QuickBooks: Invoice or Sales Receipt?

There are two functions in QuickBooks to choose from when recording a sale.  It is important to know which option to choose.

Choose the Invoice option when the sale has payment terms such as net 30 and payment has not been received at the time of the sale.  Complete fields in the standard invoice template for Payment Terms and Due Date.  When the invoice is processed and saved, it will appear in Accounts Receivable until payment has been received and posted against the invoice.

 

Choose the Enter Sales Receipts option when the sale and payment are recorded at the same time.  The standard Sales Receipt template has payment method and check number fields that the invoice template does not have.  The template can be modified so more fields can be added by going to Lists, Templates, Custom Sales Receipt.

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