Receive payments in QuickBooks is one of the features in QuickBooks online. This feature is mainly used for receiving payments from your customers where you can easily receive payments without any issues.
If you sell products or services on credit, you’ll need to create an invoice in Quickbooks to record the sale. When you receive payments from your customer, it needs to be correctly applied to the open invoice in Quickbooks.
Receiving payments in QuickBooks helps you to maintain an accurate receivable balance. Receive payment in QuickBooks is plays a major role because of its accuracy and legal handling programs. It helps in providing the interest of customers to use it in a large manner. It comes with a helpful and different payment type which is convenient to use as a customer. If you need an expert to do this on your behalf then you can contact our helpline QuickBooks support center and save your time and effort.
In this receiving payments in Quickbooks, it can be easy to edit the list and add new types, this makes the payments more flexible. To see your list, open list menu and select Customer & Vendor profile list, then if you want to edit the payment method list, click right on the payment method and select new. For this accepting payments is easy and effortless.
Why receive payments in QuickBooks is so important
If you want to be always up-to-date for your receiveable balance this will help you. To always correct your accounts receivable balance, you have to apply payments to open invoices.
If you don’t apply payments to open invoices, your accounts receivable balance will be incorrect and you have to accurately enter the payments as a deposit to avoid risks.
There are some common issues arises when your payments are not received properly in QuickBooks:-
- Paid invoices remain open:- If payments are not applied to the right invoice, the invoice shows as outstanding even though the customer has paid it. This will lead to inaccurate A/R aging reports and could affect your relationship with customers if you ask them for payments on an invoice they have already paid.
- Overstated accounts receivable balances:- The amount due to customers will be inaccurate if payments are not correctly applied.
- Overstated income:- if the payment is recorded as a deposit or sales receipt, income will be overstated because income was recorded when the original invoice was created.
- Inaccurate financial statements:- Overstated accounts receivable and income amounts will lead to inaccurate and unreliable financial statements.
To minimize these issues you need to do these two things:-
- Search for open invoices
- Record a deposit receipt
How to receive payments in QuickBooks-
Receiving payments in QuickBooks is a very easy way, you can easily do this after reading some steps. When you do this task remember few things which are important for receiving payments in QuickBooks. Those few things make your payment so fast and flexible which is simple to accept payments. With the help of this payment method, you can easily make your transaction safe and secure.
Receive payments in Quickbooks can be summarized in four steps which are:
STEP 1:- Search QuickBooks online receive payment screen
From the homepage find the Customer column and select Receive Payments.
STEP 2:- Enter the Customer Payment Details
You have to fill all your detail in this field like Customer Name and Payment date (this should be the date that you received the payment.
Now, you have to fill the Payment Method, Reference No., Deposit to, Amount received and Checkmark.
- Payment method:- Select the payment method, there are so many options for payments i.e; check, cash, VISA, or credit card. Select the option as per your requirement. Then you proceed to click the save button.
- Reference No.:- if your payment method was a check then you have to enter your check number in this field otherwise, you can enter any info here that will help you reference the payment later on.
- Deposit to:- select the bank account you that you will deposit this payment.
- The amount received:- once you select the invoice that this payment applies to in the outstanding transaction list, this field will auto-populate.
- Checkmark:- Put a checkmark in this column next to the invoices that the payment for.
- STEP 3:- Save Customer Payment Details- To save customer payment details there is two option for this save and new & save and close. If you want to close after this you simply click on the save and close or if you want to continue on this page click on save and new and then proceed further.
- STEP 4:– To confirm that the payment was applied correctly to the right customer, select Customer on the left menu bar, click on the customer’s name-> locate the invoice number and amount. Once you find it, the Status column should indicate Paid.
Quickbooks will also mark the invoice as PAID. To display the paid invoice, simply click on the Paid status.
If you’re going to deposit payments in a group that you receive, don’t you worry about it, simply go to Deposit Menu and click on the Undeposited Funds. This will help you to deposit funds in a group. After that, you check the undeposited funds if you already deposited the payments then go through the account you deposited it to.
When you’re done with payment then click on the save and close or if you want to continue with receiving another payment click on the save and new.
You can easily delete your payments from the Undeposited Funds, first you logging in to your Quickbooks account and choosing list. After that go to the Charts of accounts and then choose the Undeposited Funds. In Undeposited Funds right-click on Amount option then the DELETE option comes out you can be simply deleted your deposit to confirm it.
Recording Undeposited Funds
Undeposited Funds is a default in Quickbooks that it can hold payments from your company until you can not deposit it in your bank account. The payments appear automatically on the bank deposit page when you grouped the payment with other checks. To access this, go to the plus(+) sign menu bar and click on the others, choose Bank Deposit. Here, you can check each payment which is deposited. Firstly, check the payment method and the reference number has the proper check number for each check payment. When finished click on the save and close.
How do I see payments Received in Quickbooks?
With the help of these few steps, you can see the payments received in Quickbooks. This can be important sometimes for a safe transaction.
Step-1: At the top of the menu bar Go to the Reports then select the Transaction List by Customer.
Step-2: Select the date on which you want to run the report.
Step-3: Click on the Filter icon and select the Transaction Type.
Step-4: Now, choose Payment.
Step-5: Then click on Apply.
Receive Customer Partial Payments
Step-1: From the homepage, click on the “Customers” and select Received Payments.
Step-2: Click on the “Received From” and select the name of the customer making the partial payments. Balance appears to the right of the Received From field.
Step-3: Enter the amount of the partial payment in the “Amount” field. After that, select the payment method, if the mode of payment checks then enter the check number properly in the Check field.
Step-4: By clicking the Checkmark, select the invoice you want to apply for the partial payment in the invoice list.
STEP-5: In the “Payment” column, enter the amount of the partial payment.
Step-6: Click the Save & Close to record the partial payments.
You can get more details on this topic at our QuickBooks online customer servicefrom our certified QuickBooks ProAdvisor. You can ask them anything you have in your mind related to your QuickBooks. We hope that after applying these above-given steps, you are able to receive payments in QuickBooks.