Which Forms to use for Receiving Payments in QuickBooks?

You will use different displays depending on the reason for the payment.

Incoming payments are great. That is, if they are listed in the right location. There are a lot of reasons why a customer might pay you, and it's critical that you enter payments to the proper QuickBooks form.

Listed below are just three of the most frequent situations and their appropriate places. 

You have received payment:

To repay charges on one or more invoices. Here, you'd use the Receive Payments screen. Open the Customers menu and then choose Receive Upgrades (or click the Receive Payments link to the home page).

You list payments on invoices in this window. You may alter this by checking and unchecking boxes. If a partial payment is remitted, you need to indicate whether to regard this as a underpayment or write off the additional sum by checking a box beneath UNDERPAYMENT.

To set a payment which has been created simultaneously with the purchase to ensure no invoice is necessary. This needs to be done with a revenue receipt. Enter Sales Receipts).

You'd issue a revenue receipt for items which were paid for immediately, by whatever procedure.

To record a partial payment or progress that has been created in the time that the invoice is created or earlier. In this situation, you could document a payment item that will subtract the sum paid out of the invoice total. Proceed to the Lists menu and then choose Item List. Select Form and click on Payment. Produce an Item name which describes it along with a Description. Pick a way of depositing these obligations (set with undeposited cash or deposit to a different account). When you store the item, you can pick it in the drop-down list of items when you invoice, and input the payment amount in the Speed field. QuickBooks will know this and deal with it appropriately.

It's possible to establish a payment item to list payments made on a purchase prior to or at the time that the invoice is created.

Applying for payments inaccurately will have a negative impact on reports and taxes and cash flow, which means you wish to make certain to get it right.

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