ACC 100: Accounting Information System

Students Activity Sheet #24

Name: Class number:

Section: BSMA - SJ3 Schedule: Date:

Lesson title: Daily Chores in Quickbooks Materials:

Lesson Objectives: FLM Student Activity Sheets
1. Recording a Sales Receipt
References:
QuickBooks Simple Start for
Dummies

“Try not to become a man of success. Rather become a man of value.”

― Albert Einstein

A. LESSON PREVIEW / REVIEW

1) Introduction
You record a sales receipt when a customer pays you in full for the goods or services at the
point of sale. Sales receipts work similarly to regular invoiced sales (for which you first invoice
a customer and then later receive payment on the invoice). In fact, the big difference between
the two types of sales is that sales receipts are recorded in a way that changes your cash
balance rather than your accounts receivable balance

Please read the learning targets before you proceed to the succeeding activities. The learning
targets are your goals. Remember, you need to achieve your learning targets at the end of
the lesson.

2) Activity 1: What I Know Chart

What do you know about Recording a Sales Receipt in Quickbooks? Try answering the
questions below by writing your ideas under the What I Know column. You may use key words
or phrases that you think are related to the questions.

What I Know Questions: What I Learned (Activity 4)

How do you record sales receipt
using Quickbooks?
1. Click the Sales Receipts New
hyperlink
2. identify the customer
3. date the sales reciept
4. enter a sale number
5. fix the Sol To address.
6. record the check number
7. specify the payment method
8. describe each item that you're
selling

This document is the property of PHINMA EDUCATION

 ACC 100: Accounting Information System
Students Activity Sheet #24

Name: Class number:

Section: Schedule: Date:

B. MAIN LESSON
1) Activity 2: Content Notes

Recording a Sales Receipt

You record a sales receipt when a customer pays you in full for the goods or services at the point of sale.
Sales receipts work similarly to regular invoiced sales (for which you first invoice a customer and then
later receive payment on the invoice). In fact, the big difference between the two types of sales is that
sales receipts are recorded in a way that changes your cash balance rather than your accounts receivable
balance.

In the following steps, I describe how to record sales receipts for products, which are the most
complicated type of cash sale. Recording sales receipts for services works basically the same way,
however. You simply fill in fewer fields.

1. Click the Sales Receipts New hyperlink.

Alternatively, click the Sales Receipts icon and choose New.
The Enter Sales Receipts window appears, as shown in the figure below.

Your Enter Sales Receipts window might not look exactly like mine for a couple of reasons. QuickBooks
Simple Start slightly customizes its forms to fit your particular type of business.

Customizing sales receipt forms works in a similar way to customizing invoices and credit memos. For
example, you can add a logo. You can also make other modest changes.

2. Identify the customer.

Click the down arrow to the right of the Customer drop-down list. Scroll through the Customer List until
you see the customer name that you want and then click it. Note that unlike invoices, the Customer field
is not required for cash sales.

3. Date the sales receipt.

Press Tab to move the cursor to the Date text box. Then type the correct date in MM/DD/YY format. You
can change the date by using any of the date-editing codes.

4. (Optional) Enter a sale number.

QuickBooks Simple Start suggests a cash sale number by adding 1 to the last cash sale number you
used. Use this number, or tab to the Sale No. text box and change the number to whatever you want.

5. Fix the Sold To address, if necessary.

QuickBooks Simple Start grabs the billing address from the Customer List and uses the billing address
as the Sold To address. You can change the address for the cash sale, however, by replacing the
appropriate part of the usual billing address.
2

This document is the property of PHINMA EDUCATION

 ACC 100: Accounting Information System
Students Activity Sheet #24

Name: Class number:

Section: Schedule: Date:

6. Record the check number.

Enter the customer’s check number in the Check No. text box. If the customer is paying you with cold
hard cash, you can leave the Check No. text box empty.

7. Specify the payment method.

To specify the payment method, click the Payment Method drop-down list and select something from it:
cash, check, VISA, MasterCard, or whatever. If you don’t see the payment method that you want to use,
you can add the method to the Payment Method List. Choose Add New to display the New Payment
Method dialog box. Enter a description of the payment method in the text box and click OK.

8. Describe each item that you’re selling.

Move the cursor to the first row of the Item/Description/Qty/Rate/
Amount/Tax list box. When you do, QuickBooks Simple Start turns the Item field into a drop-down list
box. Click the Item drop-down list of the first empty row in the list box and then select the item. When you
do, QuickBooks Simple Start fills in the Description and Rate text boxes with whatever sales description
and sales price you entered in the Item List. (You can edit this information if you want, but that probably
isn’t necessary.) Enter the number of items sold in the Qty text box. (QuickBooks Simple Start then
calculates the amount by multiplying the quantity by the rate.) Describe each of the other items you’re
selling by filling in the next empty rows of the list box.

If you’ve already read the chapter on invoicing customers, what I’m about to tell will seem very familiar:
You can put as many items on a sales receipt as you want. If you don’t have enough room on a single
page, QuickBooks Simple Start adds as many pages as you need to the receipt. The sales receipt total,
of course, goes on the last page.

9. Describe any special items that the sales receipt should include.
If you didn’t set up the QuickBooks Simple Start item file, you have no idea what I’m talking about. But
here’s the scoop: QuickBooks Simple Start thinks that anything that you stick on a receipt (or an invoice,
for that matter) is something that you’re selling. If you sell blue, yellow, and red thingamajigs, you
obviously need to add each of these items to the Item List. But if you add a subtotal to your receipt,
QuickBooks Simple Start thinks that the subtotal is just another thingamajig and requires you to enter
another item in the list. The same is true for a volume discount that you want to stick on the receipt. And
if you add sales tax to your receipt, well, guess what? QuickBooks Simple Start thinks that the sales tax
is just another item that needs to be included in the Item List.

To include one of these special discount or subtotal items, move the cursor to the next empty row in the
Item box, click the arrow on the right side of the drop-down and then select the special item. After
QuickBooks Simple Start fills in the Description and Rate text boxes, you might need to edit this
information. Enter each special item — subtotals or discounts — that you’re itemizing on the receipt by
filling in the next empty rows of the list box.

This document is the property of PHINMA EDUCATION

 ACC 100: Accounting Information System
Students Activity Sheet #24

Name: Class number:

Section: Schedule: Date:

If you selected the Taxable check box when you added the item to the Item List, the word Tax appears
in the Tax column to indicate that the item will be taxed.
If you want to include a discount item (so that all the listed items are discounted), you need to stick a
subtotal item on the receipt after the inventory items or other items you want to discount. Then stick the
discount item directly after the subtotal item. In this way, QuickBooks Simple Start calculates the discount
as a percentage of the subtotal.

10. Specify the sales tax.

If you specified tax information when you created your company file during the EasyStep Interview,
remember how QuickBooks Simple Start asked whether you charge sales tax? QuickBooks Simple Start
fills in the default tax information by adding together the taxable items (which are indicated by the word
Tax in the Tax column) and multiplying by the percentage you indicated when you created your company
file. If the information is okay, move on to Step 13. If not, move the cursor to the Tax box that’s to the
right of the Customer Message box, activate the drop-down list box, and select the correct sales tax.

11. (Truly optional and probably unnecessary for cash sales) Add a memo in the Memo text
box.
You can include a memo description with the cash sale information. This memo isn’t for your customer.
It doesn’t even print on the cash receipt, should you decide to print one. The memo is for your eyes only.
Memo descriptions give you a way to store information that’s related to a sale with the sales receipt
information.

12. Decide whether you’re going to print the receipt.

If you’re not going to print the receipt, make sure that the Print Later check box is empty — if not, deselect
it.
The figure below shows a completed Enter Sales Receipts window.

13. Click Save & Close to save the sales receipt.

QuickBooks Simple Start saves the sales receipt that’s on-screen.

Activity 3: Skill Building

List down the summary of steps on how to record Sales Receipt using Quickbooks into 5 steps.

Step 1
Click the Sales Receipts New hyperlink.
Step 2 Identify the customer.

Step 3 Date the sales receipt.

Step 4
(Optional) Enter a sale number.

This document is the property of PHINMA EDUCATION

 ACC 100: Accounting Information System
Students Activity Sheet #24

Name: Class number:

Section: BSMA - SJ3 Schedule: Date:

Step 5 5. Fix the Sold To address, if necessary

Activity 4: What I know Chart, Part 2

Now let’s check your final understanding of Flexible Learning. I hope that everything about the
topic is clear to you. This time you must fill out the What I Learned column.

Activity 5: Check for Understanding and Keys to Correction

Independent Practice

Write TRUE if the statement is correct, otherwise write FALSE.

1. QuickBooks Simple Start grabs the billing address from the Customer List and uses the
billing address as the Sold To address.
2. You can change the address for the cash sale, however, by replacing the appropriate part of
the usual billing address.
3. If the customer is paying you with cold hard cash, you can leave the Check No. text box
empty.
C. LESSON WRAP-UP
1) Activity 6: Thinking about Learning
A. Work Tracker
You are done with this session! Let’s track your progress. Shade the session number you just
completed.
P1 P2 P3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

B. Think about your Learning

1. Please read again the learning targets for the day. Were you able to achieve those learning
targets? If yes, what helped you achieve them? If no, what is the reason for not achieving them?
___________________________________________________________________________
___________________________________________________________________________
YES
___________________________________________________________________________

2. What question(s) do you have as we end this lesson?

___________________________________________________________________________
NONE
___________________________________________________________________________
__________________________________________________________________________

KEY TO CORRECTIONS:
Activity 3:
Answers may vary.

This document is the property of PHINMA EDUCATION

 ACC 100: Accounting Information System
Students Activity Sheet #24

Name: Class number:

Section: Schedule: Date:

Activity 5:
1. TRUE
2. TRUE
3. TRUE

FAQs
What is the purpose of QuickBooks Point of Sale system?

You might want to look at the QuickBooks Point of Sale system. The QuickBooks Point of Sale system
makes it easy to quickly record cash register sales. In fact, the more expensive version of the
QuickBooks Point of Sale system comes with a scanner, a receipt printer, and a cash drawer. When
you use the QuickBooks Point of Sale system, the software automatically records your sales and the
effect on inventory and cost of goods sold when you ring up a sale.

This document is the property of PHINMA EDUCATION