Managing your Business Finances like a Pro: Managing Essential Tasks
As a business owner, you need to
track your money that is coming in and coming out. Your reports are only as
accurate as your records. The better you understand your cash flow, they better
you will make intelligent business decisions.
Recording a Sale Remember that cash sales must be inputted as a sales receipt, not an invoice. Incorrectly coding an on the spot sale is a common mistake, so be careful! What to include when Recording a Sale: Customer: JobTransaction DatePayment MethodItemQuantitySales TaxInvoice a Customer
An invoice is a bill for later payment. When a customer buys a product you deliver the order in full. What to include on an Invoice: Customer: JobSales TermsItem and QuantityAssign Sales Tax By entering the invoice both your Profit & Loss and the A/R increases.
Receive a payment Once your customer pays the invoice, by check, it is time to record the receipt of payment. What to include in Receive Payment: CustomerPayment AmountPayment MethodDate Received
The A/R will …
Recording a Sale Remember that cash sales must be inputted as a sales receipt, not an invoice. Incorrectly coding an on the spot sale is a common mistake, so be careful! What to include when Recording a Sale: Customer: JobTransaction DatePayment MethodItemQuantitySales TaxInvoice a Customer
An invoice is a bill for later payment. When a customer buys a product you deliver the order in full. What to include on an Invoice: Customer: JobSales TermsItem and QuantityAssign Sales Tax By entering the invoice both your Profit & Loss and the A/R increases.
Receive a payment Once your customer pays the invoice, by check, it is time to record the receipt of payment. What to include in Receive Payment: CustomerPayment AmountPayment MethodDate Received
The A/R will …
