8/24/2023 0 Comments Quickbooks invoice partial payment![]() Even if you designate the correct customer and job, QuickBooks won’t know which invoice to post the payment to, leaving you with open invoices indefinitely and creating credit balances on your aging reports. Recording a customer payment should only serve to increase the cash in your bank account and decrease accounts receivable.Īnother common mistake involves posting a customer payment to Accounts Receivable without allocating that payment to an invoice. Because the original invoice was already posted to an income account, you shouldn’t post it there again. Not only will this method not work, it can overstate customer revenue. One of the most common mistakes involves trying to enter a customer payment by selecting “Banking” and then “Make Deposit”. QuickBooks has a number of built-in tips and pop-up help menus to guide you through this process, but still users can get off track, and that’s when things get messy. To apply partial payments, select an invoice from the list and edit the amount to be applied in the “Payment” column.Enter the payment amount you received and select the invoice that you’d like the payment applied to.Enter your customer’s name in the “Received From” field to see a listing of all open invoices. ![]() Recording payments in QuickBooksīefore we address the most common mistakes, let’s review how to accurately record customer payments in QuickBooks: The culprit could be an error in the way your customer payments are being recorded. Having these key reports in working order is an essential part of running your business and managing cash flow. Have you ever run a list of open customer invoices only to find it crowded with invoices you know your customers have already paid? Or maybe you’re running an Accounts Receivable Aging report, and – while the grand total accurately reflects accounts you’re waiting to collect, the aging is completely inaccurate.
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