just a follow up question: Our bank statement is the source data so we would effectively be raising sales receipts based on what's been received and then doing step 2 which will be to reconcile the bank. Therefore, is it possible to send out automated receipts as and when transactions are reflected in the bank account which is connected to QB, after which we are only left with reconciling the data? I'm happy and open to hear about any other alternative approach! Regards.

GeorgiaC · ‎April 04, 2022

Thanks for getting back to me, it's not possible to automate this process unfortunately - to do this you'd need to first review the transactions in the for-review section of the banking feed (from here you can add the transaction as a sales receipt). After this you can then navigate to sales > all sales or the 'categorised' tab on the bank feed to open and send the sales receipt via email. Please let me know if you have any further Q's!

kd786 · ‎April 04, 2022

Hi GeorgiaC, Thank you, this makes sense. I'd be happy to review the transactions first to ensure they're correctly categorised before adding as a sales receipt. As long as there is some way of doing this through the banking feed, it is better than having to raise sales receipts manually + individually for the same transactions which are coming from the bank statement in first place! I will give this a go and let you know if there are any further questions. Regards.

GeorgiaC · ‎April 04, 2022

Great, it should certainly be faster this way. :smiling_face_with_smiling_eyes:

kd786 · ‎April 06, 2022

Hi GeorgiaC!

So I have linked our Quickbooks account and reviewed a couple of transactions. I'd wish to send a receipt for these but unable to see any option which would allow me to under the Sales All or Categorized section in the banking menu.. Are you able to provide some further assistance or screenshots please?

Thank you.

MaryLandT · ‎April 06, 2022

Let me provide some clarifications about the sales receipts on the Banking page, kd786.

You won't be able to send receipts through the Banking page. However, you can upload receipts and match them to your bank transactions.

Please browse this article to learn more about the process: Upload your receipts and bills to QuickBooks Online.

You can use the Sales receipt feature and print or send it to the donor. The sales receipt in QuickBooks is used for customers who give you immediate payment.

Here's how:

Click + New.
Select Sales receipt
Choose the customer from the Customer drop-down.
Enter the sales info, such as the payment method.
Enter line items for the product or service you've sold.
When you're done, choose Save and send to email the receipt.

Once done, you categorize and match the receipts to your bank transactions. Check out this article as your guide: Learn how to review downloaded bank and put them in the correct accounts.

Let me know if there's anything else you need by commenting below. I'm always around to help manage your sales receipts and bank transactions.

kd786 · ‎April 07, 2022

Hi MaryLandT, Thank you for your response, however it is totally the opposite of what I was liaising with GeorgiaC about. Therefore, I do not understand why there are conflicting responses to the same question? What I believe GeorgiaC is referring to is pretty much in line as to what other users in a similar situation are doing - I would greatly appreciate if GeorgiaC can clarify on this. Thanks for your help.

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