This article is about how to record invoice payments in QuickBooks Online. Before going further, you must have basic knowledge of QuickBooks Online to work properly. If you are not aware of their login issues then refer to this article. Stay connected with this article to learn more about receiving and categorizing invoice payments in QuickBooks Online. For further help, contact our Intuit Certified QuickBooks Proadvisors and ask your questions to get your query resolved.+1-844-405-0904
In this, you have few ways to record transactions in QuickBooks Online. These are listed below:
- At the time of sale, when your client paid you for a product or service, it is your responsibility to give them a sales receipt to authorize their purchase. Then you are all done.
- If your client is not paid instantly or if he/she plans to pay you in the future then you need to send them an invoice.
After a customer pays their invoice, they need to move the further steps to record or categorize the payment. Follow the steps according to the payment method through which you got their payment, and if you use an outside payment processing service (such as Square or PayPal).
Note: An important point you need to know, If you use QuickBooks Payment, Intuit will handle and do everything for you but if you use outside payment methods then Intuit is not responsible for any incident. With QuickBooks payment, once your customer pays for their invoice, QuickBooks processes your payments and credits them to the right account.
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Procedure to Record Invoice Payments in QuickBooks Online
Here you will know about the procedure that helps you to record invoice payments in QuickBooks Online. When a payment is received, you are required to let QuickBooks know that payment is done. Otherwise, it shows you the wrong reports because the invoice remains open and unpaid in your reports.
Note: Receiving or recording invoice payments is not only supported in QuickBooks Online, but it also supports QB Desktop, if you are willing to know about it then refer to the blog and fix your hassle.
Below we have listed the multiple ways through which you can record the payment. Pick the way based on how you are willing to record the payment.
How to Record a Single Invoice Payment
To do this you have to follow the simple and easy steps listed below:
- To begin, click on the +New option
- Now choose the Receive payment option by scrolling up or down
- After that, you have to choose the name of the customer from the drop-down menu
- Choose the transactions that you would like to calculate for QuickBooks Online from the Outstanding Transaction section. Once you have selected for this, the payment total will be changed.
- Now choose the payment method for payments
- You have to manually enter the Reference No. and Memo if it is applicable
- Now you have two choices: either deposit the money to your checking account, alternatively go for an Undeposited Funds account
- In the end, click on the Save and Close option to end it
How to Group Multiple Payments Together into a Single Record
In this, if you are willing to group multiple payments together because you deposited all the customer payments checks at the bank once, you need to use the Undeposited Funds account to do it successfully. It is the only one that helps you and it is mandatory to use this if your bank recorded multiple payments as a single record.
How to Record Partial Payments
It is necessary to keep records of all the payments even if you were paid only part of what is owed. The invoice’s open balance will keep track of the QuickBooks Online for you.
- To start, click on the +New option
- Now click on the Receive Payment option
- From the drop-down menu, you have to choose the name of the customer by moving your cursor
- Enter your payment method
- You have to manually enter the Reference No. and Memo if it is applicable
- Now enter the amount of the payment, enter it inside the Amount Received
- Choose the transaction for which you are willing to apply for the payment, do this from the Outstanding Transactions section
- Now you have two choices: either deposit the money to your checking account, alternatively go for an Undeposited Funds account
- In the end, click on the Save and Close option to finish it
How to Find Remaining Balance in QuickBooks Desktop
You have to follow the steps listed below to find the remaining balance in QuickBooks Desktop. These are:
- Simply reopen the invoice
- Check for Balance Due line
- Visit the Reports
- Now enter the Customer Balance Details inside the Find report by the name field
- Choose the Run Report
Note: When a partial payment is received by you, the payment will be applied in the first line of the item of the invoice by QuickBooks Online. QBO continues to apply for the payment in each line whenever it has not been used. You will get this by default because it is available in the designing algorithms of Intuit, you are unable to change the order QuickBooks applies to the amount manually.
Wrapping Up
We tried our best to put effective content in this blog. But if the query persists or you are unable to implement these steps on your PC to troubleshoot your issue based on record invoice payments in QuickBooks Online. At that moment, if you are seeking QuickBooks payment support then you can get in touch with our experts by calling on our 24/7 toll-free number +1-844-405-0904.