QuickBooks Online forms help you to organize or manage all your accounting tasks. Here are some terms and their description that would help the new users of accounting applications to identify the forms in QuickBooks Online.
For more information in creating these forms, you need to sign in your QBO and then select the Help(?) icon in the upper right.
Let’s examine the several QuickBooks Online forms
It is a bill for an account between a customer and a vendor. It indicates what is sold and how much is owed. When your customers are not paying immediately for goods and services sold and you are expecting payment at a later date at that time invoices are sent.
2. Receive Payment
It is basically used in conjunction with Invoice. In this, you can easily record receiving the payment, when a customer is paying an invoice.
An estimate(quote) is created in this when you want to give your customer an estimation of how much a job will cost. The estimate is similar to an invoice. But, its main purpose is to help you begin negotiations with your customers. Also, you can add data from the estimate onto an invoice. Once the estimate is accepted and you are ready to bill your customer.
4. Sales receipt
It is generally used for goods and services rendered at the time of purchase. And also when customers give you immediate payment.
It shows the status of the customer’s account at a particular point in time. Provides sales transactions, credits, and payments in each line item for a given period. Like individual sales transactions, it doesn’t provide much detail. It only notifies your customers where they stand and if they still owe you any money. It is sent on a regular basis.
It describes transactions that owe to vendors or suppliers. It is also an invoice, by using this your vendors or suppliers can send to collect money from you. If you are a customer of the vendor/supplier then you need to enter the invoice as a “bill” that you suppose to pay.
7. Pay Bills
Like receive payment, pay bills also give the facility to use in conjunction with Bill. You can easily record the bill payment while paying a vendor or supplier bill or multiple bills.
Hope, you understand the concept of QuickBooks Online forms, For any additional information and Query, Contact our QuickBooks support, or directly call our toll-free Number +1-855-441-4417.
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