I could use help on understanding the exact process and workflow I need to achieve to keep my books in order.
Company background - I own and operate my own small business (llc) and I am the only employee. I clean gas bbq grills (hourly labor charge and some service charges - non-taxable) and I do repairs (I buy parts from vendors and resell for double - triple the cost and my part sales are taxable.) My clients pay cash, check, or card and payment is due after service but sometimes a day or two goes by until they pay (idk if you need this info)
I know my books were messed up! So I had my bookkeeping set up appointment with QB and the gal helped me understand quite a bit. But... I am still quite lost.
I had previously made every transaction through an invoice (I use estimates but not very frequently) though she stated a sales receipt would be easier. We are primarily paid via check so the sales receipt is confusing since checks are not deposited until later in the day. Should I just keep using the invoice? What is the difference and with my company and the way I work what would be the best workflow for customer payments?
My second problem is the parts and cogs with vendors. For the time being, I pay for all of my parts up front. I do not have a credit system set up. I know I can use the vendor section for POs , bills, and payment. My question is, what is the correct work flow when you pay for parts in inventory (I keep track and have it set up with QBonline) but you purchase the part first and then you receive the part?
Thank you in advance!