Mindset for QuickBooks: What's the best way to track your income in QuickBooks?

In this video, Mindset for QuickBooks: What's the best way to track your income in QuickBooks? I will guide you through the 2 ways to enter your income into the Customer Center, Create invoices and Sales Receipts. I created this video to help you to understand which option is best for your business.

In this video, we will discuss the mindset behind the different options for recording your income.

Here’s a few questions to ponder before making the decision:

Do you need a Accounts Receivable?
(A way to track Invoices Customer Owe You)
Do you collect sales tax?
Do you like detail?

Or

Do your Customers pay you at the time of service, or when they buy the product?
Do you want to keep it super simple?
This video is a little longer…

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➡️ Steps to Track your Income:

➡️ Record Deposits

In the Home screen, click “Record Deposits”
“Deposit To”
“Date”
“Memo”
“Received From”
“Warning” screen will show
Click “OK”
“From Account”
“Memo”
“CHK No.”
“PMT METH”
“CLASS”
“Amount”
Click “Save & Close”

➡️ Profit & Loss Standard

Go up to “Reports”
“Company & Financial”
“Profit & Loss Standard”


➡️ Sales by Item Report

Go up to “Reports”
“Sales”
“Sales by Item Summary” or “Sales by Customer Summary”

➡️ Income by Customer Summary

Go up to “Reports”
“Company & Financial”
“Income by Customer Summary”


Timestamps:

0:00 - Intro
0:21 - Customer Center explained
2:23 - Profit & Loss in QuickBooks
4:34 - Sales by item Summary
5:12 - Profit & Loss and Sales by item comparison
6:40 - Track Income in QuickBooks
10:57 - Creating Invoice
18:14 - A/R Aging Summary & Sales by item Summary
20:39 - Creating Sales Receipt
23:18 - Undeposited Funds explained
23:49 - Final Thoughts

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