Summary
In this chapter, we looked at how income can be recorded in QuickBooks Online for a retail-based business, the following areas have been covered:
- Using Sales Receipts, Bank Deposits, Journal Entries
- Recurring templates
- Using Undeposited Funds
- Use of Customer names
- Use of Product/Service Items
- Updating price-lists
- Revaluation of stock
QuickBooks Online offers a lot of flexibility when it comes to choosing how income is recorded. The level of complexity depends largely on the reporting requirements and the necessity to monitor inventory.
The next chapter looks at how a business might need to monitor how money that is not strictly theirs is handled – client money. Lawyers, realtors, and trusts often handle money on behalf of others. But how can we use QuickBooks to handle that? Read on to find out!