What is a sales receipt in QuickBooks? [full explained]

QuickBooks is trending not only in terms of being among the top accounting software but also being among those affordable software that offers more than they say. If you’re a user of QuickBooks or even if you are new at this, you must have heard about sales receipt. But what is a sales receipt in QuickBooks? What is it used for and how to create sales receipt in QuickBooks? Well, these are very frequently asked questions about sales receipt features that QBs offer. 

We are sure you too have some similar doubts. Don’t trip over these questions, we got you! We’ll discuss QuickBooks online sales receipt from head to toe. Stick to the end to clear out your doubts.

What is a Sales Receipt in QuickBooks?

When we talk about accounting, we must have heard about sales receipt. Accounting assistant  QuickBooks is software that helps you manage expenses and finances. QuickBooks sales receipt helps keep track of sales in your business. It records a sale that has been completed. The seller issues QuickBooks online sales receipt only after the client makes the payment.

It is a confirmation that the sale is completed, payment is made and the goods or services are transferred. You can think of a QuickBooks sales receipt as an invoice. The only difference is the invoice is to request payment and the sales receipt is after the payment is made. It helps record sales and manage accounts as per the receipt. 

QuickBooks online sales receipt is an official document proof of a successful sale.

What Should a QuickBooks Sales Receipt Contain?

There is no official template for a sales receipt. It depends on each business how they want to design their QuickBooks online sales receipt. However, there are certain details that are important to include in QuickBooks sales receipt. These are:

• Amount of goods or services.
• Price of the sale, excluding tax.
• Tax information. (rate, type, amount)
• Universal product code and name of every product.
• Price of each item or service.
• Total price inclusive of tax.
• Seller’s GST number.
• Details of sale. (time, date, location)
• Name of the company or brand.
• Information about the company. (address, contact number, email, website, etc)
• Details of the buyer. (name and contact)

Read More - How to Create an Invoice in QuickBooks?

QuickBooks Sales Receipt Vs Invoice

Some of you might wonder that invoice has the same details, so what exactly is the difference? True, both sales receipt and invoice contain details of sale but are different from one another. Let’s look at how:

• The sales receipt is produced after a completed sales, whereas the invoice is produced during.
• Create An invoice to request money. Sales receipt is created after successful payment.
• If a bill is sent before payment, it is an invoice. After payment, it’s a sales receipt.
• Sales receipt helps to match the account deposits but with an invoice, you cannot match deposits.

Importance of QuickBooks Sales Receipt

We are talking about sales receipts long enough for you to familiarize with the concept. But why is it important?

• QuickBooks sales receipt is proof of sales. This means the sales took place and were successfully completed.
• Contains important information that helps to keep track of each account.
• It is proof that the payment has been made.
• Also, Proof that the goods or services have been delivered.
• Helps keep track of cash flow and other accounts.
• It is flexible, therefore you can edit QuickBooks online sales receipt as per your requirements.
• Sales receipts can also help in branding and marketing when you add your brand logo and name on it.
• You as well as the customer will have details of the sale.

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How to Create QuickBooks Sales Receipt?

Now that you know what QuickBooks sales receipt is and everything else about it, let’s understand how to create sales receipts in QuickBooks.

Step 1: Open QuickBooks Online Sales Receipt

• First, launch QuickBooks.
• Tap on the + symbol.
• Go to customers.
• Choose an open sales receipt.

Step 2: Enter Customer’s Name

• Now, add the name of the buyer.
• Save it.
• Add generic labels, if needed.

Step 3: Add Product/Services Details

• Type the product or services given.
• Mention all information about the product.
• If it is a new product, mention that as well.
• Press add new, and enter the details.

Step 4: Income Account

• Click on the product/service.
• Tap on the income account.
• Select the income account.
• Save it.

Step 5: Add Mode Of Payment

• Add the mode through which the customer is making the payment.
• In case the payment is via cheque. Add the cheque number in the reference number section.

Read More - How to Activate QuickBooks Direct Deposits?

Step 6: Add Bank Account

• Go to the deposit section.
• Here, select the bank account where the money is to be deposited.
• In the case of a cheque, add it to other cheques and cash deposits.
• Tap on undeposited funds.

Step 7: Preview 

• To see how the sales receipt looks, tap on preview/print.
• Check everything and details carefully.
• If you want a hard copy, hit print.

Step 8: Save The Sales Receipt

• In case you don’t want to print it, you can save it for later.
• You’ll see an arrow on the save and send button.
• Tap on it.
• Select Save and close option.

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Step 9: Record The Deposit

• Click on the + symbol.
• A drop-down list will open.
• Tap on another column.
• Go to the bank deposit tab.
• Select the account you want to make the deposit.
• Include it under a new deposit.

Conclusion

QuickBooks online sales receipt is generated after a good or service is transferred and payment is made. It is proof of sale. It can be used to manage and keep track of all cash inflow and outflow as well as goods inflow or outflow. We hope you understood what is a sales receipt in QuickBooks and how to create a sales receipt in QuickBooks with this article. 

Coming towards the end, QuickBooks online sales receipt is one such thing that confirms that the sale is completed successfully. It is similar to an invoice. However, the invoice is sent before payment, and the sales receipt afterward. 

Frequently Asked Questions:

Q.1: Why are sales receipts used for QuickBooks?

Answer – Sales receipts in QuickBooks are used to record a sale. It contains all the details of the sale like seller details, product information, buyer details, etc. It is similar to an invoice but a sales receipt, it sends after the payment is completed, i.e. Sales are successfully finished.

Q.2: What is the difference between sales receipts and invoices in QuickBooks?

Answer – Sales receipt is generated after payment is made and goods or services are transferred. Whereas, the invoice is issued before payment. An invoice is issued to request payment and sales receipt for confirmed and successful sales.

Q.3: What accounts are affected by sales receipts?

Answer – Sales Receipts affect the income statement i.e. profit and loss statement and the balance sheet, as it will increase income and increase the bank account balance.