Invoices vs. Sales Receipts vs. Estimates vs. Sales Order

Your bookkeeper is technically correct. I would set up my customer and enter a payment. This will show as a credit. Once you convert the estimate to an invoice you can then apply the previous payment to it.

Well I don't know the bookkeeping side to it, but I know what works for me.
I use my INVOICES for any items that are ordered or not taken the day of the sale. I use my SALES RECEIPTS as those orders that are processed completely all in one day.
If I take a partial payment or even a full payment from a customer ahead of time, I go to the payment screen and apply that payment. Then I can go the INVOICE screen and print out an INVOICE that shows their AMOUNT DUE.
The only problem that I've encountered is if for some reason a customer makes several payments, at times it is not clear on their printout. But at least the amount due is always correct.
Sue

Use a sales order you can take a deposit and not remove the item from inventory until it arrives and is sold

I think that there is a difference in this between how you set up your business "cash" or "accrual"
Because I cannot put a deposit towards my sales orders, any items I commit to invoices or sales orders are automatically pulled from inventory.
Sorry, I forgot about that difference!

I am planing to use Quick Books for a furniture store(not a small one). I have been using Quick Books for a long time for my own business which is not related to Furniture business.
It will be first time I will set it up for a Furniture store.
Do you think Quick Books is good enough to handle a Furniture store's accounting needs?




Thanks
Timu
http://dominor.com

I use Quickbooks for my lighting store. I have the items created and there are probably over 1000 items. I haven't counted, but there are a lot. Quickbooks can handle it.
The only problem that I run into is at inventory time, for two reasons:
first: when quickbooks generates the reports for inventory it includes all of the items...even those that I went back and designated "inactive" since you can't delete an item once you created it, this is the only way that I've found to put it off the current lists. But for some reason, on the inventory pages, all of the inactive items show up. It causes me terrible problems. I have to really pay attention. I have version PRO 2004. Maybe they've changed that though.
Second problem: with the inventory reports that do print, they are not enough to satisfy my accountant. He wants a listing of each item with cost values... showing that I counted them all. The inventory reports do not include costs. You can print lists...but it is separate from inventory.

I hope that my comments help you.
Sue

I went back and quickly counted my items. I have almost 3000 defined and listed. Quickbooks doesn't seem to have any trouble handling that.
I hope this helps and encourages you.

I have several clients that are furniture stores but the Point of Sale has proven to be the best software to use for the customers and inventory detail and then use the Quickbooks Pro/Retail Premier for the financial. You can use the sales order to take the order accept the downpayment, Create the Purchase order and when you get the inventory in it will then allow you to then use the sales order to be filled and setup the delivery schedule so as to convert to the sales receipt on account and then accept check, cash, credit card or sell to third party factor or hold for in house accounts. It Works great with your detail list of items and the number of items that you may have as well as the number of customers that you may have. If you want the detail to come over to financial you may have to use Enterprise Solutions for the number limitations.

We regularly accept deposits on items and we have discovered the easiest solution using only invoicing and not sales receipts, is to set Quickbooks up to do progressive invoicing. This will show their down payment and any amount due with each payment.

1) Click on EDIT from the toolbar
2) Select PREFRENCES
3) Select JOBS & ESTIMATES from left column
4) Click COMPANY INFORMATION TAB
5) Place a DOT in the box for "Do you do
progressive invoicing"
6) Click OK

Now your invoices will automatically show partial payments and the balance due. These payments are applied the same way in "Recieve payments" but you must type in the specific amount.

Progressive Invoices are very useful for down payments and easy to use.  The only issue I have with them is in maintaining accurate A/R reports in the cases where my deliverables are due from date of completion of services.  In these cases the initial due date remains on their invoice until I provide the deliverable.  At the point of our completion I must edit the date and resend the invoice so they're properly notified.