How to Create a Sales Receipt in QuickBooks Online?

In this article, you get to know how you can create a sales receipt in QuickBooks Online to issue to […]

In this article, you get to know how you can create a sales receipt in QuickBooks Online to issue to your customers. With this, you get to know why it is important and what the difference between the sales receipt and invoice is. Let’s go through the article and create a sales receipt.

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What is a Sales Receipt in QuickBooks?

QuickBooks Sales Receipt has a detailed description of the products or services purchased by the customer. The sales receipt is also similar to the invoice. But the invoice is issued when you request payment from the customer. When customers pay for the products or services without having an invoice then the sales receipt is used. It has the details about the sale revenue and the cash received.

Difference Between a QuickBooks Sales Receipt and Invoice

  • In Sales Receipt, you get to know the amount that you get and in Invoice, you get to know the amount that you have to collect later on.
  • By creating sales receipts you will match the deposit with your sales receipts. If you create an invoice then you receive the payment and do match the transaction with the received invoice payments.
  • You cannot send the sales receipt and invoice for the same sale.
  • If you have to send the bill first to the customer before the payment then you have to issue an invoice and when they pay you marked and sent them the invoice as paid. If the customer pays without sending a bill then you have to issue a sales receipt while receiving payment.

Importance of Creating a QuickBooks Online Sales Receipt

Creating QuickBooks Online Sales Receipt has much importance for various purposes. This is the proof for the customer for the purchase and the amount they paid for. It records the payment of customers and places it in the category of undeposited funds till you have the bank deposit. The sales receipt is the record for the revenue of the income statement.

What Information Must Appear on a Sales Receipt?

In many different forms, receipts come. To design a document that works for your business you have the freedom. Your receipts should include specific information about the transaction in order to be useful. Some common components have:

  • The quantity of each service or product.
  • The total price of the sale.
  • The amount of tax and the rate of sales tax.
  • UPC and the name of each product or service.
  • For each service or product the sale price.
  • Total cost with taxes applied.

Receipts must be accurate and complete when it comes to taxes. In order to stay on top of CRA standards, it’s a good idea to include:

  • HST/GST registration number of the seller
  • The time, date, and location where the sale was conducted
  • Business name
  • Contact details for the company, including a phone number, email address, and website URL
  • The station number for the register where the sale was paid or the name of the salesperson who rang up the sale

The following additional details could be included on a receipt:

If available then information on the customer

Logos for the company and other branding materials

  • Coupons for more visits, or other marketing copy

Steps to Create a Sales Receipt in QuickBooks Online

The steps for creating a sales receipt into your QuickBooks Online account are mentioned here. Make sure to go step-by-step for avoiding issues and complete them properly. The steps are:

1. Open the Sales Receipt

  • In QuickBooks, Click on the + Plus Sign menu.
  • In the Customers column, Select the Sales Receipts.
  • Then it opens the Sales Receipt.

2. Enter the Name of the Customer

  • Now first, Enter the name of the customer who is paying.
  • In case of New customer, Click on the Save button.
  • Add a generic label for the customer if required.

3. Mention the Products or Services

  • Add the products or services that you provided to this customer.
  • Also, Mentioned other information about the product or service if any.
  • In case of a new product or service then mention it.
  • Click on the Add button.
  • Now, Fill in all the information about the new product or service.

4. Select the Income Account

  • Open the Product or Service window.
  • Click on the option Income Account.
  • Then click on the Save button.

5. Mention the Method of Payment

  • You have to add the mode of payment using that your customer is going to pay.
  • If the customer paid it by cheque then you have to add the number of the cheque into Reference No. field.

6. Select Your Bank Account

  • In the field Deposit To.
  • Select the bank account in which your money is going to be deposited.
  • In case, You group this cheque with other cheques and cash deposits.
  • Then click on Undeposited Funds.

7. Print, Preview, and Printing

  • If you want to check how the sales receipt looks then click on the Print or Preview option.
  • Check the things if it looks good and alright then print the receipt.
  • Click on the Print button and you are done.

8. Save it for Later

  • If you don’t want to print it then save it for later.
  • Click on the drop-down arrow on the Save and Send button.
  • Then choose the Save and Close button option to save it for later.

9. Record the Deposit

  • To record the deposit, Click on the + sign menu.
  • Go t the Other column from the drop-down menu options.
  • Click on the Bank Deposit option.
  • Select the correct account.
  • Then mention it under Add New Deposits.
  • Now, you are done recording the deposit after creating a sales receipt in QuickBooks Online.

In conclusion, you must create a sales receipt when you get paid by your customer before the Product or services. If you get the payment after selling products or services then make an invoice for your customer. Both are important according to their conditions and also for keeping records with you. If you have any issues or problems then connect with the Dancing Numbers customer helpdesk team.

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Frequently Asked Questions (Faqs)

Is Income Account a Bank Account when you Choose it while Creating a Sales Receipt in QuickBooks Online?

An Income Account is not a bank account; it is a Bookkeeping account. It got increases every time when you sell the product or service from your business.

Can I send the Sales Receipt after Creating a Sales Receipt in QuickBooks Online?

Yes, You can easily create and send the sales receipt using email. When you are done with creating sales receipts by following the steps given above. Then click on Save and Send. after that choose the email option to send it using your email address. After that, mention the email, subject line, and body. Click on the send button and done.

Are Sales Receipts Customizable after Creating Sales Receipts in QuickBooks Online?

Yes, You can easily customize sales receipts. To customize it you have to open the Sales Receipts then go to the option formatting. After that, click on Manage Templates. Then make a copy of your sales receipt that is original and then make changes in the copy of the sales receipt.

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