Managing any kind of financial activity for your business is no big deal with one of the most renowned software, QuickBooks. Taking care of each of the necessary actions that you need to take in the financial or accounting fore fronts, QuickBooks covers pretty much everything.
For a business, one of the chief items of action is tracking revenue. Keeping in mind, that revenue is the core objective for any business’ sustenance, managing this asset and tracking it gets very critically important.
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In QuickBooks, you can leverage the feature of tracking revenue. To do this you need to create items and with the help of those items, you can track the revenue every single time you would make a sale. Alternatively, you can also track revenue with the help of the creation of a revenue account.
This article will guide you in detail about how to create a revenue account and enter the revenue in QuickBooks.
How to Create a Revenue Account and Enter the Revenue in QuickBooks
Let’s start with how to create a revenue account. If you have already created a revenue account and created an item too, jump directly to the entering revenue section below.
Steps to Create a Revenue Account
Step 1: Tap on the Lists menu and select Chart of Accounts.
Step 2: Choose the Account button followed by hitting on New.
Step 3: Tap on the Type field and pick Income.
Step 4: Press Continue.
Step 5: Continue further by filling in the Name, Description and Memo.
Step 6: Verify the Subaccount of box and select the main account you would find from the drop-down list (action this step only if it’s applicable).
Step 7: Choose Save & Close. If you wish to proceed with adding another revenue account, select Save & Next.
When you are done with creating a revenue account, the next step is to create items.
Steps to Create Items
Step 1: Tap on the Lists menu and select Chart of Accounts.
Step 2: Choose Item which you would find at the bottom of the list followed by hitting on New.
Step 3: Choose a type of item which would best describe your selling service or product. In case, you are inserting an item for tracking revenue that comes from the service, hit the Service option.
Step 4: From the drop-down list, click Account. Choose the respective Income account that you wish to make use of for tracking the item’s revenue.
Step 5: Fill out the rest item fields and tap on Save & Close. If you wish to proceed with adding another revenue item, select Save & Next.
Steps to Enter Revenue into QuickBooks
Now that you are clear about how to create a revenue account and items, let’s detail the steps for the main subject of this article, how to enter revenue into QuickBooks.
Step 1: Select the Customers menu and tap on Create Invoices.
Step 2: After making the selection of the “Customer:Job” drop-down list, choose a customer.
Already created customer records would make the customer information appear on the Bill To section. In case you haven’t created the customer record, insert the name of the customer in the “Customer:Job” drop-down list and hit Enter.
Tap on Yes which let you Quick Add and proceed by entering the information of the customer.
Step 3: Check if the Date and Invoice Number fields are showing the right information.
Step 4: Choose the first blank row that you would locate in the Item column.
Step 5: Choose an item from the list. You would see that the Description and Rate columns have been pre-filled based on the information you provided while creating the respective item.
Step 6: For each item, enter a quantity and tap on the new row under the Item column. This will help you in adding another transaction.
Step 7: Tap on the drop list specified as Print and choose Preview.
Step 8: If you wish to print it, click on Print.
Step 9: For closing the current window, tap on Save & Close. If you wish to proceed with entering revenue for another item, select Save & Next.
Got the clarity you were looking for while searching for answers to how to enter the revenue in QuickBooks? Hopefully, this article was lucid enough to help you find adequate answers for the same.
However, if you still feel the gaps in understanding, you can reach out to the experts who can assist you more effectively.
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Can I Create Revenue Account for a Specific Division of Revenue?
Yes. You can create a revenue account for each specific branch of revenue. For example, if you wish to create a revenue account for licensing fees or a broader one that would help you to track expenses and income, you can definitely do that.
I wish to have Detailed Revenue Reports for a Specific Type of Licensing. Is it Possible to get that?
of course! In QuickBooks, after your revenue account creation, you can choose to generate detailed revenue reports for a specific type of licensing. For this, you need to create a specific item for each of the respective types of revenue, for example in your case licensing.
With this, you would be getting specific information on revenue coming in from the licensing account.
I want to get a Print of the Statement of Financial Position Report or a Statement of Financial Income Report. Can I get that once I have Created the Revenue Account?
Creating a revenue account in QuickBooks will permit you for printing a Statement of Financial Position report or a Statement of Financial Income Report.