Sales and Expense Transactions In QuickBooks | Liz Callejas | Skillshare

Sales and Expense Transactions In QuickBooks

Liz Callejas, Lets Get Down to Business, Lets Learn QuickBooks!

Sales and Expense Transactions In QuickBooks

Liz Callejas, Lets Get Down to Business, Lets Learn QuickBooks!

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2 Lessons (30m)
    • 1. 1. Create a Sale Transaction

    • 2. 2. Create an Expense Transaction

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About This Class

This class will show you How To Create Sales and Expense Transactions. 

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Liz Callejas

Lets Get Down to Business, Lets Learn QuickBooks!


I have been a bookkeeper for over 15 years, a tax preparer for 4 years, and a Quickbooks ProAdvisor for Over 4 years. I own a bookkeeping business, Bookkeeping Dynamix, Inc. I will share with you how to use Quickbooks for your business as well as some business and tax information to help you in your business. Enroll today to learn more!

As a bookkeeper for small businesses I want my clients to know how to use their QuickBooks file. I started creating videos on How To’s and Tips & Tricks for QuickBooks. I have various tutorials on my website and also on my Youtube Channel. I hope that you find the answers to your QuickBooks Questions here.



Liz Callejas


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1. 1. Create a Sale Transaction: this lesson, we're going to learn about sales transactions now. In QuickBooks, you can choose from three different sales forms to document what you sell, and each form has its own strengths and limitations. So we're going to learn about the invoices, the sales receipts and the statements. So let's get started now. Invoices can handle any billing tests that you can think of so they're the best choice if you have any doubts about which one to use now in the QuickBooks Premier and enterprise additions, QuickBooks includes one more type of sales form, which is the sales order form in those additions. When you create a sales order for the product that it customer wants to buy, you can create an invoice for the items that are in stock and keep track of out of stock items that you'll need to send to your customer when the shipment arrives. Now we won't be talking about the sales order in this lesson. Please visit our other lesson In regards to sales order. Let's talk about the sales receipts first. Now the sales receipt is the simplest form that QuickBooks offers, and it's also the shortest path between making a sale and having money in the bank, at least in QuickBooks. But this form is suitable Onley if your customers pay the full amount at the time of the sale, for example, in a retail store, a restaurant or beauty salon. Now for US service companies, you can accumulate charges for time in billable expenses, which I will show you how to do it an other video and then add them to a sales receipt. But for products you sell sales receipts handle Onley payments in full. Now, when you create a sales receipt in QuickBooks, QuickBooks automatically post the money into an under positive funds account, which is, ah, holding account. But I want to change this. And in order to do so, I have to close all my windows. I'm gonna close this sales receipt and I'm going to close my customer center. Then I'm gonna go toe edit and then preferences, then goto payments company preferences. Now we have some options here by checking automatically apply payments. What this will do is QuickBooks will apply payments to open invoices that the client has, and it will go from old. This one first automatically calculate payment if you check this. QuickBooks will enter the invoice amount when you apply a payment. So this is the one we want to uncheck Hughes under positive funds as a default deposit to account. So we're gonna unchecked this. No, we're going to click, OK, and let's go back to our sales receipts and take a look at that. Okay, here we go. So as you can see now, QuickBooks asked his tab right here. We're says deposit to and we can select which account we want to deposit the amount for the sales receipt. So let's install. He sells receipt. I have a carpet installation service company. Some going Teoh, go and install the carpet. And I'm going to enter a sales receipt for that installation because the customer is gonna pay me the full amount. Um, so I'm going Teoh, enter the customer's name here. Now you can enter new customers you can select from your lest, First of all, you can select a from your list. But if the customer is not there, you can type in their name. And then QuickBooks will ask you if you want Thio added, or set it up. I'm going to do a quick ad. So it's going to add it into my customer list. And he's right there. Okay, I'm definitely want this to go into my checking account, and I'm going to select the item Full carpet installation. As you can notice, it's a group. So all the items or all the services for that item are in this group item, and there is a video that I did regarding group items. So my total is 290 now, once the customer pays me and he he paid me with the check. I can select check and the chuck number here, and then I can are if I wanted to put a a memo or a customer message, But I'm just going to save it. Yes. Okay, so now it is saved and let's go into our customer center. Look at that. There is a sales receipt for Mr Jones, and we can go ahead and open it and see it. So that's how you created a sales receipt in QuickBooks. Now, this Look how we would you statements to build our customers lists, get out of this sales we see now suppose you're a lawyer and you spend 15 minutes here and 15 minutes. They're working on a client's legal problem over the course of a month. Then each time you do so, that's another charge to the client's account. So in QuickBooks, each of those charges is called a statement charge, which in order to get there we go toe new transactions. Statement charges. You can enter them individually or you contract your time and then bill it in an envoys. Now A lot of businesses often churches statements when they charged the same amount each month, such as fixed monthly fees for Internet service or full time work. As a contractor programmer, let's see how we can enter the statement charges. If we go appear under customer, we can drop down to the customer that we want to charge. You can also create a new customer. If it's not on our list, as you can see, it will bring up any transaction that is open. So let's go back to Mr Jones and let's create a monthly charge for plumbing so well, type in the plumbing or the item, the quantity if you want to do it by our. But since this is a fixed amounts we're just going to type in the amount and that brings it over to the rate and the due date is going to be September 1st. Now, in order to delayed a charge, we can go toe edit and delete. If we need to edit the transaction, we could just click edit transaction. We could also enter time and in billable expenses from here. And if we got a quick report, it will bring us to the customer report with all their sales. You can see here is the sales received from Mr Jones. So let's go and take a look at the statement. So let's go toe customers and create statement From this screen, we can select a have multiple customer statements or all customers. But in this case, we want to show only one customer, which is Mr Jones. And if we want Teoh show the details of the items, we can need this mark or we can uncheck it if we don't, um, or we can have the due dates on the transactions. Um also printed on this statement. So let's take a look at what that the statement looks like It's preview, it can't hear it ISS. Here is the statement for Mr Jones now where statements really shine is summarizing a customer's account behind the scenes. A statement adds up all the transactions that affect customers open balance over a period of time, which includes statement charges, payments and invoices. Now, let's take a look. That's the invoice was closed out of the statement. Okay, So now invoices will accept any item that you have created in your items list, and you can create invoices from estimates, but we're not gonna be looking at estimates in this lesson. Now, up here. As you can see, there is no deposit to drop down because this is an invoice. We have two great. A payment for this invoice. Now, the template, it's there are several templates. Let's go ahead and use. Ah, fix, See invoice. And we're going to select install carpet and working a to 200. And we can put a P o number here if we If we need one in the stew net 30. Okay. So closest. The due date and the safest invoice. Do you want to record it now? Yes. And do we want to have the terms of your next time? Yes. Says job costing information. The job does not have estimates. Without an estimate. QuickBooks is not able to compare your estimate in actual costs for this job. Do you want to learn more about why estimates are important? Well, we have another video for that. So we're going to click? No. Okay. Lets go back into the invoice on the right hand side, you'll be able to see some information for the customer. We can see the open balance and we can see recent transactions. We can see an invoice. A statement charge in a sales receipt. Let's click on statement charge. And this takes us to where we entered the statement charges. Because you can see there is no sales received because statements only show what is open. So let's create a statement from Mr Jones. Yeah, let's go. Here. One customer. Mr Jones, in this preview statement in here, it iss the two transactions that we created with no forwarding balance. Now, if we want Teoh remove these due dates here, we could do so by going back to the previous page and uncheck ing print Do take on transactions. It's click preview and there it is no due dates. This looks great. Now let's apply a payment to Mr. Jones was close out a the statement. You go back to the customer center. It was good. A new received payments. Aunt, let's say that Mr Jones paid us $250 of his balance. Okay, we'll put the date, and we'll put the reference he paid us with the check. So this turns into a check number, so well put. Um, okay. And here is where we can select which bank accounts that we want to deposit into, and so we'll click the checking account. And as you can see, quickbooks automatically applies the $250. We have 200 here and $50 there, and then it leaves us with an underpayment of 150. So let's save this. You know this record? Yes. Now, Mr Jones only has a balance of 150. Let's go back to the statement and see if it's reflected. Is gonna create statement, Mr Jones. Okay. Preview. Okay. And there it iss. It does reflect the payments. This is how we work with sales transaction. 2. 2. Create an Expense Transaction: we have two options for handling our expenses. We can pay now, or we can pay later. And QuickBooks pain right away means writing a check and training debit card transaction, entering a credit card charge, making an online payment or using money from petty cash. When you pay immediately, you don't have to enter a bell. Pain later means that you will enter your bill in QuickBooks, and then it will be put in the accounts payable and you can pay it later. Now it's enter a bell and we're going to do that from this home page under the Vendor Center. So let's click on inter bills, and QuickBooks brings us to the bill form that it's really easy to use now. If we go here at the top, we can change this bill to accredit if we have a credit from the vendor. If we go back to Belle and we uncheck bill receive, it will change the bill to item receipt. Item receipts were going to look at it another lesson, So let's click on Bill received now. Here we can select the vendor that we're going to enter the bill for. We can also add a new vendor if we need to. Now, if you position your cursor over the list lower right corner right here and then you drag it, you can open or you can view more vendors as we're going further and further down. So that's a That's a pretty neat trick. So let's select ABC Plumbing to enter a bell and here we can enter the address. I added ABC plumbing, um, as a quick act, so I did not set it up, but from here, you can add the address if you have it. So, Miss, purchase the address, okay? And then the reference number would be your invoice number. And then we have the Mount to and the bill due date. We could enter a bill due date or we can have the terms here. We can add a new terms if you don't see it under this list. Now. The advantages of doing a bill is that we can get discounts from our vendors and in the construction industry. If we pay it by a certain time, I usually get discounted rates. We can enter a memo in here so we could say for job, um, awesome, because we do have an awesome job, and then here we have an expense tab and we haven't items tab. Now, that expense to have does not go into a job. So really, it's more like overhead expenses and we can select from the drop down. But we're gonna put this bill under a job and we're going Teoh put it under plumbing. Just 14. They're okay. And then the total amount is 1000. Um, no, It's saying that we change the costs because our bill is 1000 may not have a cost in there in the item, and then we can select a job. Awesome job, and we can select if it's billable. Okay, so let's save our still. And it tells us that we've changed the address for ABC plumbing because remember, we added the address here, So we want to say OK to update the vendor, and we also updated the terms. Yes. And here it brings us this, um, address information up. If we need to enter the zip code, no impress. Okay, Hand and chase it. If we go to the vendor, will be able to see that bill here. And here it is Now it's at a credit Vimal to ABC Plumbing. So let's go back to new transactions Inter Bill and Select Credit. And we have ABC Plumbing as a vendor date and the reference number we can treat here and usually credit mammals have a C N and then we have the credit amounts of 50. And we want to select the item that we initially put for the invoice. It was 14 our plumbing item. It will enter the amount and it was for awesome job and it was billable. So that will give ah, our customer credit. Okay, so that looks about it. And we could put a memo as well. Credits for Haslem job and let's save the credit Prince Click? Yes, and here it ISS. As you can see, the bills are shown as a negative and the credit as a positive. And the balance here is 9 50 l a center. A bill for a rent and with our rents, we also pay utilities. So let's enter our vendor act merely scene can. We're going to do a quick ad and working to, um, our invoice number. We're gonna enter invoice number and the rent is 6 15 The to date is on the first with a quick memo. And under the count and expense tab, we're gonna put rent 600 and utilities 50. As you can see, we can split account under the expense tab. We can also do the same under items if we want to expense a certain invoice under multiple jobs. Okay, It looks good, and we're going to save it. Cain, quick. Yes. And there's our invoice for acne. Lissy, Since I pay rent every month, I want to tell QuickBooks to remind me about this transaction. So let's go back to the bill and let's go to memorize. And it brings the memorized transaction. Well, we want to do is we wanna name or transaction? In this case, I'm gonna put rent. And I could tell QuickBooks how I want to be reminded. I can have QuickBooks added to my minders list. Do not remind me or out of make transaction entry. I wanna automate the transaction so it'll do it for me. How often it's gonna be monthly. And the next date I wanted to have it done would be I would say around the 25th numbers recurring. I could put the amount of times I want it. I want QuickBooks to do it. Someone to dio five times in days in advance to enter. I want to have one day in advance and I'm gonna press OK, now it's taking like a picture. It's memorizing this transaction and in order to get that transaction was close out of this . That's good. A list memorized transactions list. And here's our transaction. QuickBooks just copied the transaction that we asked it to memorize. So if we click on it, it brings us to the bill that we just created. And if we need to change it, we can always go to memorize transactions in order to edit or delete it. Or we can go toe enter transaction and it will open the bill and we can just save it. And it says you want to record the new transaction. Well, I'm going to say no, but as you can see the date now, it went to 9 25 which was the day I took QuickBooks toe enter. So I'm going to click. No, and that's how you do a memorize transaction. Now let's go pay the bill for ABC Plumbing. So that's close out of this transaction list and go to new transactions. Pay bills. Here we have a list of open bills. Now, I want to select ABC plumbing, so I'm Mark or check the box. And here is the bill. Now I know we have a credit. So let's set the credit for the when we have for $50. If we're going to select it and click done, then we're gonna enter the date we want to pay it. And the method we could do check or credit card. And we're going to assign the check. Meaning that I already brought hand wrote the check. So I'm gonna tell quickbooks what the check number was. So then I'm going to save it in here. We can talk. What looks, what? The check number waas who were going to hit? Okay. And we can pay more bills from here or we can click. Done. So now ABC plumbing has a balance of zero. Now let's write a check to Craig's materials for materials that we need a right away. As you noticed, there is a balance, but we're not gonna pay that balance. So let's go to banking. Write a check in here. Scruggs materials Now on this check form. As you can see, we can select the count that we want to pay from. And when we dio QuickBooks is telling us that there's open invoices for this fender. So do we want to go pay the bills or do we want to continue reading check? Let's continue writing the check. Then we get the drop John of the checking account. So we're gonna print the check later, and we are going to write the check of $100 and we're gonna delete this and put it under the awesome job item under plumbing. And it's awesome job, and it is available. Okay, so let's save this transaction. And there is the check $100. Now we can print the check. So let's go to file print forms checks, enter the check number and select the check. Everyone of Prince gonna hit, okay? And it takes us to the print printer settings. We can select the printer, Then we're gonna hits print, and now it prints. Now, if we want to reprint this check If it didn't come out correct, we can click on here to repent and hit. OK, and then we can we can reprint it. So we're gonna check that we're gonna hit. Okay, Now we can see the check with the check number. Now, if we wanted to pay with a debit card, the process is the same. We gotta banking, write a check. But now we're not gonna print a check. What? We're gonna type in here. We're going to continue in check, but we're gonna type in here is DB for debit card and we're going to enter them out, and the process is just the same. We have to enter the item in the $300 for awesome job. Then we can write a memo paid for materials with de but card. Okay, in the save this transaction. Yes. As you can see it now says DB for debit card. Now let's say you have a petty cash account where you replace the money that you've used every two weeks or whatever amount of time that you've selected. We need to buy materials from ABC plumbing, so let's record that transaction by going in banking. Write checks as you can see here. We're doing a check, but we're not writing a check. We're just telling quickbooks that we paid ABC Plumbing. We're not gonna write anything here because it's cash and we're going to select ABC Plumbing, But under bank account, we need to change it to have petty cash. So let's go toe add new in this venture petty cash account. OK, then save it and we're gonna delete that and we're going to to $25 for ABC plumbing or a plumbing item. So, John, then let's save this transaction. Okay, so here's ABC plumbing. As you can see over here, we can see where the transactions air going or what accounts they're coming from. So here's our petty cash of $25. Now we need to do a check to Petty cash for $25. Or if we're taking cash out of the checking account for petty cash, then we have to do a transfer. And we can do that by going banking transfer funds, the date and we're gonna dio from checking to petty cash $25 and it's saving close Now. What I want to do is enter a credit card transaction. I also want to pay Greg's materials balance part of it with the credit card. The first thing I need to do is enter a credit card in QuickBooks because I don't have one . So let's go to a list chart of accounts going to right click and hit. No, didn't select credit card. Continue into the account number and type in the account name. And I'm gonna hit. Saving close. Select. No. And there's a credit card. Now we can go into the transaction under banking and took credit card charges. It's kind of being Greg's materials. You have outstanding bills with this vendor. I'm gonna select. Do not display. Okay. And let's enter the amount of 25. The item is 14. Awesome job, and this one is not available. And now we should save the credit card transaction. It's gonna grants and there is see under type. We can see what type of transaction this vendor has. And here's the credit card. Now let's go pay some of this balance, go to new transactions, pay bills, and we're back to the page bill screen. So we're gonna select regs materials and we're gonna go down here. We're gonna select credit card and the credit card that we want to pay. But we also want to change the amount because I don't want to pay 5000. I just want to pay $2500. So we're gonna change that and then save our transaction. Hit okay, and we're gonna get done. And here's the bill payment with a credit card for 2500 you can also enter transactions in the register. Let's goto list chart of accounts. It's got all the credit card register you could start entering from here. Let's enter the vendor and let's click on Quick Ad. It's a vendor look, OK marketed to 100. We could enter the account here. Now if it's multiple accounts now, this fast delivery service. I'm also paying postage, so I want to split this in different accounts. I want to do professional fees for 75. I could put a memo and then I want to put postage for 25 and then I can close this and it's has split cause it's split and I'm going to save this transaction. Yes, and let's go back to our vendor. That's right there under service credit card and That's how we enter and pay our expenses in. QuickBooks. I want to thank you for joining us in this QuickBooks tutorial, and I hope to see you in our next tutorial. Thank you.