QuickBooks provides a number of employees and collection of payroll reports that are necessary for offering information about the company’s employees and also payroll expenses. All information can be compiled into a data and hence exported easily to a spreadsheet as payroll report.
Payroll reports can be generated for all or individual employee from a particular date or range. It includes net pay, taxes, gross pay, and other deductions.
This article is to provide a better understanding of what Gross Income is what its significance is and also how you can record Gross Sales into QuickBooks.
What is Gross Income?
Let us begin by understanding what Gross income is. In simple words, Gross Income is the total sum amount that you earn prior to any amount taken out for paying taxes and also for other deductions. It is different from net income.
Let me give you an example, in cases like, when your monthly salary is $4,500 but when the check arrives you get only $3,500. This means that your gross income is $4,500 and $3,500 is only your net income. Another example is when you have sales of $10,000, and the cost of products sold of $6000, and selling expenses of $2500. This means the gross income will be $4000 and net income will be $1500.
Thus, the Gross Income is the sum of money that a vendor/business earns by selling an item or for services before the deduction is made for tax, administration and other purposes.
Major deduction: some among of money is cut out of your gross income for different taxes depending on the sum of money you earn. The tax charges include state and federal income tax, social security, Medicare. Local taxes may also include depending on the area you live or functioning your business.
Other deduction: there may also be other deduction depending on the advantages or benefits that you receive from your employer. It may be such as long-term care insurance, health insurance, or retirement plan.
Other sources income: not only just from your paycheck, you may earn more gross income like rental charges, other business efforts, investment or even from the interest that you get from your bank.
Using accounting software like QuickBooks will help you in managing your expenses and keeping your business in a good direction.
How can record Gross Sales in your QuickBooks?
It is important that you track your gross sales so that you keep yourself updated with your net profits. QuickBooks now offers a solution that enables businesses to Track Company’s income and also a reporting tool that provides you with the gross sales and income.
Follow the given steps to record your gross sale:
- Select Create Sales Receipts or Create Invoices option
- In Customer drop down and select the customer in the list. In case the new customer is new, select Add New
- Drop down the item list and select the item to be sold, then add details of the items in the given columns
- Select Save and Close or Save and New tab
- Follow this process again for company sales and hence record the gross sales.
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