Show Me QuickBooks 2006

2017-07-07 02:10:07

The goods and services your company sells produce income that needs to be recorded in your company's financial records.

When you issue an invoice, QuickBooks increases your income by the amount on that invoice. If the customer is to pay you in the future, your company's accounts receivable account is also increased by the amount of the invoice. Alternatively, if you receive cash at the time of the sale, the undeposited funds account is increased.

If the sale is taxable, your sales tax liability account is increased by the amount of sales tax charged on the invoice.

The following example illustrates the accounts that are affected in the background when you enter information on a QuickBooks invoice form:

Sample invoice:

Amount of sale	$100.00
Sales tax	$5.00
Total amount due from customer	$105.00

Affected accounts:

	Debit	Credit
Accounts receivable (or Undeposited Funds)	105.00
Sales tax payable		5.00
Sales revenue		100.00

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