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Guest post by: Janie Palmer Become an Author

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Thank you for taking the QuickBooks training class on your company file. I believe the 3 of you found it most beneficial. Now that your chart of accounts and item list are going to work together, here is how to proceed with transactions.

when material is received from purchase orders you have created, you need to receive items with or without the bill.
Qbks does this:
inventory +
accts payable -

when you have received an up front payment, go to "make deposits" and choose the liability account "customer deposit" that I created. This is the source of where it came from. Also put in the customer name.
Qbks does this:
bank +
customer deposit -


when you want to create a sales order from the quote, do so while you are looking at the quote on screen. Upper right shows "create invoice". Next to it is a drop down menu. Click on this and it should give you the option of "sales order". You need to click on the "sales order". Once the sales order is created, items are pulled from inventory and set aside for this particular customer. It won't show anything yet on the general ledger report, because the inventory has not
physically moved yet. If you do a report on the items in the sales order, you will see that inventory is reduced, but not shown in the general ledger. Things will move when the invoice is actually created. When the invoice is created,
Qbks does this:
inventory - (remember you need to setup your items with the cost)
cost of goods sold + (the cost is transferred here at time of sale from invoice)
Qbks also does this:
accts receivable +
income -

when customers have paid the up front deposit, this will show up as well on the invoice and show what's been paid. the deposit is shown as a minus on the invoice and is subtracted from the original balance.
Qbks does this:
customer deposit +
sales - total sales of the entire job
accts receivable + this is the balance of what they owe

when you receive payment against an existing invoice,
Qbks does this:
accts receivable -
undeposited funds +

when you make deposits for these, they will be sitting in a window to click off and match up to your deposit slip:
Qbks does this:
bank +
undeposited funds -

call with any questions. thanks so much for your confidencee in Quick Bookkeeper Inc.

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