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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
When you send customers' invoices or statements, you receive their payments some time later. For these payments you use the QuickBooks Receive Payments command, which can handle full and partial payments. As you learned in the video handling a customer credit, it takes care of applying credits and discounts to a customers balance too. On the homepage click Receive Payments. Then in the Received From dropdown list choose the customer who sent in a payment. In the Amount box type the amount you received from the customer, say $2,400.
In the Date box choose the date you received the payment, if it's different than the date the QuickBooks fills in. If you filled in a preferred Payment Method in the customer's record, QuickBooks automatically fills in the payment method box for you. Otherwise, you can choose how the customer paid. If the customer paid by check, you can type the check number in the Check# box. As soon as you move away from the Amount box, QuickBooks automatically selects an invoice or more to apply the payment to.
If the payment matches the amount of an invoice, QuickBooks chooses that invoice, Number 11 in this example. It turns on the checkmark cells for the invoices it selects. If the customer sends a different amount, QuickBooks start selecting the oldest invoices first. For example, change the amount to 3,400. In this example QuickBooks pays the one invoice for 2,400 and applies the remaining 1,000 to the more recent invoice.
You can choose the invoices that you want to apply the payment to by turning invoice checkmarks on or off. You can also type the amount you want to apply to an invoice in the Payment cell. If the payment and the invoice amount match, QuickBooks is happy and you can record the payment by clicking Save & Close. Let's say the payment is an odd amount that doesn't exactly match the customer's invoices, like the $3,400 entered here. QuickBooks displays an underpayment or overpayment message in the Receive Payments window.
If it's an underpayment, you can select Leave this as an underpayment, so that the balance remains until the customer sends another payment. If you don't expect to see any more money from this customer, you can select Write off the extra amount. You'll have to tell QuickBooks which account to use for the bad debt you are writing off. When you are done choosing which invoices the payment applies to, click Save & Close to record the payment. If you receive a payment from a customer and have an invoice for them that you haven't sent, you can add the payment to the open invoice.
On the homepage click Create Invoices. Select the open invoice, Number 12 in this example. Click the Item cell in the first blank line. Select a payment item. If you don't have one, you can choose Add New and create it right then and there. In the amount cell, type the amount of the payment. Whether you type a negative or positive number, QuickBooks makes the number negative, because the payment reduces the invoice balance.
Be aware that this approach applies the payment to that invoice even if the payment was sent to pay a different invoice. If you see a message about recording the transaction click Yes. When you record a payment that you received, QuickBooks is set up initially to put the money into an account called Undeposited Funds, because the check is still in your hand, not at the bank. You'll learn how to record bank deposits later in this chapter.
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