Depending on when you receive the payment, there are two ways to record sales transactions in QuickBooks.
- For a deferred payment, use Invoice and Receive Payment. Think of this as a two-part transaction. First, you create the invoice to record the sale. Later, when your customer pays, you record a payment against that invoice.
- For an immediate payment, use Sales Receipts.
To create an invoice:
- Go to the Create ⨁ icon, then select Invoice.
- Complete the fields with necessary information.
- Select Save or Save and send.
To close out invoice:
- Go to the Create ⨁ icon, then select Receive Payment.
- Choose a customer, then select invoice/s you want to close out.
- Select the payment method and account where the payment will be deposited to.
- Select Save and close.
If you deposit a payment from the Bank Deposit screen instead of receiving payment on the invoice, the payment won't be linked to the invoice and the it will appear as unpaid on your reports.
Here, the payment portion is part of the transaction. With a Sales Receipt, you enter the payment information at the same time you are entering the sale.
To create a Sales Receipt:
- Go to the Create ⨁ icon, then select Sales Receipt.
- Choose the name of the customer.
- Enter sales information, then select Save and close.