What is the difference between accounts receivable and sales receipts?

printsteady · ‎October 15, 2018

Michelle-Long-CPA · ‎October 15, 2018

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.

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Michelle-Long-CPA · ‎October 15, 2018

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.

printsteady · ‎October 15, 2018

Michelle, I have observed that difference, I am wondering in terms of quickbooks reporting?

Michelle-Long-CPA · ‎October 15, 2018

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 · ‎October 15, 2018

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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What is the difference between accounts receivable and sales receipts?