Receiving Payments in QuickBooks

How to Receive Payments in QuickBooks Online

QuickBooks helps to receive payment from the consumer and also takes it, and helps to easily know the status of your business and effectively works on this. QuickBooks helps its users by providing regular updates about your customer payments and the date/time of payments or any undue/overdue payment. It provides easy to handle tools that help users to comment on the custom option and easily records their payment without an error or mistakes.

Steps To Receive Payments

• First, open your QuickBooks menu, then select ‘customers’.
• Then on with, click the ‘receive payment’ option a ‘receive payments’ window get displayed.
• From the ‘receive payment’ window’ you need to select ‘Received from’ in order to identify the customers that pay you.
• Then edit the information such as date, mode of payment, number of credit card, expiration date from the boxes provided by ‘Receiving Payments in QuickBooks’.
• Now, from the list under the receive payment window, select the ‘invoice’ for the customer that pays you.
• You can also add ‘credit memos’ into an invoice and then click on the discounts and credit option.
• Now apply for a credit on the invoice and click to done and then click the ‘deposit to’ option to record any details that you want to batch with payment for later deposit.
• For, online payment, you need to select the ‘get the online payment’ option.
• Then ‘save’ your edit payment information and clues.

 Advantages

• It maintains unpaid invoices and overstated owed amount from customers and tracks it.

Causes that occurs when payments are not recorded properly

• Overstated sales income- When you create the original invoice that means the payment is recorded on the sales receipt or deposit so it is stated as the Overstated sales income.
• Open paid invoices- The payment shows as outstanding when it is not recorded in the right invoice even the client has paid it. It affects your relationship with the client and will lead to inaccurate A/R aging reports.
• Financial statements are inaccurate- It is said when there are inaccurate amounts or overstated receivable accounts.
• Overstated receivable accounts balances- When the payments are not applied correctly the amount that is owed by the clients.

Conclusion

QuickBooks provides you the flexibility to edit and command over each payment. It maintains accurate account Receiving Payments in QuickBooks and provides QuickBooks technical help of experts/professionals at any time to resolve the problem successfully.