QuickBooks: Sales Transactions

Name: QuickBooks: Sales Transactions
Author: Cindy McGuckin

Learn how sales transactions work in QuickBooks

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Course: On-Demand

Welcome to QuickBooks Online. My name is Cindy and we're going to talk in this video about creating estimates in QuickBooks. If you're in a business where you quote jobs, then you can actually create estimates in QuickBooks and send those to your customer. Later, if you decide to do the work, then you can turn that estimate into an invoice so you can get paid from your customer. The estimate feature is available in all versions of QuickBooks Online. One of the things that you probably want to turn on before you create your estimate is a feature that allows you to do what they call progress invoicing. And what that means is you can create an estimate for a job. Then when you go to create your invoice, you can pull in different items from the estimate or percentage of the total estimate. However, you'd like to actually set it up so that it can invoice your customer. QuickBooks will remember the remaining items and you can pull them over into another invoice at a future date. Here's where you turn that option on. Go up to your gear icon at the top. Go to account and settings. Come down to sales and if you go down the list, you'll see progress invoicing. You can see mine is off. I'm just going to click on that word off there to turn it on and then I'm going to save it. Now I'm going to click out of that and when I go to invoice, I will see an option to tell QuickBooks what I'd like to pull over from the estimate to the invoice. Let's go ahead and get that estimate created. To create an estimate, just come up to the new option on the left and come down to where it says estimate. The first thing you want to do is choose your customer and your project or job. I'm going to use cool cars and I'll use the Bay remodel as our project. Remember that anytime you are creating a transaction for a project, always choose the project not the main customer. Here if you had sent up their email address already, it would pull it in. You can always type it in if you want to or if you're not going to be emailing them, you can leave that blank. Here's cool cars billing address. Since it didn't pull it in, we're going to go ahead and type it in and that way what's going to happen is when we're finished, QuickBooks will ask us if we'd like to actually save this. Here's the estimate date. It's going to pull the current date, but you can choose any date you want to put on this estimate. If you have an expiration date, then you'll want to choose that right here. If your estimates are good for two weeks, let's say, then go ahead and choose a date this two weeks from your estimate date. If you deal with different crews, you might have them set up and you might have them set up by number and if that's the case, then you can put in your crew number. If you're not using that field, just leave it blank. The next thing you want to do is click in the first line underneath product and service. This will be a listing of all the products and services that your company uses when you're creating an estimate. You're going to go down the list and choose the ones that work for you. Let's say we're going to choose garden rocks, you can always expand on the description, you will want to put in a quantity and a rate. You'll see that once you hit the tab key that QuickBooks will calculate automatically your quantity times the rate. If this is an item that is subject to sales tax, you will want to make sure that you have a check mark here. QuickBooks will automatically check that if when you set up the product or service to begin with, you told it it's subject to sales tax. This here will allow you to delete the entire line. Now I'm going to put in a second line. I noticed that there was a product here called services and I'm just going to put in here Garden Design Services. You can always go back and put in your quantity and we're going to charge them $2,000 for this and we're going to say it's not subject to sales tax. Typically a physical product is and a service is not. If you're not sure, consult your local sales tax agency for your state. You can put in as many line items as you like. You're not limited to the four lines here. You can always hit add lines to add additional lines. You can clear everything by clearing all lines and if you wanted to add a few and then put a sub total in, like you see here, you could do that and then continue to enter some more products and services on the lines below. You do have a place where you can type in a message you like displayed on their estimate. There's also a message that can be displayed on their statement. If you look over to the right here, you'll see the sub total of all of your line items here. You'll also see if you have sales tax, what this tax is, and if you're giving them a discount, you can go ahead and put in that percentage here and QuickBooks will calculate that for you and subtract it. You can see now the estimate total is $3,077. Once you've checked everything and it looks good, then go ahead and hit save at the bottom. Your choices are to save and send. The save and send option means that you will be actually emailing this to your customer. If you do not have their email address in, you won't be able to send this. Your other choices are to save and close this window or to save this window and go to another blank estimate. I'm going to go ahead and save and close and that's how you create an estimate for a customer and a job.

Intermediate Provider : Cindy McGuckin 6 Lessons · 27m in English

Course Description

Sales Transactions

This course will cover how sales transactions work in QuickBooks, and how to work with their functions. Transactions between seller and buyer are the key focus of QuickBooks, so it is important to understand how they work to gain accurate results. You will learn how to create estimates and invoices for costs to sell to customers, as well as how to record payments to and from buyers and sellers. From there, you will learn how to send deposits and refunds, as well as how to create customer statements from your transactions.

Learning Objectives

Skills

What You'll Learn

Create estimates and invoices for costs to sell to customers
Record customer payments from buyers and sellers
Make deposits and process refunds with credit memos
Generate customer statements from your transactions
Understand how sales transactions flow between seller and buyer in QuickBooks

Key Takeaways

Transactions between seller and buyer are the key focus of QuickBooks, so understanding how they work is important to gaining accurate results.
The course covers creating estimates and invoices for costs to sell to customers.
Recording payments to and from buyers and sellers, sending deposits, and issuing refunds are all part of working with sales transactions.
Customer statements can be created from your recorded transactions.
Understanding the flow of transactions helps maintain consistency within transactions.

Frequently Asked Questions

What does this QuickBooks course cover?

It covers how sales transactions work in QuickBooks and how to work with their functions, including creating estimates and invoices, recording customer payments, making deposits, issuing credit memos and refunds, and creating customer statements.

What skills will I gain from this course?

You will gain skills in business transaction management, creating invoices, database transactions, QuickBooks accounting software, QuickBooks certification, and accounts receivable/billing fundamentals, along with understanding the flow of transactions and maintaining consistency within transactions.

What lessons are included?

The lessons are Creating Estimates, Creating Invoices, Recording Customer Payments, Making Deposits, Credit Memos and Refunds, and Customer Statements.

Why is understanding sales transactions important in QuickBooks?

Transactions between seller and buyer are the key focus of QuickBooks, so it is important to understand how they work to gain accurate results.