Welcome to the Fit Small Business QuickBooks Online training course.
In this lesson on How To Set Up QuickBooks Online, we're going to cover how toset up your invoices sales receipts and
estimates. Also called sales forms in QuickBooks Online. To follow along with me
login to your QuickBooks Online account now or click the link below this video
for free 30-day trial of QuickBooks Online. You can also click this link to
access our full How To Set Up QuickBooks Online course and other helpful resources.
Let's get started. It's important to set up your invoices sales receipts and
estimates because the selections that you make here will affect when your
customers pay you. This is also where you'll account for any discounts that
you provide to customers and deposits received from customers.
This is one of those areas that can cause a negative cash flow if it is not
set up properly. In this video we will use a fictitious company called Paul's
Plumbing to illustrate some concepts. As you view this video,
think about how the information might differ for your business. After you sign
into your QuickBooks Online account click on the gear icon located right to
the left of your company name and select account and settings directly below your
company
click on the sales tab on the left and scroll down to the seals form content
section to edit the field just click on the pencil icon located to the far right
the first field that we want to edit here is preferred invoice terms
preferred invoice terms allow you to set up default payment terms for all
customers for example setting default payment terms of net 30 here would mean
that your customers invoices are do 30 days from the invoice date. Setting up
default invoice terms will save you time so that you don't have to set up payment
terms for each customer separately in QuickBooks Online. However, if you do need to set up special
payment terms for a customer you can do so when you create the customer in
Quickbooks, just click this link to watch our lesson on setting up customers where
we walk you through how to set up special payment terms in the customer
profile you can also learn more about choosing the right payment terms for
customers by clicking this link. Preferred delivery method. Preferred delivery method
allows you to set up
the default for how you will send your customers their invoices the options
here are: print later which means you will print and mail the invoice or send
later which means that you will send the invoice via email to your customers.
Paul prefers to save as many trees as possible so we will set the default here to email
his customers their invoices however a handful of customers also prefer to
receive a meal invoice copy similar to payment times you can select special
delivery method option when you set up your customers we cover this in our
setting up your customers video tutorial which you can watch by clicking this
link the next field that we want to edit is shipping this feature is applicable
only if you are shipping product if so then this feature will add shipping
feels like ship date tracking number ship-to address to your sales forms
custom fields if you need to add any additional information in quickbooks but
there is no place to put it
then you can create a custom field by turning this feature on as you can see
Paul has one custom field created called order number
this information will appear on his sales for Paul would like to create
another custom field called customer ID he is assigned a customer ID to each of
his customers and would like to keep track of this for internal purposes only
custom transaction numbers quickbooks allows you to use your own numbering
system for invoices sales receipts and estimates. This could be beneficial to a
business that is converting from another bookkeeping system and wants to keep the
same numbering system that it currently has in place otherwise don't worry about
turning this feature on quickbooks will automatically assigned transaction
numbers for you. Service date: this will add a service date field to all sales
forms if you need to track data service separately from the invoice date
typically a business that provides consulting services may want to use the
service date field to provide the date the consultation took place on their
invoices Paul definitely like to keep track of service states since he cannot
build a customer until he completes the job
it is important for him to keep track of how long it takes him to invoice a
customer for job from the date of service discount if you plan to give
your customers a discount on the products or services that you provide
then you will need to turn this feature on to add a discount field to all invoices.
This will ensure that your customer can see on their invoices any discounts that
you have applied. Click on this link to read article about when and how to
provide discounts to your customers. Deposit: if you typically require a
deposit from customers prior to doing any work then you should activate this
feature so that a deposit field can be added to an invoice form quickbooks will
subtract the deposit from the total amount of the invoice to calculate the
balance deal in the plumbing business you've got to purchase materials and
supplies before you can start any work
this can be a rather large outlay of cash depending on the job for this
reason Paul requires a 50-percent deposit on jobs that are a thousand
dollars and over so this feature works very well without Paul likes to run his
business
let's go ahead and save our changes that wraps up the lesson on how to setup your
invoices sales receipts and estimates and quickbooks online to access our full
quickbooks online course or any of the other lessons in this series just click
this link you can also find a link below this video for a free 30-day trial of
quickbooks online