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printsteady
Level 1

What is the difference between accounts receivable and sales receipts?

 
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Best answer October 15, 2018

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Michelle-Long-CPA
Level 4

What is the difference between accounts receivable and sales receipts?

When you create an invoice for a sale - you expect to get paid later - it goes into Accounts Receivable.

When you are entering the sale & receipt of money at the same time, you use a Sales Receipt.  

I hope this is helpful.

View solution in original post

4 Comments 4
Michelle-Long-CPA
Level 4

What is the difference between accounts receivable and sales receipts?

When you create an invoice for a sale - you expect to get paid later - it goes into Accounts Receivable.

When you are entering the sale & receipt of money at the same time, you use a Sales Receipt.  

I hope this is helpful.

View solution in original post

printsteady
Level 1

What is the difference between accounts receivable and sales receipts?

Michelle, I have observed that difference, I am wondering in terms of quickbooks reporting?
Michelle-Long-CPA
Level 4

What is the difference between accounts receivable and sales receipts?

Which reports?  Which basis -- cash or accrual?  

With Accrual reports, income is as of the date of the invoice.

With Cash reports, income is as of the date payment is received (Receive payment or Sales Receipt).
printsteady
Level 1

What is the difference between accounts receivable and sales receipts?

Michelle, you read my mind...I wanted to make sure that sales receipts were reported on profit and loss (as sales)with accrual basis.
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