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What Is a Sales Receipt and When Should I Use One?

Chief Mechanic · April 3, 2010 ·

In QuickBooks a Sales Receipt is a form to simultaneously record credits increases) to the accounts associated with the Items entered on the Sales Receipt and a single, offsetting debit to either the Undeposited Funds account (if that preference is selected) or another user-selected account, which must be either a Bank, Accounts Receivable, or Other Current Asset account. It’s typically used when a customer pays in full at they time they receive a firm’s goods or services. Because Items can be associated with liability accounts (such as a current liability account for customer deposits), sales receipts can also be used to record funds received from customers that increase a firm’s liabilities.

Recording a Sales Receipt is accessed on the Customers->Enter Sales Receipts menu selection. It’s similar to the Create Invoices function in that it can record a sale transaction, but unlike an unpaid invoice, which is sent to an Accounts Receivable account and increases a customer’s outstanding balance, the Sales Receipt is paid in full and doesn’t change the customer’s balance.

When a Sales Receipt is saved, a credit to the account associated with each item is recorded for the amount of that line item. In the example below, the account associated with the Item “Upfront Deposit” will be credited $1000. A single, offsetting debit is recorded in an asset account, depending on your setting for the Use Undeposited Funds as a default deposit to account preference. For more information, see our article on setting the Undeposited Funds preference.

If that preference is checked, the Enter Sales Receipt form will appear similar to the one below. You won’t be asked in which account the single debit should be recorded, because it will automatically be recorded in the Undeposited Funds account.

QuickBooks Premier 2009 Enter Sales Receipt Use Undeposited Funds

On the other hand, if that preference is turned off, you can select the asset account to which the debit is recorded, provided that the asset account is either a Bank, Accounts Receivable, or Other Current Asset account.

QuickBooks Premier 2009 Enter Sales Receipt Do Not Use Undeposited Funds

Here’s a saved Sales Receipt in the transaction list for a customer in the Customer Center:

QuickBooks Premier 2009 Customer Center Sales Receipt

The Transaction Journal can report the debits and credits made by QuickBooks for the Sales Receipt recorded. The Transaction Journal can be displayed by clicking the Journal button on the Enter Sales Receipts form or clicking Ctrl + Y while that form is open.

QuickBooks Premier 2009 Sales Receipt Transaction Journal

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Can QuickBooks Print Checks In Currencies Other Than the US Dollar?

Chief Mechanic · April 2, 2010 ·

QuickBooks 2009 and Enterprise Solutions can print checks in currencies other than the US dollar (USD), with a few words of caution. Each time you attempt to print checks in a currency other than the USD, QuickBooks will display the warning screen shown below. To continue with the printing process, you’ll need to click Ok. There’s no obvious way to turn the warning off, so you’ll see it once each time you print checks from a foreign bank account.

Note that the warning says that QuickBooks only supports printing on “US dollar check templates and other currencies may not match” that template. You can simply order checks for your foreign bank accounts that do match the US dollar check template.

If your preprinted check for each foreign bank account matches the US check template, your checks denominated in a foreign currency will print fine. For example, the normal QuickBooks voucher check prints the check amount to the right of the payee with a pre-printed currency symbol ($ for USD) at the left margin of the check amount. For a check in a foreign currency, QuickBooks will print the 3 letter currency abbreviation before this amount; if you want a currency symbol to appear at the left margin of the check amount, you’ll have to order pre-printed checks with the symbol for the currency used by each bank account.

QuickBooks Premier 2009 Multicurrency Print Warning

Checks will print using the currency for the bank account from which you make the payment, provided the currency for the bank account is either the same currency as the vendor or your home currency. If your vendor transacts in a foreign currency and you record payments from a foreign bank in that currency, your checks will print in that currency. If USD is your home currency and you issue these payments from a USD bank account, QuickBooks will record the bill payment for the amount converted to USD at the exchange rate entered when paying the bill. But you can’t pay a vendor transacting in EUR with British Pound Sterling (GBP) if your home currency is USD.

Therefore, when paying foreign bills in a foreign currency, be sure to select the correct A/P Account and bank Account on the Pay Bills window. If you don’t select the correct A/P Account, the bill won’t appear in the window; if you don’t select the correct bank Account, you’ll make your payment in your home currency.

QuickBooks Premier 2009 Multicurrency Pay Bills

If you inadvertently make payment from the wrong bank account, you can easily fix the error by opening the Bill Pmt – Check transaction for that payment and changing the Bank Account.

QuickBooks Premier 2009 Multicurrency Bill Payment Check

QuickBooks will prevent you from changing the Bank Account to an account denominated in a currency that doesn’t match the customer/vendor or that isn’t your home currency.

QuickBooks Premier 2009 Multicurrency Match Warning

So, if you make sure your check template for your foreign bank matches the US check template and you’re paying foreign vendors in their own foreign currency from a bank account using that same currency – all easy-to-manage considerations, your foreign currency checks will print just fine.

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Can I Add or Edit Multiple List Entries In QuickBooks?

Chief Mechanic · March 25, 2010 ·

Starting with QuickBooks 2010 and Enterprise Solutions 10.0, you can add or edit multiple list entries by clicking on the Add/Edit Multiple List Entries menu selection on the Lists menu.

QuickBooks Premier 2010 Add Edit Multiple List Entries

However, only certain lists can be manipulated with this feature and not all fields on these lists can be modified. These 5 lists can be edited:

Customers
Vendors
Service Items
Inventory Parts
Non-inventory Parts

For Customers, 6 fields can’t be manipulated with this tool: Sales Rep, Ship To address, Cc (Email), Preferred Send Method, Price Level, and Preferred Payment Method. In addition, 6 fields can be added for new customers, but can’t be edited for existing customers: Currency, Customer Balance, Opening Balance as of Date, Terms, Tax Code, and Tax Item.

For Vendors, 3 fields can’t be manipulated: Cc (Email), Billing Rate Level, and Accounts to pre-fill transactions. In addition, 3 fields can be added for new vendors, but can’t be edited for existing vendors: Currency, Vendor Balance, and Opening Balance as of Date.

For Inventory Parts, the screen shot below shows the available columns which can be modified. Columns in both the Available Columns and Chosen Columns list can be included. In this example, Shelf and Warehouse represent custom fields, so custom fields can be edited using this technique. At least 1 column can’t be edited for either Inventory or Non-inventory Parts: Unit of Measure.

QuickBooks Premier 2010 Add Edit Multiple List Entries Inventory Parts

Similarly, here are the available columns for Non-inventory Parts:

Using this tool, you can choose the columns in the window by clicking the Customize columns… button and use either the Copy/Paste features of Windows or the context menu (discussed below) to quickly duplicate values in a column. You can also create a Microsoft Excel spreadsheet that exactly matches the column layout you’ve selected for the Add/Edit Multiple List Entries window and paste that spreadsheet into the window to quickly add new list entries.

QuickBooks Premier 2010 Example of Add Edit Multiple List Entries

For editing existing entries, you can access the context menu by right-clicking in a cell to gain access to menu choices to insert a new row, copy the value in existing cell down to all of the rows below it (which will overwrite data), and to duplicate an existing row (to prepare it for further editing).

QuickBooks Premier 2010 Add Edit Multiple List Entries Context Menu

The Add/Edit Multiple List Entries tool includes data validation to insure that your pasted data is in the format expected by QuickBooks for that data element and that you haven’t attempted to save a duplicate list entry. Data validation is extremely important in a tool that can easily add or modify large amounts of data.

For the first time starting with QuickBooks 2010, QuickBooks users have a tool to easily and safely add or edit multiple list entries from within QuickBooks itself.

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How Many Custom Fields Does QuickBooks Support?

Chief Mechanic · March 20, 2010 ·

For the 2010 version (QuickBooks 2010 and Enterprise Solutions 10.0), Intuit has increased the number of custom fields and provided for data validation in Enterprise Solutions. Compared to 2009, the number of custom fields for Names increased from 7 (out of 15) to 12 (out of 30), and for Items it increased from 5 to 15.

QuickBooks 2010 and Enterprise Solutions 10.0 support up to 30 total custom fields for Names which can be applied to a combination of Customers:Jobs, Vendors, or Employees, provided that no more than 12 custom fields apply to any 1 type of list.

In addition, QuickBooks 2010 and Enterprise Solutions 10.0 support up to 15 custom fields for Items.

Enterprise Solutions 10.0 extends data validation to custom fields by allowing you to specify the type of data a custom field should contain and whether the fields are required on Transactions and Lists. Data types include 1 generic text format, 3 number formats, 5 date formats, 2 phone number formats, and a multi-choice list, which allows you to create a pull-down list of entries.

In Enterprise Solutions 10.0, the Multi-choice List contains list elements you specify, and you can select whether the list can only contain these elements or user-entered text. In all cases, custom fields are subject to a 30 character limit.

QuickBooks Enterprise Solutions 10 Custom Fields Multi-choice List

QuickBooks 2009 and Enterprise Solutions 9.0 support up to 15 total custom fields for Names, which can be applied to a combination of Customers:Jobs, Vendors, or Employees, provided that no more than 7 custom fields apply to any 1 type of list (i. e., Customers:Jobs, Vendors, and Employees). For example, you could create 7 custom fields unique to Customers:Jobs and a different set of 7 unique custom fields for Vendors. Then, you’d have the ability to create 1 additional custom field which could be used only for Employees.

Custom fields are limited to 30 characters. You can’t control the amount of text entered in a screen form, but you can limit the amount that is printed on a printed form. Except in Enterprise Solutions 10.0, custom fields are text entry boxes that accept any character. You can’t control the data entered with pull-down lists or other data type restrictions. Because data entered into custom fields is essentially unrestricted, care must be taken during data entry if these fields are to be used for filtering data; an apparently small change in data recorded for a custom field could result in many records not being found when applying a filter.

Custom fields for Customers:Jobs can be used for data in the header or footer of forms such as invoices and receipts.

In addition, in the 2009 version, QuickBooks supports up to 5 custom fields for Items.

QuickBooks Premier 2009 Custom Fields for Items

Custom fields for Items can be used for data in the section for line items (i. e., the columnar section below the header) on forms such as invoices and receipts.

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Accounting

Developer

Intuit