The Sales Process 2013.ppthttp-download.intuit.com/http.intuit/CMO...Job Costing •Multiple jobs for each customer QuickBooks tracks jobs in ... •To have payments show up in your

THE SALES PROCESS

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Objectives

• Track company sales

• Set up customer records in the Customer Center

• Track income and expenses by Job

• Record Sales Receipts


• Use the Undeposited Funds account to track your cash receipts

• Record Invoices and Payments from customers

• Record bank deposits of cash, check, and credit card receipts

Tracking Company Sales

• Sales Receipt:

– Cash customers

• Invoice:

– Credit Customers


• Both track detailed information

Payment with Sale Workflow


Invoicing Workflow


Business Business Business Business TransactionTransactionTransactionTransaction

Cash Customers Cash Customers Cash Customers Cash Customers (Pay by cash, check or credit card at (Pay by cash, check or credit card at (Pay by cash, check or credit card at (Pay by cash, check or credit card at

time of sale)time of sale)time of sale)time of sale)

Credit Customers Credit Customers Credit Customers Credit Customers (Pay on a date after the sale date)(Pay on a date after the sale date)(Pay on a date after the sale date)(Pay on a date after the sale date)

QuickBooks QuickBooks QuickBooks QuickBooks TransactionTransactionTransactionTransaction

Accounting EntryAccounting EntryAccounting EntryAccounting EntryQuickBooks QuickBooks QuickBooks QuickBooks TransactionTransactionTransactionTransaction

Accounting EntryAccounting EntryAccounting EntryAccounting Entry

Customer Customer Customer Customer EstimateEstimateEstimateEstimate(Optional)(Optional)(Optional)(Optional)

Not Usually UsedNon-posting entry used to record estimates (bids) for

customers or jobs.

Customer Customer Customer Customer Sales Order Sales Order Sales Order Sales Order Not Usually Used

Non-posting entry used to

Steps in the Sales Process


Sales Order Sales Order Sales Order Sales Order (Optional)*(Optional)*(Optional)*(Optional)*

Not Usually UsedNon-posting entry used to record customer orders.

Recording a SaleRecording a SaleRecording a SaleRecording a Sale

Increase (debit) Undeposited FundsUndeposited FundsUndeposited FundsUndeposited Funds,

increase (credit) income account.

Increase (debit) Accounts Accounts Accounts Accounts ReceivableReceivableReceivableReceivable, increase

(credit) income account.

Receiving Money Receiving Money Receiving Money Receiving Money in Payment of an in Payment of an in Payment of an in Payment of an

InvoiceInvoiceInvoiceInvoice

No additional action is required on the sales form

Decrease (credit) Accounts Accounts Accounts Accounts ReceivableReceivableReceivableReceivable, increase

(debit) Undeposited FundsUndeposited FundsUndeposited FundsUndeposited Funds.

Depositing Depositing Depositing Depositing Money in the Money in the Money in the Money in the

BankBankBankBank

Increase (debit) bank Account,

decrease (credit) Undeposited FundsUndeposited FundsUndeposited FundsUndeposited Funds.

Decrease (credit) Undeposited Funds,Undeposited Funds,Undeposited Funds,Undeposited Funds,

increase (debit) bankAccount.

Setting Up Customers

• Customer Center

– Open from the Icon bar

• Setup Info


• Setup Info

Job Costing

• Multiple jobs for each customer QuickBooks tracks jobs in addition to customers

– Helps track income and expenses

– Help with reporting

• Customer:Job – separated by colon


• Customer:Job – separated by colon

– E.g.: Cruz, Maria:Branch Opening

Recording Sales Receipts

• Use when customers pay at the time of the sale

• Customers


• Customersmenu > Enter Sales Receipts

• History Pane

Undeposited Funds

• Temporary holding account

• Tracks checks and credit card receipts before they are deposited

• Two choices:


• Two choices:

1. Group with other Undeposited Funds (default)

2. Deposit to bank accounts

• Group with other Undeposited Funds is best

– Makes reconciliation of bank accounts easier


Creating Invoices

• Use Invoices to record sales to your credit customers


Receiving Payments from Customers

• Receiving Payments by Check

• Handling Partial Payments

• Receiving Payments by Credit Card


• Where Do the Payments Go?

• Preferences for Applying Payments and Automatically Calculate Payments

• Recording Customer Discounts

Receiving Payments by Check

• Select the Customers menu, and then select Receive Payments


Handling Partial Payments

• Two options

– Leave the invoice open

–Write off the unpaid amount


Receiving Payments by Credit Card

• Select the Customers menu, and then select Receive Payments

• Enter data into the Received From, Amount, and Date fields

•

• For Pmt. Method, enter the Credit Card payment method, credit card number and Exp date


credit card number and Exp date

Where Do the Payments Go?

• Undeposited Funds

– Unless you turned off “Use Undeposited Funds as a default deposit to account” preference

• QuickBooks does not increase your bank balance when you receive payments


• To have payments show up in your bank account, you must Make Deposits

Recording Customer Discounts

• Click Discounts and Credits on the bottom side of the Receive Payments window

• QuickBooks automatically calculates a suggested discount based on the terms.


Making Bank Deposits

• Depositing Checks and Cash

• Holding Cash Back from Deposits

• Printing Deposit Slips

• Depositing Credit Card Payments


Depositing Checks and Cash

• To ensure that your bank reconciliations go smoothly, you should always deposit your checks and cash separately from your credit card payments


Holding Cash Back from Deposits

• Fill in the bottom part of the deposit slip indicating the account to which you want to post the cash


Depositing Credit Card Payments

• Credit card processing companies can charge discount fees on each credit card deposit

• Use QuickMath to calculate fee on deposit


Summary of Key Points

• Track company sales

• Set up customer records in the Customer Center

• Track income and expenses by Job

• Record Sales Receipts




• Record Invoices and Payments from customers

• Record bank deposits of cash, check, and credit card receipts

Documents

The Sales Process 2013.ppthttp-download.intuit.com/http.intuit/CMO...Job Costing •Multiple jobs for each customer QuickBooks tracks jobs in ... •To have payments show up in your