Entering sales forms
Recording income for a business can be accomplished in a variety of ways. There are three primary ways to record income in QBO. First, a sales receipt is used when you receive payment at the same time as you provide products and/or services to your customers. Second, you can use a deposit to record income for a specific customer, from multiple customers at any one time, or to record miscellaneous deposits such as a tax refund check. Third, you can use a sales invoice, which allows you to bill a specific customer, who will pay you based on payment terms that are agreed upon upfront.
In the following sections, we will cover when and how to record income using a sales receipt, a deposit, and a sales invoice. We will also show you the accounting that takes place behind the scenes for each transaction. This will include the debits and credits recorded for each transaction.
Recording income using a sales receipt
A sales receipt is used when the sale of a...
