QuickBooks Online Invoicing Options

QuickBooks Online Invoicing OptionsWhether you’re a freelancer, small business owner, independent contractor, nonprofit organization, or something in between, invoicing plays an important role in business; you need cash flow to keep it running. QuickBooks Online offers many options to help keep your invoicing plan on track including customizations, tracking and automation. This week, we’re digging further into invoicing details in our weekly #QBOchat.

Q1: What are the big differences between invoices, statements, and sales receipts?

The dictionary definition of these three words tells the true differences between them, but as we learned from #QBOChat answers, there are many variations in the way these three items are used.

Along the lines of definitions:

@QBOchat: An invoice is a request to be paid and stays open until you apply a payment to the invoice. A statement is a summary of invoices

@QBOPro: Invoices are for A/R, Sales Receipts are for cash transactions and Statements as for monthly recaps!

@BizBooksCloud: Sales receipts = funds received at sale, invoices = asking for payment, statement = listing of invoices and total owing

@Redmond_Laura: Invoices & sales receipts are posting transactions; statements are non-posting informational tools

Examples of usage:

@accountingpeace: I use Sales Receipts for payments not needing an invoice.

@MarnieStretch: A Sales Receipt combines an Invoice and Payment into just ONE transaction. Love it!

@Megsquito: Generally I use an Invoice when I’m getting paid at a later time and a Sales Receipt when I’m getting paid now

@Megsquito: Statements provide a great way to nudge your clients and remind them what they owe, or don’t owe!

@Redmond_Laura: Setup recurring sales receipts and charge customer credit cards automatically. (not available on invoices)

And a #QBOtip:

@QBOchat: Make sure to use the invoice or sales receipt form if you want revenue to show up on any “Sales” reports.

Q2: What invoice customizations are available in QuickBooks Online?

In a previous chat, we talked about QuickBooks Online Company Settings and customization was a popular topic. After all, it allows businesses and accountants the opportunity to add a personal touch. The good news is that QuickBooks Online users can also customize invoices. Once you start with one of the provided templates, chatters recommended customizing colors, adding a company logo, and modifying the header and footer. A few additional customization suggestions:

@BizBooksCloud: Finally, the sky is the limit with the availability of exporting to Word for formatting and reimporting

@QBOchat: For recurring invoices, setup a recurring transaction to be scheduled or saved for use as needed

@Redmond_Laura: Setup multiple different custom sales form designs for different uses

Q3: What are common errors you see when it comes to invoicing in #QuickBooksOnline?

There are many common QuickBooks Online invoicing mistakes including not reconciling accounts, too many accounts and sub accounts a.k.a. creating a new product/service when clients do something differently, and forgetting to add sales tax. Then there’s the error that relates to question one of today’s chat, using an invoice as a sales receipt and vice versa.

There are simple errors we can all relate to:

@accountingpeace: Spelling. I’m better with numbers. Go figure.

And a few more complex ones:

@AeroWorkflow: The old receive the payment and make a separate deposit entry is a perennial favorite.  

@QBOchat: Be careful not to charge for the same thing on multiple invoices. Run sales by customer detail to check.

@Redmond_Laura: Write off amount to bad debt without reversing appropriate sales tax accrual

Q4: What workarounds or apps have you used to fill in the gaps of #QuickBooksOnine’s invoicing?

QuickBooks invoicing tools are great for many things, but there are a few items the program doesn’t offer, or a better option can be found elsewhere. We’re big fans of @TSheets to have more control over time tracking and having that detail flow to invoicing; @Avalara to make sure we’re recording the proper sales tax on invoices; and @Billcom because it not only has an A/P side, but also can help streamline invoicing. Other options are:

@vheckman: Shout out to a @ChargeOver friends on this one- they can do some pretty cool stuff for biz with subscription needs  

@MethodCRM was a popular answer for a few reasons:

@jj_watson: Some were mentioned, but with @MethodCRM, you have custom invoices, approval process, invoices via mobile, track custom fields

@Redmond_Laura: @MethodCRM invoices are awesome – we added price levels for a customer who uses QBO

@Redmond_Laura: @MethodCRM custom invoice for Real Estate firm whose invoices are “Demand Letters” to title company. Can’t do that in QBO

Q5: What other cool things can you do with #QuickBooksOnline and invoicing?

Since there are so many options of what you can do with QuickBooks Online invoicing, we thought it’d be fun to ask what your favorites are and hopefully learn something new. There were so many different answers here so we’ll let them speak for themselves:

@accountingpeace: Email your clients the invoice immediately

@mb_bossman: Ooh ooh you can communicate with clients within the invoice itself and see the conversation in QBO

@Redmond_Laura: Online invoices with QB payments activated!

@QBOchat: Create an invoice in the field with a @QuickBooks mobile App

@BizBooksCloud: Adding billable expenses and time is so easy with QBO

@AeroWorkflow: Love seeing when they’ve opened it

@mb_bossman: Add attachments before sending it out, (contracts, etc.)!

@vheckman: One last thing! New! Mark a bank transaction as a billable expense and assign it to a customer! https://t.co/xGGXtnntXZ

@MarnieStretch: Did someone already say accepting payments? We canucks are very happy for this feature!  

@mb_bossman: Need to make a change to the Invoice? Any changes automatically get updated through the original link sent to client.

@QBOchat: You can turn on the customer rating feature in #QuickBooksLabs to get feedback from customers.

That’s a wrap for this week. Do you have any further thoughts on invoicing in QuickBooks Online? Leave a comment below to keep the conversation going. We’ll chat again Thursday at 3 PM Eastern/12 PM Pacific.

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Andrea Mestdagh

Andrea Mestdagh is an award-winning communications and marketing professional.

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