What's in the New + Menu in QuickBooks
Invoice
An Invoice in Quickbooks is a Sales Invoice, i.e. what you issue and send to your customers or clients. If you currently issue your Invoices on another system, talk to us for some training maybe you can do the same thing in Quickbooks and save on data entry.
Receive payment
To enter payments that have been received for Sales Invoices ( above), note if you are using the bank feed then you will not use this option apart from occasionally when required
Estimate
To raise an Estimate, note the name of this can be changed to Quotation or Sales Order or whatever you like, you Once you have raised an estimate on Quickbooks you can turn it into an Invoice with one click if that's what is wanted.
Credit Note
The opposite of an Invoice - i.e. a minus Invoice, for when goods or services are returned or reduced in value to the customer
Sales Receipt
Often misunderstood but very useful option in Quickbooks, for recording sales that are paid immediately either by cash, credit card or cheque, or bank receipt
Refund Receipt
To be used only when a credit and a refund is being given for something previously entered as a sales receipt. If you have problems with credits and receipts then let us show you the correct way for all circumstances
Delayed Credit
To record a credit that you expect to make can be turned into a minus Invoice ? - Go figure poor Intuit processing.
Delayed Charge
To record a charge you expect to make to a customer or client, can be turned into an Invoice
Add Customer
To add a new customer, note this can also be done when raising the first Invoice to a customer by the quickadd function
Expenses
Often misunderstood by the person I am training. This is used to enter any type of direct bank payment or cash payment
Cheque
To enter a cheque payment manually where the purchase ledger ( Bills) have not been used. Note this is exactly the same accounting entry as an expense above. For those learning accounts the double entry is Cr Bank Dr expense account
Bill
To Enter a Bill or Purchase Invoice to be paid later, This records the expense ( accrual accounting) into the company's accounts and enters into the purchase ledger to show who you owe money to and when it needs to be paid. Note do not use for an expense or payment has already been made. Use expense instead.
Pay Bills
To enter payments that have been made against a bill or bills that have been entered earlier.
Purchase order
To Enter a purchase order which is a non financial transaction which can be turned into a bill ( Purchase Invoice) later.
Supplier Credit
To enter a supplier credit, i.e. the opposite of a bill
Credit card credit
To enter a charge against a credit card
Add supplier
To add a new supplier, note this can also be done when entering the first bill to a supplier by the quickadd function
Employee
To set up a new employee in the accounts side of Quickbooks, note this is not for payroll
Single time activity
If recording time of employees or sub contractors you can enter single time items here
Weekly timesheet
To enter a weekly timesheet, allocate to different customers and or projects
Approve Time
This is used to approve time when you have used the TSheets addon