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Level 1

What is the difference between accounts receivable and sales receipts?

 
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Best answer 10-15-2018

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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.

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4 Comments
Highlighted
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

Highlighted
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?
Highlighted
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).
Highlighted
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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