How to Create Sales Transactions in QuickBooks Online

Feb 12, 2022

How to Create Sales Transactions in QuickBooks Online

There are eight types of sales transactions available to use in QuickBooks Online:

• Invoice - are the sales transactions used when you want the customer to pay on account.  An invoice will increase accounts receivable, generally increase income and perhaps sales taex if they are being collected.
• Receive Payment (against an invoice) - is the tyoe of transaction used to receive payment against an invoice.  A receive payment decreases accounts receivable and increases either a bank account or Undeposited Funds.
• Estimate - are non-posting transactions that provide your customers with information onn what you think you are going to charge them -- it's a quote or proposal.
• Credit Memo - are used whn a customer returns something or negotiates a lower price after the original invoice has been issued.  This creates a credit in accounts receivable that can be used against future invoices.
• Sales Receipt - are sales transactions used when you receive payment at the time of sales: it has no effect on accounts receivable.  It increases income and increases either a bank account or Undeposited Funds.  It's the equivalent of cash register receipt when you buy something from the store.
• Refund Receipt - are also used when a customer returns something or negotiates a lower price, but with a refund receipt you are refunding their payment.  It has no effect on accounts receivable.  Refund receipts are often used it the customer you are refunding the money has no outstanding accounts receivable balance.
• Delayed Credit - are only available in QuickBooks Online Essentials, Plus and Advanced; they are non-posting transactions that reflect a potential revenue increase, as they are reminders to add these credits to future invoices.
• Delayed Charge - are only available in QuickBooks Online Essentials, Plus and Advanced; they are non-posting transactions that reflect a potential revenue decrease, as they are reminders to add these charges to future invoices.

The three main ways to create these transactions are:

• Use +New in the left navigation bar
• Open the Customer Center then select one of the Actions available in the far-right column of each customer’s listing (click the drop-down if necessary)
• Open the Customer Center -> open a customer profile -> New transaction button

 

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