Here at The Art of Accounting, we think QuickBooks is an amazing business and bookkeeping tool. Among the many benefits that Canada’s #1 accounting software for business has to offer, is this one… managing your company’s income. Here are a few of the customizable tools to help you record income in QuickBooks.
Your Marketing Department will love this. One of the features of QuickBooks is being able to customize your invoice to suit your business needs. QuickBooks allows you to add or delete fields, adjust column sizing and placement, change font styles, add your logo and optional message with the click of a few buttons. If design isn’t your thing, QuickBooks also has a variety of invoice templates to choose from.
Once you have chosen a template or created your own, you can now generate your invoice. A variety of actions can be performed from Create Invoices, you can print or email your invoice, receive payments or set credits, all directly from this screen.
You can receive customer payments from the Receive Payment screen. Use this function to apply a payment to an outstanding invoice. Invoices can be paid in full or partial payments can be applied, leaving the remaining amount to be paid at a later date. Once the invoice has been paid in full it will be cleared from your accounts receivable log.
For (hopefully rare) instances when the bank notifies you of an NSF (non-sufficient funds) cheque, there is the Record a Bounced Cheque option in the Customer Payment screen. Because the cheque was previously recorded and deposited, the transaction must be adjusted in QuickBooks. Use the Record a Bounced Cheque function in the Customer Payment screen to record NSF charges. Using this function allows you to make adjustments quickly and accurately.
Another method of entering income into QuickBooks is using Sales Receipts. This function is used when payment is received at the time of purchase. Although there is no need to create an invoice, the sales receipt method still allows you to enter as much purchase detail as needed, as well as payment information. Similar to invoices, sales receipts can be formatted and customized to your liking, adjusting columns, font styles and adding your company logo.
To issue a credit or refund in QuickBooks, use the Refunds & Credits option. Use this method when inventory items are returned or services are refunded. Once refunds are issued; credits can be applied to open invoices, full refunds can be issued back to customers or credits can be kept on file to be used at a later date.
There are many tips and tricks for managing the flow income for your business. Contact us today for more information on how we can help you set up QuickBooks to help you manage your income. You’ll never wonder if a product or service was recorded, invoiced or paid again!