QuickBooks offers 3 ways to record your customer payments, depending on the situation, and who doesn’t like to receive payments, right?
2020’s been quite a year for everyone, so it’s important to conscientiously record all the cash coming into your business and be sure that it’s deposited into your accounts correctly. It doesn’t matter if you’re receiving payment on an invoice, documenting an instant sale, or making sales on the street, QuickBooks offers multiple ways to accomplish this task. By using QuickBooks tools, you can make certain your receipt of these funds are entered into the correct place.
If you send invoices for products or services, there are more than one way to record these payments as they are received. The first way is just opening the invoice and click on Receive payment in the upper right corner. Although, if you go to the All Sales screen, you will have a chance to check the status on any other transactions that may be outstanding. Just click Sales in the toolbar, then All Sales.
You can just look for the invoice number if you don’t have a very long list. Then you can use the Filter tool to find the original form. Next click the down arrow next to Filter in the upper left to see your search options here (Status, Customer, etc.).
When you have a lengthy list of sales transactions, you can search for what you want in this drop-down window.
After you’ve found the invoice you want, look down towards the end of the row. In the Action column, you’ll see Receive payment. While you’re there, you can click the down arrow and see other options. After you open the Receive Payment window, select the Payment method that applies. Leave the Deposit to field showing Undeposited Funds and review the rest of the screen to make sure everything is accurate. Here you can Print and/or add an Attachment using the links at the bottom, then Save it. Just a little tip: Customers tend to pay invoices faster if they have the option to make payments online.
Some businesses may collect payments at the time you provide a product or service. When this happens, you’ll want to supply your customers with a sales receipt instead of an invoice (this is also important for your own records). Click the +New button in the upper left and select Sales receipt under Customers to open a blank form. You’ll fill this out just like you would an invoice, by selecting the Customer first, then entering or selecting any data needed for the other fields.
When you don’t need all of the fields on your sales forms, you have the ability to remove some fields or you also have the option to add your own fields.
If you would like to add custom fields to your sales forms, you can do so in QuickBooks.
You can preview and print all the fields in your sales receipt. You also have the option to save and email the sales receipt to the customer.
QuickBooks Mobile App
You can also create sales receipts for customers using the QuickBooks mobile app when you generate sales while you’re on the road. All you have to do is just click the plus (+) sign at the bottom of the screen and select Sales Receipt. Although the layout is different, the form is similar to the one you’d use on your desktop computer.
Having a QuickBooks Payments account is especially helpful when you’re making mobile sales. You can even swipe your customers’ credit and debit cards if you order a card reader from Intuit. We can walk you through this process. You might be pleasantly surprised by how much you can accomplish remotely using the QuickBooks mobile app.
At Summit CPA, we offer QuickBooks consultation. If you would like further information on how we can assist you with your bookkeeping needs, contact our office at 866-497-9761 to schedule an appointment with our Virtual CFO.