How do I receive and deposit a payment from a customer?

Legacy KB ID: 125

Question

How do I receive and deposit a payment from a customer?

Answer

QuickBooks lets you decide whether you want to record payments according to how old the invoices are or to distribute the payments to invoices you specify. You can also choose whether to use group payments for a deposit or keep them separate depending on how your bank sorts deposits on its statements. Receiving payments: When receiving payments, you can have QuickBooks apply the payment to the oldest invoice first, then to the next oldest, and so on, or you can distribute the amount of the payment to the invoices you specify. 1) From the Activities menu, choose Receive Payments. 2) Enter the Customer:Job name. If the payment is for a particular job on your Customer:Job list, make sure you choose the job as well as the customer's name. 3) Enter the amount of the payment in the Amount field. 4) QuickBooks automatically enters today's date. You can enter a different date if needed. 5) Fill in the Pmt. Method, Cheque No., and Memo fields if needed. 6)In the bottom half of the window, QuickBooks displays any unpaid invoices (or statement charges) for this customer and this job. QuickBooks is set to apply the payment to the oldest invoice first, then to the next oldest, and so on. 7) If you want to distribute the amount of the payment differently, do the following: - Click Clear Payments. - In the check column, click next to each invoice to which you want to apply the payment. Depositing Payments In the middle of the Receive Payments window, there are two options for specifying how you want QuickBooks to deposit customer payments: - Deposit To "...." - If you usually deposit one payment at a time, you can choose to deposit payments directly to a Cheque or other account and bypass the Undeposited Funds account. - Group with other undeposited funds - If you do not deposit the payments the same day you receive them, or you have payments from multiple customers that you make as one deposit, you should use the Undeposited Funds account to hold each payment, and then make one group deposit. If you are trying to decide which option to use, mimic your bank statement: if the bank statement shows a lump sum for deposits, choose "Group with other undeposited funds"; if the bank statement shows each individual cheque that was deposited, choose Deposit To. This will allow you to easily reconcile your bank statement with your account register. Click Next to record this payment and keep the Receive Payments window open, or click OK to close the window.

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