Question

You made a sale and the customer paid the whole amount. To record the sale you click the PLUS icon and select.

A) Invoice
B) Record Sale
C) Sales Receipt
D) Receive Payment

Answer 1

To record a sale where the customer pays the entire amount immediately, you should select a Sales Receipt. This captures the transaction details and payment, keeping financial records accurate.

Step-by-step explanation:

When a customer pays the full amount at the time of the sale and you want to record this transaction, you should select C) Sales Receipt. An invoice is used when the customer is billed for payment at a later date, while a sales receipt is used when the payment is received immediately during the sale. The 'Receive Payment' option is used when a payment is received for an invoice that was sent earlier, and a 'Record Sale' option does not exist in most accounting software that follows this terminology.

By selecting a sales receipt, you can accurately document the date of the sale, the products or services sold, and the payment that was received. This will ensure that your financial records are up to date and reflect the actual cash flow of your business.