Gross Receipts in QuickBooks

Gross Receipts in QuickBooks/QBO: Meaning, Calculation, & Running Report

Gross sales and receipts consist of the collected income during an annual accounting year. So, QuickBooks offers its users to calculate these gross sales or receipts of a company. The software also allows you to prepare the reports for the same. The feature to calculate the gross receipts in QuickBooks becomes beneficial for the users when they accurately perform the procedure involved. The gross sales can be estimated via Create Invoice in QuickBooks. The Report option will act as a boon when achieving the process for the gross sales report. The method for running the gross sales in QBO can require the use of the Filter button. 

This page can help you know about the feature of the gross receipts in QB. Also, you will be finding the steps to calculate a gross sale as well as its report in the accounting software. Further, the method for the execution of gross sales reports in QuickBooks Online will be talked about.

What are Gross Receipts in QuickBooks?

QuickBooks gross receipts refer to the total of an amount that is collected annually by a company from all of its sources during an accounting term. They do not contain any subtraction of the expenses and costs borne by the company. The amount also constitutes the royalties, interests, tax refunds, dividend income, etc. Moreover, donations for charitable and non-profitable organizations also get included in the amount of the gross receipts. 

How to Find Gross Sales in QuickBooks?

QuickBooks users can find or get gross sales if they utilize the Create Invoice option. Prior to this, please select the Create Sales Receipt tab. When you click on the Create Invoice button, it will lead you to a drop-down menu for Customer. From here, you are needed to pick your customer, and if a new one is to be added, then tap on the Add New tab.

Scroll down through the rest of the process to know how to get gross sales in QuickBooks.

  • Run your “QuickBooks” window.
  • In the next step, click on “Create Sales Receipt”.
  • Then tap on the “Create Invoice” option.
  • Choose the “Customer” drop-down after this.
  • Next, you need to opt for your customer via the items in the given drop-down.
  • In case you want to add one customer, click on “Add New”.
  • Keep following the prompts appearing on the screen.
  • Now, select the sold products among the available drop-down options.
  • Add them to their specific column for “Items” of their certain “Sales” and “Invoice” receipt.
  • In the column of “Quantity”, you will have to specify the quantity of the selected items. 
  • You are also required to add the service charges/fees in the column provided for “Items”.
  • Look over the rates in the specific column for “Amounts”. 
  • Press one of these buttons:
    • “Save and New”
    • “Save and Close”

This method shows that for running gross receipts in QuickBooks, you are required to first add items and other details. When these details have been added and saved, the receipts will start running.

Process for Running the Gross Sales Report in QuickBooks

If you want to run the gross sales report in QuickBooks, then Reports is the most suitable button for it. For the initial process, it is necessary to open your QB homepage. After that, click on Reports. Then you have to visit Accountant and Taxes. You may now press the Income Tax summary option. 

Please read the remaining method for running the gross sales report in this accounting software: 

  • In your “QB” account, press the “Reports” tab.
  • Pick “Accountant and Taxes”.
  • Then you need to find and click on “Income Tax Summary”.
  • Select the date span of the gross report.
  • Tap on “Enter”.
  • The amount that will be displayed near “Gross Receipts” will be the gross sales for the mentioned time.

How to Run a Gross Sales Report in QuickBooks Online?

The Filter tab in the QuickBooks Online software makes the running of a gross sales report possible. Users will have to commence the procedure by selecting the Reports option in the window of QBO. Then you need to fill in Profit and Loss in the provided search area. Next, you will have to choose the Customize button to carry on with the process.

Follow the below steps to know how to run a gross receipts report in QuickBooks Online.

  • Select the “Reports” button from the QBO” menu.
  • Type “Profit and Loss” in the field provided to start the search.
  • Press “Customize”.
  • From the field of “Report Period”, choose the needed date.
  • Click on the “Filter” option.
  • Put a tick against the “Distribution Account”.
  • Pick up “Income Accounts”.
  • Opt for “Run Report”.

Tip: You may also customize the reports for the gross receipts in QuickBooks Online according to your want and then save them.

Conclusion

The calculation of gross sales can become an advantage for your company. The major advantage is that it can keep a record of the income and the receipts received. The blog helped you to understand gross sales. We outlined the steps to carry out the gross sales in this Intuit software. We also marked the points to calculate the gross sales report in QuickBooks and QB Online. With most queries answered, it is hoped that running or recording these sales receipts will not be a problem.

Some of you may be using an IIF file. To move it, you may know about the process for an IIF file import to QuickBooks. We also recommend you to go through our other blog on how to use undeposited funds in QuickBooks.

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