Maintaining QuickBooks payments of the customer, maintaining invoices can help you handle accurate reports. Accepting payments from a customer without accounting can create unwanted troubles in your balance sheet, financial accounting, and reports too.
This is the last thing you want as a business owner; your negligence can trouble your business’s financial tasks. Do not entertain errors and confusion that affect your business process, when you run reports.
Maintaining invoices, marking them as paid, and syncing all the information is very crucial as a QuickBooks Services. If the customer has different invoices, you can specify the same for which have got the payments.
What are Invoices in QuickBooks?
- It is one very important bill for maintaining accounts and transaction details between the buyer and the seller.
- It indicates how much the product was sold for, the payment details, and how much is owed.
- Invoices are absolute bills; they are issued by the vendor to a customer for something that they have already received.
- Invoices aren’t due immediately as soon as the product is delivered to the customer. It can be paid later too and therefore, marking the invoice as paid becomes important in QuickBooks Services.
- They are very important for a business owner, as it tends to give them an understanding of the payment received, payments due, etc.
How to record payments received from an Invoice?
- Go to the customer who has made the payments
- Now, click on receive payments to access your desired window
- Moving on, select ‘received from’ from the list that appears on the screen and chooses the customer’s name
- This action will present to you all the outstanding invoices that are mentioned at the bottom of the window
- In the amount field, you need to enter the amount and the date of the payment received too
- Select PMT. The method from the option and also choose the payment option.
- Click on the deposit too option from the drop-down list that appears and then choose the account which is used for the payments.
- Check on the box beside the invoice present on the left to apply for the payments.
- Now, save and close the information.
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How to Mark the Invoice as Paid?
Many of the instances occur where the business fails to mark the invoice as paid in QuickBooks. Here are a few very important steps mentioned below, this can help you mark an invoice as paid easily in the software.
- Navigate to create and then select Receive payments under the customers
- Select the customer to whom the payments have already been received
- Click on the customer and all the outstanding bills of your customer will be displayed on the screen
- Fill in the necessary information like date of payments, the amount paid as well as the product name, service name, description, and so on.
- You can also be specific about the payment methods of the customer; you can enter the card details from which the payments were made.
- It can be a debit or credit card number and, in its checks, you can mention that too. The check number can help you track the payment details anytime you want.
- Now, there will be a ‘Deposit To’ section, you can select the bank account for which you want to deposit the funds.
- If needed, you can also select the undeposited funds, it will hold on to all the payments that you haven’t received.
- Select the specific invoice to which your payment is applied. Before saving QuickBooks will also prompt you with certain messages, presenting information on the invoice.
- Users will easily be able to search for the invoice to payments that are made by customers.
- Once the step is performed, you can save and then close.
Steps to Receipt from a Single Customer
- Launch your QuickBooks software
- Navigate to customer
- Select in that the Customer Center option
- Now, click on the customer’s name, you will choose it from the scrollable list appearing on the left
- Now, onto the upper-right of the table, you can click on the New Transaction
- The new transaction will appear on the drop-down arrow and then select Statement
- Further click to Select ‘Balance’ forward or you can also choose Open Item
Users can add more descriptions, tags, and details regarding the invoice for better classifications. Further, it is very much advisable for maintaining the records of the paid invoice. The correct recording will give the business owner an accurate financial estimate. Using the great features provided by QuickBooks will tend to save you from the mess. Accounting and bookkeeping tasks along with tax and payroll are managed through the software. Make the most out of it, especially with the invoices.
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