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Chapter 2

Chapter 2. Managing Revenue. 31. Objectives. Set up customer records in the Customer:Job list 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

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Chapter 2

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  1. Chapter 2 Managing Revenue 31

  2. Objectives • Set up customer records in the Customer:Job list • 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 • Process customer returns and credits • Write off customer invoices (record bad debts) • Create and print customer statements • Assess finance charges • Create Sales Reports 31

  3. Tracking Company Sales • Sales Receipt • Used for cash customers (pay by cash, check or credit card at time of sale) • Tracks detailed information about each sale • For a cash register, use the register tape (z-total) each day and create one Sales Receipt that summarizes the sales for the day • Invoice • Used for Credit Customers (pay on a date after the sale date) • Tracks detailed information about each sale 31

  4. Steps in the Sales Process 33

  5. Objectives Set up customer records in the Customer:Job list

  6. Setting Up Customers • For each of your customers, create a record in the Customer:Job List • Select the Lists menu and then select Customer:Job List or press CTRL+J 35

  7. Job Costing • QuickBooks tracks jobs in addition to customers • For each customer in the Customer:Job List, you can create one or more jobs • The Customer:Job field shows the Customer name first, followed by a colon (:) and then the job name • This helps you track income and expenses on each Job, so that you can create reports showing detailed or summarized information about each Job 42

  8. Objective Record Sales Receipts

  9. Recording Sales Receipts • When customers pay at the time of the sale by cash, check, or credit card, create a Sales Receipt transaction • Select the Customers menu, and then select Enter Sales Receipts Enter the name of the customer here, or choose an existing customer from the list by clicking the down-arrow 43

  10. Objective Use the Undeposited Funds account to track your cash receipts

  11. Recording Undeposited Funds • When you record Sales Receipts, QuickBooks gives you two choices • Group with other Undeposited Funds (default – like a cash drawer) • Deposit the funds to one of your bank accounts • You should use Group with other Undeposited Funds option since it makes reconciliation of bank accounts easier • Later, when you make your deposits, you’ll group all of the funds from several sales into one deposit in the bank 49

  12. Objective Record Invoices and Payments from customers

  13. Creating Invoices • Use Invoices to record sales to your credit customers • Select the Customers menu and then select Create Invoices Select the customer name from the drop-down list. 50

  14. 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 • Recording Customer Discounts 57

  15. Receiving Payments by Check • To record payments from credit customers for invoices, use Receive Payments option • Select the Customers menu, and then select Receive Payments 57

  16. Handling Partial Payments • If a customer pays only a portion of an Invoice • you should record the payment using Receive Payments function • Apply the partial payment to the appropriate Invoice • The Invoice will remain open for the unpaid amount • The next time you use the Receive Payments function for that customer, the Invoice will show the remaining amount due • You can record additional payments to the Invoice in the same way as before 60

  17. Receiving Payments by Credit Card • Select the Customers menu, and then select Receive Payments • Enter the Credit Card payment method, credit card number and Exp date 60

  18. Where Do the Payments Go? • Receiving payments • reduces the balance in Accounts Receivable • increases the balance in Undeposited Funds • Payments in Bank Account • If you selected the Deposit to option in the Receive Payments window (something that is not recommended), QuickBooks will increase your bank balance when you receive payments • If you selected Group with other undeposited funds option, then you must use Make Deposits function in order to have your payments show up in your bank account (and reduce Undeposited Funds) 62

  19. Preferences for Applying Payments • As soon as you enter the customer name at the top of the Receive Payments window and press TAB, QuickBooks displays all of the open Invoices for that customer in the lower section of the window • Automatically Apply Payments setting in Sales & Customers Company Preferences allows QuickBooks to match the payment with invoices automatically 62 By default, QuickBooks applies the payment to the oldest Invoice. You change the invoice to which the payment applies by removing the checkmark in the left column and selecting another invoice from the list.

  20. Recording Customer Discounts • If the customer takes advantage of the discount you offer on your invoices, you’ll need to reduce the amount due by the discount percentage • To apply the discount to this Invoice, click Set Discount on the left side of the Receive Payments window • QuickBooks automatically calculates a suggested discount based on the terms on the customer’s Invoice, you can override this amount if necessary 63

  21. Objective Record bank deposits of cash, check, and credit card receipts

  22. Making Bank Deposits • To ensure that your bank reconciliations go smoothly, you should always deposit your checks and cash separately from your credit card payments using the following: • Depositing Checks and Cash • Holding Cash Back from Deposits • Printing Deposit Slips • Depositing Credit Card Payments 66

  23. Depositing Checks and Cash • Select the Banking menu and then select Make Deposits • Since you have funds stored in the Undeposited Funds account, QuickBooks displays the Payments to Deposit window • Select Cash and Check from the View Payment Method Type drop-down list • In the Make Deposits window, select the bank account where payments will be deposited 67

  24. Holding Cash Back from Deposits • To hold back cash from deposits • Fill in the bottom part of the deposit slip indicating the account to which you want to post the cash • If you’re splitting the deposit between two different bank accounts, you could enter the other bank account and amount here • If you routinely hold back funds from your deposits and use them for several different purchases, you may want to set up a new QuickBooks bank account called Petty Cash and enter that account in the Cash back goes tofield • The Petty Cash account is not really a bank account, but it’s an account where you can track all your cash expenditures 70

  25. Printing Deposit Slips • QuickBooks can print deposit slips on preprinted deposit slips • To make this feature work for you, you’ll need to order preprinted deposit slips that match the QuickBooks format • Display the most recent deposit transaction by selecting the Banking menu and then selecting Make Deposits • Click Print on the Make Deposits window 70

  26. Depositing Credit Card Payments • Select the Banking menu, and then select Make Deposits. The Payments to Deposit window opens • Click in the left column on the line to select the Credit Card receipt , then click OK • The Make Deposits window opens • If your credit card processing company (or your bank) charges a discount fee on each credit card deposit (rather than monthly), enter a transaction for discount fee using QuickMath • QuickMath is a feature that helps you add, subtract, multiply, or divide in any QuickBooks Amountfield 73

  27. Objective Process customer returns and credits

  28. Recording Customer Returns and Credits • Use QuickBooks Credit Memos for the following situations: • cancellation of an order that has already been invoiced • return of merchandise from a customer • credit-on-account for a customer • making a refund to a customer • Select the Customers menu and then select Create Credit Memos/Refunds 76

  29. Customer Open Balance Report • Select the customer:job in the Customer:Job list • Click Reports button at the bottom • Select Open Balance Report option for the selected customer:Job 78

  30. Applying a Credit Memo to an Invoice • To apply the Credit Memo to the open Invoice • Select the Customers menu and then select Receive Payments. • Select Customer:Job from the list • Disregard the Date field • DO NOT enter an amount in the Amount field • Verify that the Show discount and credit information box is already selected. • Select the Invoice (do not click the first column) • Click Set Credits button and verify that QuickBooks applied the Credit Memo to Invoice • Click Save & Close to apply the Credit Memo to the Invoice 79

  31. Refunding Customers By Check • Select the Customers menu and then select Create Credit Memos/Refunds. • Fill in the Credit Memo to match the returned items and any restocking fee, if applicable • To create the refund check, click the Check Refund icon • QuickBooks automatically opens the Write Checks window and creates a refund check which is already filled out • Print the check by clicking the Print icon • Click Save & Close to record the check • Press ESC to close the Create Credit Memos/Refunds window • QuickBooks recorded the Credit Memo when you recorded the check 82

  32. Refunding Customers By Credit Card • Create a new credit card Payment item in the Item list for the credit card used in refund • Create a Credit Memo using the same items that were originally invoiced to ensure QuickBooks credits back the original sales Items correctly • Add a final line on the credit memo using the Payment item, in the RATE column, enter the total amount of the credit as a negative number which will zero out the Total on the Credit Memo • Verify that the total on the credit memo is zero, then click Save & Close to record the transaction 82

  33. Objective Write off customer invoices (record bad debts)

  34. Writing Off a Bad Debt • If an Invoice becomes uncollectible, you’ll need to write off the debt by creating a credit memo (using a Bad Debt Item) and then applying the credit memo to the open invoice • Bad Debt is an Other Charge Item linked to Bad Debts expense • Fill out the Credit Memo using the Bad Debt item, rate being the invoice total • Click Save & Closeto record the Credit Memo • Apply this credit memo to the original invoice using Receive Payments and Set Credits 89

  35. Objective Create and print customer statements

  36. Creating Customer Statements • QuickBooks customer statements provide a summary of the activity for an accounts receivable customer during the period you specify • In a statement, you can show either all of the customer’s accounts receivable activity or just the transactions that are currently open • Select the Customersmenu and then select CreateStatements • Enter the date, statement period, select customers and other relevant options • Click Preview button to review the statements in Print Preview window • Print the statements and then close 92

  37. Objective Assess finance charges

  38. Assessing Finance Charges • When a customer is late in paying an invoice, you can assess finance charges • To set up your finance charge settings • Click Assess Finance Chargeson the CreateStatements window • Click Settings on the Assess Finance Charges window to display your finance charge settings • Enter Assessment Date • Select the customers to be charged • Review the finance charge amount automatically calculated by QuickBooks based on your Annual Interest Rate field of the finance charge Company Preference • You can override the finance charge amount • Click Assess Charges to record the finance charges • Click Preview to see the finance charges in your statements 93

  39. Objective Create Sales Reports

  40. Sales by Customer Summary Report • Select the Reports menu, then select Sales, and then select Sales by Customer Summary 96

  41. Sales by Item Report • Select the Reportsmenu, then select Sales, and then select Sales by Item Summary 96

  42. Summary of Key Points • Set up customer records in the Customer:Job list • 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 • Process customer returns and credits • Write off customer invoices (record bad debts) • Create and print customer statements • Assess finance charges • Create Sales Reports 99

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