Series

We have several posts here at Begin Coding Now that are on QuickBooks Online that are grouped into Series. Click the previous link to see the list.

Are you a small business that sells services to clients and the clients go directly to your bank to deposit funds for the services you rendered? In other words they pay immediately for services rendered? You could use a Sales Receipt in QuickBooks.

Here’s a similar but slightly different example. Suppose we get cash instead of having the customer deposit funds directly into our account. From an accounting point of view you know that your bank balance will go up and your revenue account for the particular service will also go up. Let’s use a Sales Receipt.

Alternatively you could use the Bank deposit. This is not recommended by me. How would you do this? Go to + New and go over to the right-hand side and choose Bank deposit. You should be aware of this way of doing things as it may have been used by your company.

Open the report Sales by Product/Service Detail. Choose All Dates and run the report. You do not see deposit transactions listed in this report. We see invoices and sales receipts, but not deposits under the Transaction Type column in the report.

When receiving money from customers, when MUST you record a deposit and you cannot enter a sales receipt? When you spend some of the customer’s cash before physically depositing it to the bank.