Find Gross Sales in QuickBooks

What is the Meaning of Gross Sales?

One of the most important aspects of using QuickBooks is that it allows business users with the appropriate tools for a certain client. The best part is that this can easily be accessed from a remote location via the electronic payments function and the gross sales can be registered.

Other important aspects like the QuickBooks sales utility help in the determination of the net sales that occur by deducting sales of returns and allowances generated from the total gross sales. How are the gross sales registered in QuickBooks? Well, this can easily be done in the following ways; but before that, let me know a bit about what is the requirement to find Gross sales in QuickBooks.

The Need to Find Gross Sales in QuickBooks

Generally, Gross sales are essential for organizations that work in the consumer retail industry.  This also showcases the number of product that has been sold by the business, as compared to that of the other companies in the market.

Various aspects like Gross Sales, display deductions, and net sales on different aspects within the income statement. Once the Gross revenue has been registered, the income that has been accounted for a certain sale has been accounted for in a certain income statement. No considerations of any type, of expenditure from any source, are taken into account.

As for the Net reporting, the calculation is done by deducting the price of the sold goods from the Gross revenue to deliver the absolute picture of the entire aspect of the transaction.

To Find Gross Sales in QuickBooks

It is necessary to record the gross sales in QuickBooks if you need to calculate the Gross sales in the same. Here is how the entire process is done:

The Gross Sale Recording

• Step 1: To start with, you need to create the SALES RECEIPTS or INVOICES, in your QuickBooks accounts.
• Step 2: A drop-down list stated as ‘CUSTOMER’ will emerge that you need to use. Here you need to select the right customer from the list. In case of a new customer, you need to click on ADD NEW, and go as instructed.
• Step 3: Now, you need to add the items that have been sold from this list. This is easily visible from the ITEMS COLUMN of the sales or the INVOICE RECEIPT. Now, you need to add a quantity for every item that is seen in the Quantity Column.  Addition of any other Services, fees, or charges stated in the Particular items column and then manage the rates in the certain Amounts Column.
• Step 4: Now click on SAVE & CLOSE or SAVE and NEW BUTTON.
• Step 5: Repeat the entire process with all the sales of your organization to register the gross sales.

TO CREATE THE GROSS SALES REPORT

• Step 1: Click and select the REPORT MENU, and select the ACCOUNTANT & TAX option.
• Step 2: Click and select the INCOME TAX SUMMARY.
• Step 3: Here you can easily edit the date range for the time duration you need the report of your gross sale. Now, select ENTER  and the amount that has been displayed under the GROSS RECEIPTS, or the SALES in the final GROSS SALES for the certain period.

TO RUN GROSS SALES REPORTS IN QUICKBOOKS DESKTOPS

Following are the steps for the user to Run Gross Sales Report on the QuickBooks Desktops:

• Go to the Reports that are located on the left side of the Menu on your QUICKBOOK accounts.
• Next, you add the Profits and Loss at the specified boxes for the same.
• Click on the Customization button
• Select the Date in the certain specified Report Period Section.
• Click to FILTER
• Now, you need to put the checkmark on the DISTRIBUTION ACCOUNT and select the appropriate INCOME ACCOUNTS.
• Select RUN REPORT

CONCLUSION

With the help of QuickBook, it is easy to calculate gross sales, as it does not require any specific technical know-how. One can easily derive the required results from the above-mentioned steps and get an idea of the GROSS SALES in no time.

Frequently Asked Questions

The overall sales are the Gross profit from which the cost of revenue generation is deducted. Simply put, the Gross profit is the Sales removed from the TOTAL COST OF THE GOODS SOLD. Hence the Gross Profit is what you are left with after you deduct your overall profit from the other expenses like salaries, rent, and utilities.

The complete total of the sale transactions in a certain period for a business organization is the GROSS SALE. On the other hand, the NET sale is determined by deducting the SALES RETURN, SALES ALLOWANCE, AND SALES DISCOUNTS from the total GROSS SALES.