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Receiving a payment

From: QuickBooks Pro 2010 Essential Training

Video: Receiving a payment

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.

Receiving a payment

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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This video is part of

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QuickBooks Pro 2010 Essential Training

69 video lessons · 22319 viewers

Bonnie Biafore
Author

 
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  1. 8m 19s
    1. Welcome
      52s
    2. Editions of QuickBooks
      3m 24s
    3. QuickBooks bookkeeping basics
      2m 46s
    4. Using the exercise files
      41s
    5. Disclaimer
      36s
  2. 9m 12s
    1. Opening a company file
      2m 4s
    2. Using the QuickBooks menus and home page
      2m 49s
    3. Touring the Customer, Vendor, and Employee Centers
      2m 32s
    4. Navigating between QuickBooks windows
      1m 47s
  3. 10m 50s
    1. Gathering the information you need
      2m 4s
    2. Creating a company file
      5m 33s
    3. Converting from another program
      3m 13s
  4. 8m 19s
    1. Naming and numbering accounts
      3m 36s
    2. Creating an account
      2m 26s
    3. Making an account inactive
      2m 17s
  5. 14m 50s
    1. Creating a customer profile
      3m 40s
    2. Adding customer information
      4m 33s
    3. Creating a job
      2m 18s
    4. Making customers inactive
      1m 39s
    5. Creating a vendor
      2m 40s
  6. 43m 35s
    1. Why use QuickBooks items?
      2m 59s
    2. Creating a service item
      4m 26s
    3. Setting up time tracking
      2m 53s
    4. Entering time
      4m 19s
    5. Tracking mileage
      4m 34s
    6. Creating an inventory item
      6m 7s
    7. Creating a non-inventory item
      3m 34s
    8. Setting up sales tax
      6m 59s
    9. Setting up discounts and charges
      3m 46s
    10. Creating a group of items
      2m 16s
    11. Making items inactive
      1m 42s
  7. 30m 46s
    1. Creating a purchase order
      3m 8s
    2. Entering a bill
      4m 37s
    3. Recording inventory you receive
      3m 47s
    4. Paying bills
      4m 5s
    5. Handling a credit from a vendor
      5m 2s
    6. Writing a check for expenses
      3m 17s
    7. Paying with a credit card
      1m 40s
    8. Paying with cash
      2m 53s
    9. Paying sales tax
      2m 17s
  8. 35m 5s
    1. Understanding invoices, statements, and sales receipts
      2m 23s
    2. Creating an invoice and filling in header fields
      2m 55s
    3. Adding items to an invoice
      5m 7s
    4. Adding billable time and cost to an invoice
      5m 57s
    5. Using subtotals, discounts, and other charges
      3m 6s
    6. Creating an estimate
      2m 49s
    7. Handling a customer credit
      4m 57s
    8. Creating a statement charge
      3m 7s
    9. Producing a statement
      4m 44s
  9. 14m 44s
    1. Setting up print options
      4m 13s
    2. Aligning forms with printer paper
      3m 0s
    3. Printing one or more forms
      4m 29s
    4. Emailing a sales form
      3m 2s
  10. 14m 8s
    1. Receiving a payment
      3m 49s
    2. Assessing finance charges
      4m 9s
    3. Creating a sales receipt for a cash sale
      2m 39s
    4. Depositing payments
      3m 31s
  11. 10m 37s
    1. Preparing to reconcile a bank account
      1m 50s
    2. Reconciling transactions to your bank statement
      3m 14s
    3. Correcting discrepancies
      5m 33s
  12. 9m 51s
    1. Using the Report Center to find reports
      3m 0s
    2. Running a report
      3m 45s
    3. Printing or saving a report
      3m 6s
  13. 6m 8s
    1. Why use journal entries?
      3m 3s
    2. Creating a general journal entry
      3m 5s
  14. 13m 39s
    1. Creating a new user
      4m 58s
    2. Backing up your company file
      6m 10s
    3. Restoring a company file
      2m 31s
  15. 27s
    1. Goodbye
      27s

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