UrbanPro
true

Take BCom Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Search in

How To Record Sale Of Services On Account In Quickbooks?

K
Khushboo B.
03/01/2018 0 0

Keeping track of sales is a critical need for any business, and the QuikBooks accounting packages allows for easy tracking and accounting of the sales and payments made.

Sales can be recorded by creating a sales receipt for an immediate sale or by creating an invoice for billing a customer and to record an accounts receivable sale. Once entered, the information can then be saved for use with other accounting procedures such as creating financial reports.

Procedure for creating Sales Receipt:

  1. Open Quickbooks and press the “Create Sales Receipts” icon on the QuickBooks homepage.
  2. Track the sale by entering a customer or job name into the “Customer: Job” space or use the arrow next to the space to select an existing customer from the drop-down menu.
  3. Click the Service Column to enter the Service sold. Select the Service from the drop-down menu or enter a new Service name. If the Service is new then select the Service Type within the “Type” menu of the pop-up “New- Service” window. Enter a description for the item in the “Description” Window and select the account type. Enter the service rate for the charge and Tax code, then press “Save & Close” to return to the sales receipt window.
  4. Select the quantity sold in the Sales Receipt Window.
  5. Click on the “Payment Method” arrow and select a payment method for the sale, such as cash or sale. Click on “Save & Close” button to save the receipt for your records.

Procedure for Creating Invoices:

  1. Start the QuickBooks program, and then open the “Customer” menu located at the top of the program. Click on “Create Invoice” to open the invoicing menu.
  2. Choose the customer to receive the invoice using the drop-down menu for “Customer Job”. Select a template from the “Template” menu or use the default invoicing template. Fill in the customer information.
  3. Fill in the purchase information for the sale. Include as much detail as possible including quantity sold, the product or service description and pricing information.
  4. Use the drop-down “Tax” menu beneath the sales information area to set the tax percentage to be applied to the total sales amount. Click on the arrow next to the “Customer Tax Code” at the bottom of the page and set the code to “Taxable” or “Exempt” to set the customer’s Tax status.
  5. Indicate whether the invoice is to be printed or emailed to the customer by placing a check in the appropriate boxes at the bottom of the form. Press the “Save” button to save the invoice.
0 Dislike
Follow 2

Please Enter a comment

Submit

Other Lessons for You

Essential Elements of a Valid Contract
Essential Elements of a Valid Contract: (i) Agreement: In order to constitute a contract, there must be an agreement in first place. An agreement in turn is composed of two elements-offer and acceptance....
F

Class 12 Chemistry: Competition Exam Aspirants
The langmuir isotherm equation depicts the relationship between the number of active sites of the surface undergoing adsorption and pressure. Lets try an example:

HRA: House Rent Allowance
What is HRA? HRA or House Rent Allowance is a component of salary provided by employer to his employee. If you receive HRA as part of your salary and you live in a rented accommodation, then you can claim...
F

Biology Question and Answer
Which protein(s) make up a skeletal muscle thick filament? Question options: 1) Troponin 2) Actin 3)...
S

Subimal Banerjee

1 0
0

Revision is most important!!
Revising what you have studied is as much important as reading! Keep sufficient time to revise before appearing for Exams!! All the best!!!
C

CA. CS. Mitali Trivedi

0 0
0
X

Looking for BCom Tuition Classes?

The best tutors for BCom Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take BCom Tuition with the Best Tutors

The best Tutors for BCom Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more