You may get different numbers if you switch between cash and accrual accounting methods when you run financial reports. Using a sales receipt or an invoice will also affect your reporting in QuickBooks Online. By using invoices, businesses can easily track unpaid and overdue invoices in QuickBooks Online.Ĭreating an invoice requires someone to take an additional step of receiving payment in order to “close” the invoice. Why does this matter? If customers fail to pay, then businesses won’t know since they’ve created sales receipts. Sales receipts are generally used when payment is received immediately, whereas invoices are used when payment is received later. Many businesses will use one or other when recording a sale in QuickBooks Online, but they’re not exactly the same.īefore creating the sales document in QuickBooks Online, think about how payment is received. What’s the difference between a sales receipt and an invoice in QuickBooks Online?
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December 2022
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