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: Job
  • Transaction Date
  • Payment Method
  • Item
  • Quantity
  • Sales Tax
Invoice 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: Job
  • Sales Terms
  • Item and Quantity
  • Assign 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:
  • Customer
  • Payment Amount
  • Payment Method
  • Date Received


The A/R will decrease, and the undeposited funds balance sheet will increase.
Remember:  Receive payments against the outstanding invoice so you have an accurate view of how much customers owe you and who still owes you money.


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