Journal Entry Distributions—Quotes

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Customer quotes are not posted to the General Ledger. When you invoice the customer for quoted or delivered items, the transaction is posted to the General Ledger in the following manner:

Quotes Journal

Transaction

Debits

Credits

Invoice on account

Accounts Receivable

Sales Income, Freight, and Sales Tax Payable

Credit memo

Sales Income, Freight, and Sales Tax Payable

Accounts Receivable

Note: For companies using the cash-basis accounting method, Accounts Receivable is replaced with <Cash Basis> and is not recorded in the General Ledger. Instead, income and cash are recorded when payment is received for the sale.