Sale of product licenses

To record the sale of product licenses in QuickBooks, you should create a sales receipt or an invoice, depending on the type of transaction you are dealing with. Here’s how to do it:

Option 1: Recording the Sale of Product Licenses Using an Invoice:

Step 1: Create an Invoice:

1. Go to the QuickBooks homepage.
2. Click on the “Create” button (usually represented by a plus “+” sign) at the top of the screen.
3. Under the “Customers” column, select “Invoice.”

Step 2: Enter Invoice Details:

• Choose the customer or client to whom you are selling the product licenses. If the customer isn’t in your system, you can add them as a new customer.
• Specify the date of the invoice.
• Under the “Product/Service” column, select the product license item you have set up in your products and services list. If it’s not listed, you can create a new product license item.
• Enter the quantity and rate for the product license item to calculate the total amount.
• Add a memo or description to provide details about the product license sale, including any specific terms or conditions.

Step 3: Review and Save the Invoice:

Review the invoice details to ensure accuracy and save the invoice.

Option 2: Recording the Sale of Product Licenses Using a Sales Receipt (for immediate payment):

Step 1: Create a Sales Receipt:

1. Go to the QuickBooks homepage.
2. Click on the “Create” button (usually represented by a plus “+” sign) at the top of the screen.
3. Under the “Customers” column, select “Sales Receipt.”

Step 2: Enter Sales Receipt Details:

• Choose the customer or client to whom you are selling the product licenses. If the customer isn’t in your system, you can add them as a new customer.
• Specify the date of the sales receipt.
• Under the “Product/Service” column, select the product license item you have set up in your products and services list. If it’s not listed, you can create a new product license item.
• Enter the quantity and rate for the product license item to calculate the total amount.
• Add a memo or description to provide details about the product license sale, including any specific terms or conditions.

Step 3: Review and Save the Sales Receipt:

Review the sales receipt details to ensure accuracy and save the sales receipt.

Step 4: Reconcile Your Accounts:

After recording the sale of product licenses, reconcile your accounts in QuickBooks with your actual financial statements to ensure accuracy.

By following these steps, you can accurately record the sale of product licenses in QuickBooks, helping you maintain accurate financial records and track your product sales.

Stay tax-ready year-round with our comprehensive bookkeeping services. Our bookkeeper for small business can ensure that your financial data is accurate and organized, making tax season a breeze.