How to link a payment to an invoice in QuickBooks

How to link a payment to an invoice in QuickBooks

If your customer sends you a bank deposit, you must connect it to an invoice. This guarantees correct records and helps you prevent mistakes later on when reconciling your accounts. Here’s how to do it. To attach a deposit to an invoice, make sure to do the following:

  • For the client, there is an invoice.
  • Payment has not yet been made and is not attached to the invoice.
  • The payment was made via Bank Deposit rather than Receive Payment.

Locate and change the deposit: In your Bank Register, you can quickly locate the Deposit entry:

  • Pick Accounting from the left menu.
  • Under the Toolbar, pick Map of Accounts.
  • Click View Register after you’ve found the account where you deposited the payment (or Account History).
  • Click Edit after finding and selecting the correct deposit.
  • Scroll down to Add funds to this deposit on the Bank Deposit screen, then find the fund you need to edit.
  • Check for and pick the relevant Customer name in the Received From column.
  • Check for and pick Account’s Receivable in the Account column, then Save and Close.

Apply the deposit as a bill on an invoice: Apply the credit to the invoice until the Deposit entry has been revised:

  • Tap on New
  • Select Obtain Payment from the Customers menu.
  • Choose the name of the customer. Both open customer invoices and due credits should now be visible.
  • Include the payment due date.
  • Pick the Invoice you want to label as paying under Outstanding Transactions.
  • Pick the Deposit entry under Credits, then Save and Close.

Creating a connection between a bank transaction and a customer invoice: 

  • Pick Accounting from the left menu.
  • Under the Toolbar, pick Map of Accounts.
  • Click View Register after you’ve found the account where you made the deposit.
  • Locate and select the appropriate deposit, then click Edit.
  • Scroll down to Add funds to this deposit on the Bank Deposit screen, then find the fund you need to edit.
  • Check for and pick the relevant Customer name in the Received From column.
  • Check and tap Account’s Receivable in the Account column, then tick Save and Close.

Apply it as a credit to the invoice once it’s finished:

  • Tap on + New 
  • Select Receive Payment under Customers.
  • Choose the name of the customer. Both open customer invoices and due credits should now be visible.
  • Include the payment due date.
  • Pick the Invoice you want to mark as paying from the list of unpaid transactions.
  • Pick the Deposit entry under Credits, then Save and Close.

How to enter an invoice after its already paid?

Here’s how to connect your check to your bill:

  • Open the check that has been written.
  • To get started, go to the Expenses tab.
  • Accounts Payable should be the account connected with the verification.
  • Pick the vendor or organisation’s name where you paid the Property Tax bill in the Customer: Job tab.
  • Save and close the window.

You can now build the bill after saving the review. Let’s now pay the account using the written check. Here’s how to do it:

  • Navigate to Vendors.
  • Select Pay Bills.
  • Choose the bill on which the payments should be applied.
  • Set Credits by clicking the button.
  • Select the Credits tab.
  • Label the check with a checkmark.
  • Click the Done button.
  • Select Pay Selected Bills from the drop-down menu.

Summary

To summarise, QuickBooks Desktop software has always been on the top. The reason behind it is the kind of features and functions that it provides, which helps you manage particular organisations’ accounting. This blog’s whole idea is to help you find out how can you link a payment to an invoice and how can you enter an invoice after its already paid. I hope that this blog helps you understand the topics and worth your time. 

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