The Sales Process

1. The Sales Process 2014

2. Topics • Tracking Company Sales • Setting Up Customers • Job Costing • Recording Sales • Receiving Payments from Customers • Making Bank Deposits • Income Tracker

3. Tracking Company Sales • Sales Receipt: • Cash customers • Invoice: • Credit Customers • Both track detailed information

4. Sale Receipt Workflow

5. Invoicing Workflow

6. Steps in the Sales Process

7. Setting Up Customers • Customer Center • Open from the Icon bar. • Setup Info

8. 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 • E.g.: Cruz, Maria:Branch Opening

9. Recording Sales Receipts Use when customers pay at the time of the sale

10. Undeposited Funds • Temporary holding account • Tracks checks and credit card receipts before they are deposited • Two choices: • Group with other Undeposited Funds (default) • Deposit to bank accounts • Group with other Undeposited Funds is best • Makes reconciliation of bank accounts easier

11. Creating Invoices • Use Invoices to record sales to your credit customers

12. 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

13. Receiving Payments by Check • Select the Customers menu, and then select Receive Payments

14. Handling Partial Payments • Two options • Leave the invoice open • Write off the unpaid amount

15. 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

16. 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.

17. Recording Customer Discounts • ClickDiscount and Creditson the bottom side of the Receive Payments window • QuickBooks automatically calculates a suggested discount based on the terms.

18. Making Bank Deposits • Depositing Checks and Cash • Holding Cash Back from Deposits • Printing Deposit Slips • Depositing Credit Card Payments

19. 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

20. 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

21. Depositing Credit Card Payments • Credit card processing companies can charge discount fees on each credit card deposit. • Use QuickMath to calculate fee on deposit.

22. Income Tracker • New in 2014 • One easy to use location for tracking customer transactions • Manage unbilled and unpaid sales transactions

23. Summary of Key Points • Tracking Company Sales • Setting Up Customers • Job Costing • Recording Sales • Receiving Payments from Customers • Making Bank Deposits • Income Tracker