|
Sales Overview
In MYOB Accounting Plus, sales are transactions that indicate that items or services were sold to a customer. There are five layouts for sales:
Click below for the step-by-step procedure:
Sales have three different statuses: Quote, Order and Invoice.
You can enter a quote into Accounting Plus to easily provide an estimate or sales quote to a customer without creating a transaction. A quote has no impact on your inventory levels and can be changed to an order or an invoice when your customer is ready to buy. It can be deleted if your customer decides not to purchase your product or service. When a quote is changed to an Order or an Invoice, the original quote will be stored in the Sales Register. If you want quotes to be removed after they’re changed, choose Preferences from the Setup menu to display the Preferences window, then click the Sales tab and mark the box labeled “Delete Quotes upon Changing to and Recording as an Order or Invoice.”
An order is a sale that you expect to occur sometime in the future. Orders aren’t actual transactions that affect your financial and inventory numbers; they merely store sales information until you’re ready to use them. Customer payments on an order, however, will create a transaction in Accounting Plus. You can record an order as an invoice if the customer completes the sale or delete it if he or she decides not to buy. Orders can’t be changed to quotes once they’ve been entered into Accounting Plus.
An invoice is the actual recorded sale. It records a transaction in the appropriate journal and decreases any inventory on hand. Invoices can be open, closed or exist as credit memos. A recorded invoices can’t be changed into a quote or an order.
Step 1: Choose the sale you want
Step 2: Enter information about the customer
Step 3: Bill the customer for reimbursable job expenses (optional)
Step 4: Enter line items
Step 5: Complete the sale
Before you begin entering sales into Accounting Plus, read the following paragraphs for some helpful information.
First, you’ll select a status (invoice, quote or order) for your transaction. If you like, you can choose a layout for your customer’s preferred sales form using the Card File. When you enter a customer’s name in the Sales window, the default layout you designated on the customer’s card will appear automatically. You can change this layout, if you wish. See Selling Details view (customer cards) for more information.
Click below for the step-by-step procedure:
Regardless of the layout of the sale you’re creating, you should pay special attention to the top section of the Sales window. The information you enter here will determine a number of factors about the sale, including the customer’s terms for the sale and the identification numbers assigned to the transaction.
If you want to enter a sale for a customer who doesn’t exist in your Card File yet, you can add a new customer record using the Easy Add feature. Then you can quickly get back to the business of creating the sale.
You can make any changes to the customer’s credit terms that affect only the transaction you’re currently entering. The credit terms that appeared automatically were set up using the Easy Setup Wizard when you set up your company, the Credit Terms window that’s opened from the Preferences window, or the Customer Terms Information section that can be found on the Selling Details tab in the Card Information window.
If you use Accounting Plus’s Multicurrency feature, you can change the exchange rate using the Sales window. For additional information about the Multicurrency feature, see Multicurrency Overview.
Click below for the step-by-step procedure:
In Accounting Plus, you can bill the customer for expenses you’ve incurred during the course of a job, if you’ve set up a job for this customer. There are a number of steps you need to follow to set up your jobs before you can begin billing customers for reimburseable job expenses. See Jobs Overview for more information.
Click below for the step-by-step procedure:
The scrolling list in the middle of the Sales window is the main area where sales are created. In this area, you’ll enter item numbers, activity ID numbers, descriptions, account numbers and various other information that will serve as the detail for your transaction.
When you enter information in one row in the scrolling list, you enter one line item of the transaction. You can enter as many line items on a sale as you want. The actual fields that appear in the scrolling list differ, depending upon the sale layout you’re creating.
Click below for the step-by-step procedure:
If you’re creating an invoice for a customer for whom you have work in progress, you can create line items automatically using the Prepare Time Billing Invoice window.
Using the Prepare Time Billing Invoice window allows more flexible, detailed and accurate activity slips and time billing records. You can bill for activity slips partially or in full. You can also enter adjustments to the billing amounts on the activity slips before you include them on the invoice. When you record the invoice, your activity slips are updated automatically.
You can also enter line items on a time billing invoice manually, but no activity slip records will exist for the activities you include. Many time billing reports are based upon activity slip records, so you may want to enter line items using the Prepare Time Billing Invoice window instead. See Billing for time for more information.
Click below for the step-by-step procedure:
If you choose, Accounting Plus allows you to add useful information about your sale, such as a journal entry memo or a referral source (the way your customer found out about your business). You can also record details about the customer’s payment with the Applied Payment Details window. For example, if the customer paid by check, you can enter the check number. If another customer pays by credit card, you can enter the credit card number, expiration date and other related credit card information.
If you’d like, you can use the customer’s card to set default entries for several fields in the Sales window. See Selling Details view (customer cards) and Enter payment details (customers) for more information.
You can track the progress of your employees’ sales performance by assigning their names to individual sales transactions. When you do this, each employee’s sales amounts are added together and stored on a monthly basis. You can then use this information to analyze your company’s sales on a salesperson-by-salesperson basis and to pay sales commission to your employees. See Distribute other types of wages (optional) to learn more about including commissions on employee payroll checks.
The tax code that is selected for the customer on the customer card is entered automatically when the customer card is entered in the Sales window. You can change it, if you wish. Using the Selling Details view of the Item Information window, you can choose to mark automatically an item that’s included in the Items List to be taxed when you enter the item on a sale. Simply mark I Collect Sale Tax When I Sell This Item.
All parts of the sale (line items and freight charges) that you’ve marked as taxable will be taxed based on the sales tax code’s tax rate. If, after you’ve entered all your line items and freight charges, the sales tax amount that appears in the Tax field isn’t the amount you want to bill the customer, you may want to manually adjust the amount. Click the arrow next to the Tax field to open the Tax Information window; you can adjust the amount in the Tax column.
Click below for the step-by-step procedure:
When you’re finished making entries in the Sales window, there are a number of tasks you can perform with the transaction. Be sure to review all the following options before you choose what you want to do.
You can select Recap Transaction from the Edit menu to see how a sale will affect your financial records before you record it. Other options include printing and recording sales and creating a recurring sale.
You can print, email or fax a sale and record it at the same time by clicking the Record button if you’ve set up your preferences properly. To do this, choose Preferences from the Setup menu to display the Preferences window, then click the Sales tab and mark the box labeled “Automatically Print/E-mail/Fax Sales When They’re Recorded.”
Click below for the step-by-step procedure:
You can print and reprint individual sales, packing slips and shipping or mailing labels, or you can print several of these Accounting Plus documents at the same time -- the choice is yours.
Accounting Plus also allows you to easily choose the way you send your forms to your customers. By clicking the Send To button, you can email, fax or save forms to your hard drive.
These three types of sales documents all are printed from the Forms Selection window, so finding the documents you need to print is an easy process.
You can also customize the look of your printed sales forms, packing slips and labels. After you’ve recorded an invoice, you can print it, along with an accompanying packing slip and a shipping or mailing label, if you want. You can also choose a specific set of forms to print.
If you want to print some sales you’ve already printed, be sure the Unprinted or Unsent Sales Only selection isn’t marked in the Forms Selection window.
If you’re unable to make entries or selections in your print window, your printer driver software may not be up to date. See Choosing preference settings for reports and forms for more information.
Click below for the step-by-step procedures:
To choose the forms you want to print
To choose a form layout for your sales forms
To print and reprint your sales forms
To save a sale or purchase as a PDF file that you can attach to an email
To fax a sale or purchase for more information.
At the end of your billing periods, you’ll probably want to print statements for customers that summarize their activity with your company. Accounting Plus statements contain all the necessary information for customers to quickly review their current billing status. There are two types of statements: invoice and activity.
Invoice statements include most sales invoices. The only invoice that won’t appear on the invoice statement is an invoice that has been paid in full. Quotes and orders never appear on an invoice statement.
Activity statements include all sales invoices and orders with a deposit. Quotes never appear on an activity statement.
You can customize the look of your printed statements. See Customizing forms for more information.
If you’re unable to make entries or selections in your print window, your printer driver software may not be up to date. See Choosing preference settings for reports and forms for more information.
When you print customer statements, the credit terms you’ve set up for the customers whose statements you’re printing will be used to calculate each customer’s finance charge amount. See Assigning credit terms to your customers for more information.
Finance charge amounts are calculated automatically by Accounting Plus by multiplying the customer’s total overdue balance by 1/30th of the monthly finance charge rate for each day the balance is overdue. (The monthly finance charge rate for each customer can be specified in the % Monthly Charge for Late Payment field in the Credit Terms window.)
Click below for the step-by-step procedures:
To choose the statements you want to print
If you plan to record the same sale on a regular basis, you may want to consider creating a recurring template. When you create a recurring template, the transaction information is saved in a separate “holding area” where you can retrieve the transaction as many times as you want in the future. Until you record them, recurring templates have no effect on your financial records.
Click below for the step-by-step procedures:
After you record a sale, you might want to view the transaction sometime in the future. The Inquiry Register should be used for posted transactions only and offers a variety of search methods. All sales can be found using the Sales Register. You can find recurring templates in addition to quotes, orders and invoices. Invoices and orders with payments applied to them can be found using both the Inquiry Register and the Sales Register. Quotes, orders and recurring templates can be found using the Sales Register.
An important part of managing your business revolves around collecting your sales data and understanding its effects on your overall financial picture. Accounting Plus contains a number of tools that you can use to review your sales information so you can make better decisions about your business.
Click below for the step-by-step procedures:
To view sales in the Sales Register
To display a list of all sales on your computer screen using the Transaction Journal
To display a list of open sales on your computer screen using the To Do List
To display a list of recurring sales on your computer screen using the To Do List
To display a list of orders on your computer screen using the To Do List
To print a list of all your sales
To print a list of your sales by status
To print a list of all your recurring sales templates
To change a sales transaction from the Inquiry Register window
In Accounting Plus, sales can be easily changed, removed or reversed. Quotes and orders can be changed or removed at any time. The ability to change, remove or reverse an invoice depends on the way you set up Accounting Plus. An important point to consider is if the sale in question is changeable or unchangeable. If your sale is changeable, you can make changes to a sale or remove the sale altogether from your ledger.
Unchangeable transactions work differently. By reversing an unchangeable sale, the effects of your original sale will no longer be part of your ledger; however, a record of the reversed sale, called a reversing transaction, will remain. Then, if you want, you can enter a new, correct transaction to replace the transaction you reversed. See What are changeable and unchangeable transactions? for more information.
When you remove a recurring template, the template is removed from your list of recurring templates only. Any transactions you recorded using a recurring template you remove won’t be affected.
You can change the status of a sale. If you enter a quote or an order into Accounting Plus, you can easily convert it to an invoice once your customer is ready to buy your product or service. A quote can be changed into an order or invoice. An order can only be converted to an invoice.
Click below for the step-by-step procedures:
To change a recurring template’s name or frequency
To change a recurring template’s line items and other information
To convert a quote into an order or invoice using the Sales window
To convert an order into an invoice using the Sales window
To remove an order with no payment applied to it
To remove an invoice with no payment applied to it
To remove an order with a payment applied to it
To remove a order with a deposit applied to it, and to write a refund check for the deposit amount
To remove an invoice with a payment applied to it
To remove a recurring sales template
To credit a customer’s account for an item invoice when the customer didn’t return all the items
Sales Overview