📈Recognizing income in QuickBooks Online involves using the accounts receivable workflow.
💰An estimate is created when a customer shows interest in buying a product or service.
🧾An estimate can be converted into an invoice once the customer accepts the offer.
💲In QuickBooks Online, you can create invoices for products, services, or inventory items.
📥Payments can be received in full or partial amounts and applied to specific invoices.
What is the accounts receivable workflow?
—The accounts receivable workflow in QuickBooks Online involves creating estimates, converting them into invoices, and receiving payments for those invoices.
Can I create estimates directly in QuickBooks Online?
—Yes, you can create estimates in QuickBooks Online, which can later be converted into invoices.
What types of items can I create invoices for in QuickBooks Online?
—You can create invoices for products, services, or inventory items in QuickBooks Online.
Can I receive partial payments for invoices in QuickBooks Online?
—Yes, you can receive partial payments for invoices in QuickBooks Online and apply them to specific invoices.
Which account should I use to record payments received?
—You can use the 'Undeposited Funds' account to record payments received, especially if you make one lump sum deposit to the bank.
00:02Learn how to recognize income in QuickBooks Online using the accounts receivable workflow.
00:27An estimate is created when a customer shows interest in buying a product or service.
01:08Estimates can be converted into invoices once the customer accepts the offer.
02:51You can create invoices for products, services, or inventory items in QuickBooks Online.
08:37Payments can be received in full or partial amounts and applied to specific invoices.
