How To: Quickbooks Tutorial
QUICKBOOKS TUTORIAL
Get started with customer transaction
workflows in QuickBooks Desktop
SOLVED•by QuickBooks•••
Learn the different ways you can track customer transactions in
QuickBooks Desktop.
Here’s how to record common customer transactions in QuickBooks
Desktop. Following these workflows can help you organize your cash flow, and
track sales, receivables, and profitability more accurately.
Workflow
1: Invoice - Payment - Deposit
Follow this workflow if you provided a product or service and
your customer plans to pay later. Once your customer pays, you can record the
payment in QuickBooks to close your customer’s invoice or reduce the balance.
Workflow
2: Sales Receipt - Deposit
Follow this workflow if your customer pays you on the spot for a
product or service.
Workflow
3: Estimate - Invoice - Payment - Deposit
This workflow is also called progress invoicing. Follow this if
you work on projects or jobs for customers. You can use an estimate (also known
as a quote, bid, or proposal) to track the materials, labor, and additional
expenses that go into the project. Then, you can invoice your customer as you
complete the work.
Workflow
4: Sales Order - Invoice - Payment - Deposit
Follow this workflow if your customer orders an item that you
don’t have in stock now. This way, you know what products you still need to buy
from vendors, so you can complete your customer’s order on time.
Note: The sales order feature is only available in the Premier
and Enterprise edition of QuickBooks.
Workflow
5: Estimate - Sales Order - Invoice - Payment - Deposit
Follow this workflow if you need to complete a project, but you
don’t have complete materials on hand yet.
You can create a sales order from your estimate, so you can
track the items on backorder. Then, you can create an invoice from the estimate
once the project is complete.
Note: The sales order feature is only available in the Premier
and Enterprise edition of QuickBooks.
Workflow
6: Statement Charges - Finance Charges - Statement - Payment - Deposit
Follow this workflow if you regularly charge your customer for
items, but only invoice them periodically (for example, by the end of the
month). You can skip creating an invoice for each charge, and your customer can
pay their accrued charges in a lump sum.
Create sales receipts
SOLVED•by QuickBooks•QuickBooks
Enterprise Suite•4•Updated June 17, 2020
Use sales receipts if you
receive full payment at the time of the sale. Sales receipts include payments
by cash, check or credit card.
IMPORTANT: If
you do not need to track Sales by customer, you can still use Sales Receipt to
record your daily sales summary. To do this, set up a customer named Daily
Sales (or any name you prefer) and then enter the total sales for the day per
Item. If you have multiple cash registers and you want to track the sales per
register, you can set up a customer name for each one.
1. On the
QuickBooks Home screen or the Customers menu, go to Create Sales Receipts/Enter Sales Receipts.
2. From
the Customer: Job drop-down, select a customer or job.
If the customer is not on the list yet, you can click Add New.
3. Fill in
the relevant information at the top of the form like the Date and Sale No.
4. Choose
the payment method.
5. In the
detail area, select the item(s) you propose to do or include as a sale.
Note: When you select or add an item, the description and amount are automatically populated based on the description and unit cost entered when the item was set up. You can delete or modify this when creating invoices.
Note: When you select or add an item, the description and amount are automatically populated based on the description and unit cost entered when the item was set up. You can delete or modify this when creating invoices.
6. If you
want to apply for a discount, you need to create a discount item.
a. From
the QuickBooks Lists menu, select Item List.
b. Right-click
anywhere and click New.
c. In the
New Item window, click the Type drop-down
and select Discount.
d. Enter
an Item Name/Number and a brief Description.
e. In
the Amount or % field, enter the discount amount or
percentage. If your discount amounts vary, you may want to leave the Amount or
% field blank and enter the amount directly on your sales forms.
f. From
the Account drop-down, choose the income account you
want to use to track discounts you give to customers.
g. Select
an appropriate Tax Code for the item
then OK.
7. Click Save & Close.
|
Although not part of your usual A/R
workflow, a sales receipt is still one of the most important customer-related
transactions in QuickBooks Desktop. To see the complete list of workflows,
refer to Accounts Receivable workflows.
|
Accounts Payable workflows in QuickBooks
Desktop
SOLVED•by QuickBooks•••
Learn about the Accounts Payable workflows you can use in
QuickBooks Desktop.
Accounts Payable is the record of outstanding bills for your
business. This is used so you can track the money you owe your vendors. The
first time you enter a bill, QuickBooks will add Accounts Payable to your Chart
of Accounts. Then, when you enter or pay a bill, QuickBooks records the
transaction to your Accounts Payable account.
Accounts
Payable workflows
There are 2 Accounts Payable workflows available in QuickBooks
Desktop. To record your Accounts Payable transactions, choose the workflow that
best suits your business and follow the steps for creating each transaction.
Workflow 1: Pay bills that have a purchase order
Use this workflow if your business tracks the goods and services
you order.
Note: Purchase orders are only available in QuickBooks Desktop
Pro, Premier, and Enterprise.
Workflow 2: Pay bills that don’t have a purchase order
Use this workflow if your business doesn’t track the goods and
services you order.
Receive inventory
SOLVED•by QuickBooks•••
You can receive inventory with or without a bill in QuickBooks
Desktop after you record a purchase order. Recording the inventory received and
the corresponding bill, if given, updates the quantity on hand for each item
and the payable to the vendor.
Receive
inventory with a bill
Use this option if you received the items and the corresponding
bill/s for them.
1.
From the Home page,
select Receive Inventory drop-down
and choose Receive
Inventory with Bill.
2.
On the Enter Bills window that appears:
a. From the drop-down,
choose the vendor name.
b. Select Yes to receive a purchase
order for the bill.
c. Choose the correct PO
and select OK.
d. Review the information
on the Bill. Note that except for the Memo field, any fields that were filled
in on the PO are carried over to the Bill.
e. Select Save & Close.
3.
When you're ready to pay the bill, proceed to Pay Bills.
Receive
inventory without a bill
Use this option if you received the items but the vendor did not
provide the bill yet. This will create an Item Receipt which increases your
inventory asset account and accounts payable.
1. From the Home screen, select
the Receive Inventory drop-down
and choose Receive
Inventory without a bill.
2. On the Item receipt
window that appears:
a. From the drop-down,
choose the vendor name.
b. Select Yes to receive a purchase
order for the bill.
c. Choose the correct PO
and select OK.
d. Review the information
on the Item Receipt. Note that except for the Memo field, any fields that were
filled in on the PO are carried over to the Item Receipt.
e. Select Save & Close.
3. When you receive the
bill for the inventory, proceed to Entering bills against Inventory.
|
Receiving inventory is part of your usual A/P workflow in
QuickBooks Desktop. To see the complete list of workflows and other
vendor-related transactions, refer to Accounts
Payable workflows in QuickBooks Desktop.
|
Set up and track your inventory in
QuickBooks Online
SOLVED•by QuickBooks•••
Learn how to track your inventory in QuickBooks Online Plus.
QuickBooks Online has everything you need to manage your
inventory. Track what's on hand, get alerts when it’s time to restock, and see
insights on what you buy and sell. You can also enter non-inventory products
and services so you can quickly add them to your sales forms. We’ll help you
set it all up and get going.
Inventory features are available for QuickBooks Online Plus. If
you don’t have Plus, upgrade
your QuickBooks plan to start tracking your inventory.
Step
1: Turn on inventory tracking
If you haven’t yet, turn on these settings so you can add your
inventory.
1. Go to Settings ⚙ and select Account and Settings.
2. Select Sales.
3. Select Edit ✎ in the Products and
services section.
4. Turn on Show Product/Service column on sales forms.
5. Turn on both Track quantity and price/rate and Track inventory quantity on hand.
6. Select Save and then Done.
Learn how QuickBooks handles your inventory
accounting
Step
2: Add your inventory products
Now you can add your inventory items as well as other products
and services you sell into QuickBooks. This lets you quickly add them as line
items to your sales forms. The steps to add inventory, non-inventory, and
service items are slightly different:
Add products you want to track as part of your inventory
·
Follow the steps to add
inventory items. These are products you sell that let you set and track product
quantities.
Add products and services you buy or sell, but don’t track
as part of your inventory
·
Follow the steps to add
service items. These are the services you sell to customers. For example,
landscaping or bookkeeping services.
·
Follow the steps to add
non-inventory items. These are things you buy or sell but don’t (or can’t) track as
inventory. For example, nuts and bolts used in an installation.
·
Create bundles: Bundles let you group multiple products or
services together. For example, a gift basket of fruit, cheese, or wine. Adding
products in a bundle saves you from having to select them one by one in
invoices or receipts.
Note: Remember, QuickBooks
won't track quantities for services, non-inventory items, and bundles.
Step
3: Keep track of what sells
Once you set up all your inventory products, you track them when
they sell. There are two ways to track what you sell:
QuickBooks then decreases what’s on hand by the amount on the
invoice or sales receipt.
Check what’s on hand and what’s on order as you work
Check what’s on hand and what’s still on order as you work on an
invoice, sales receipt, or another type of transaction. Just hover your pointer
over the quantity you entered for an item to see more info.
If you set
reorder points, QuickBooks will also let you know when something's running
low. If you set a low stock alert, QuickBooks will also let you know when
something's running low.
Note:
To check all your products’ quantity on hand, go to the Sales menu then
the Products and services tab.
Or run
reports to check what's in stock at any time.
Step
4: Restock your inventory
QuickBooks tells you when it’s time to restock. You can order
inventory right in QuickBooks. Then, track what you receive from suppliers and
what’s still on order. When you do, the quantity on hand automatically
increases by the number of items you receive.
Step
5: Use reports to check the status of your inventory
Access reports to instantly see your best sellers, what’s on
hand, cost of goods, and more.
Use reports to see your sales and
inventory status
SOLVED•by QuickBooks•••
Learn how to see your best sellers, what’s on hand, the cost of
goods, and more.
Use reports to get helpful insights on the things you buy and
sell, and the status of your inventory. We’ll show you which reports to run
depending on what kind of info you want to see.
To get started, go to Reports, then select Standard. Once you're there,
here's what you can do.
See
your best sellers
Go to the “Sales and customers” group of reports. Then run these
reports to see your sales by products and services:
·
Sales by Product/Service Summary: Your total sales for
each product and service.
·
Sales by Product/Service Detail: Your sale
transactions by product or service.
Check
what’s in stock
Go to the “Sales and customers” group of reports. Run these
reports to know what’s on hand, so you always have what your customers want:
·
Inventory Valuation Summary: The quantity on hand, value, and
average cost for each product.
·
Inventory Valuation Detail: Your transactions for each inventory
item, and how they affect quantity on hand, value, and cost.
·
Physical Inventory Worksheet: Your inventory items
with space to enter your physical count, so you can compare to the quantity on
hand in QuickBooks.
Check
what’s still on order
Go to
the “Expenses and suppliers” group of reports. Then run the Open Purchase Order Detail report.
This shows you how many items are still on order and how many
you’ve received so far.
How to check what’s in stock and what’s on order as you
work
You can also check what’s on hand and what’s still on order as
you work. Just hover your pointer over the quantity you entered on any
transaction.
Customize
your reports
You
can tailor each report to the info you need the most. Go to the top of any
report to change the report date, grouping of info, and more. To see all
changes you can make, select Customize.
Comments
Post a Comment