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: C...
