Receiving invoice payments from customers


T

txcowboy

Hi, I'm fairly new to Quicken and I have a problem that I must get
solved before I go any further into January. I've been slowly using
Quicken more and more over the last couple years. I'm finally using
Quicken to handle my invoicing also. I'm using Quicken 2005 Premier
Home & Business.

Ok, I perform work for John Smith and I create an invoice for $200 in
Quicken for the work I did. Now my "Customer Invoices" acct. shows the
$200 in the balance. So far so good! Now John Smith writes me a check
and I deposit it into my business checking acct. I open Quicken and
download my checking acct. info from my bank via the internet. I now
have a $200 deposit waiting to be accepted into my business checking
acct. within Quicken. No problem! I accept it and in the memo field
note that it's John Smith's payment. Now I go up to my Customer
Invoices acct. and find John Smith's invoice and click "receive
payment". I have to choose where I want to "deposit" that $200 and the
default option is my business checking acct. However, I can't do this!
If I do, I now show two $200 deposits from John Smith in my checking
acct and my balance is off by $200 because I've recored that money
twice.

I sure hope that makes sense! I'm trying to find a way to receive
payments from customer invoices without Quicken actually trying to
show the deposit in my checking acct. Is there anyway to do this? The
only option I could see would be to NOT use the online automatic
checking acct. data download but that's not going to happen because
that feature is waaay too handy.

Any help would be appreciated!

Thanks,

Jason
 
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L

Laura

Hi, I'm fairly new to Quicken and I have a problem that I must get
solved before I go any further into January. I've been slowly using
Quicken more and more over the last couple years. I'm finally using
Quicken to handle my invoicing also. I'm using Quicken 2005 Premier
Home & Business.

Ok, I perform work for John Smith and I create an invoice for $200 in
Quicken for the work I did. Now my "Customer Invoices" acct. shows the
$200 in the balance. So far so good! Now John Smith writes me a check
and I deposit it into my business checking acct. I open Quicken and
download my checking acct. info from my bank via the internet. I now
have a $200 deposit waiting to be accepted into my business checking
acct. within Quicken. No problem! I accept it and in the memo field
note that it's John Smith's payment. Now I go up to my Customer
Invoices acct. and find John Smith's invoice and click "receive
payment". I have to choose where I want to "deposit" that $200 and the
default option is my business checking acct. However, I can't do this!
If I do, I now show two $200 deposits from John Smith in my checking
acct and my balance is off by $200 because I've recored that money
twice.

I sure hope that makes sense! I'm trying to find a way to receive
payments from customer invoices without Quicken actually trying to
show the deposit in my checking acct. Is there anyway to do this? The
only option I could see would be to NOT use the online automatic
checking acct. data download but that's not going to happen because
that feature is waaay too handy.

Any help would be appreciated!

Thanks,

Jason
I'm writing this from memory so it might not be totally accurate....I ended
up recording the payment received from my client first and then did the bank
download. The deposit is showing up on my checking account being posted to a
category of [accounts receivable. I'm assuming that was entered by Quicken
when I recorded the payment received.

I really don't like how QH&B handles my business transactions. As a result I
have continued using Quickbooks for my business. I record income and
expenses in total in Quicken without any detail. I just make sure that the
totals match at the end of each month.
 
T

The Streets

Hi, I'm fairly new to Quicken and I have a problem that I must get
solved before I go any further into January. I've been slowly using
Quicken more and more over the last couple years. I'm finally using
Quicken to handle my invoicing also. I'm using Quicken 2005 Premier
Home & Business.

Ok, I perform work for John Smith and I create an invoice for $200 in
Quicken for the work I did. Now my "Customer Invoices" acct. shows the
$200 in the balance. So far so good! Now John Smith writes me a check
and . I open Quicken and
download my checking acct. info from my bank via the internet. I now
have a $200 deposit waiting to be accepted into my business checking
acct. within Quicken. No problem! I accept it and in the memo field
note that it's John Smith's payment. Now I go up to my Customer
Invoices acct. and find John Smith's invoice and click "receive
payment". I have to choose where I want to "deposit" that $200 and the
default option is my business checking acct. However, I can't do this!
If I do, I now show two $200 deposits from John Smith in my checking
acct and my balance is off by $200 because I've recored that money
twice.

I sure hope that makes sense! I'm trying to find a way to receive
payments from customer invoices without Quicken actually trying to
show the deposit in my checking acct. Is there anyway to do this? The
only option I could see would be to NOT use the online automatic
checking acct. data download but that's not going to happen because
that feature is waaay too handy.

Any help would be appreciated!
You need to skip the "I deposit it into my business checking acct" step
and just let the receive payment function make the deposit.
 
D

David E.

Hi, I'm fairly new to Quicken and I have a problem that I must get
solved before I go any further into January. I've been slowly using
Quicken more and more over the last couple years. I'm finally using
Quicken to handle my invoicing also. I'm using Quicken 2005 Premier
Home & Business.

Ok, I perform work for John Smith and I create an invoice for $200 in
Quicken for the work I did. Now my "Customer Invoices" acct. shows the
$200 in the balance. So far so good! Now John Smith writes me a check
and I deposit it into my business checking acct. I open Quicken and
download my checking acct. info from my bank via the internet. I now
have a $200 deposit waiting to be accepted into my business checking
acct. within Quicken. No problem! I accept it and in the memo field
note that it's John Smith's payment. Now I go up to my Customer
Invoices acct. and find John Smith's invoice and click "receive
payment". I have to choose where I want to "deposit" that $200 and the
default option is my business checking acct. However, I can't do this!
If I do, I now show two $200 deposits from John Smith in my checking
acct and my balance is off by $200 because I've recored that money
twice.

I sure hope that makes sense! I'm trying to find a way to receive
payments from customer invoices without Quicken actually trying to
show the deposit in my checking acct. Is there anyway to do this? The
only option I could see would be to NOT use the online automatic
checking acct. data download but that's not going to happen because
that feature is waaay too handy.

Any help would be appreciated!

Thanks,

Jason
Saying more or less what "The Street" said. In the UK version of Quicken
2000 when I receive a payment I go into Recevables, click on the invoice
(bill) and click on receive payment. Check it is set to credit the right
account, enter the amount paid and click OK.

Money is contra'd against any oustanding invoices for that client and
automatically credited to the designated bank account.

Don't know whether that is relevant to the USA? version you are using.

David
 
T

txcowboy

Thanks to both of you for your help. I also emailed Quicken support
and I got a very detailed answer that said basically the same thing
you both did. They suggested letting my banking info be downloaded and
when transaction is imported into quicken but still waiting to be
"accepted" into the register, go and mark the invoice as "payment
received". Then the payment will be credited to my checking acct. and
I can then delete/not accept the transaction from my bank into the
register. However, by waiting until the payment is actually posted to
my bank acct and downloaded into Quicken, I will know the check was
good and cleared the bank. That makes sense.

So thank you both very much for your help. I will try your suggestions
and see how it goes!

- Jason
 
J

John Pollard

Thanks to both of you for your help. I also emailed Quicken
support
and I got a very detailed answer that said basically the same
thing
you both did. They suggested letting my banking info be
downloaded and
when transaction is imported into quicken but still waiting to
be
"accepted" into the register, go and mark the invoice as
"payment
received".
Then the payment will be credited to my checking acct. and
I can then delete/not accept the transaction from my bank into
the
register.
Deleting the downloaded transaction isn't necessary and
generally it isn't a good idea: if possible, you should plan to
"Accept" it.

Once you have created the payment in your Quicken account
register, the downloaded transaction should be given a "Status"
of "Match" by Quicken ... and accepting a "Match" transaction
will not create a duplicate transaction in your register. But
it will update the existing register transaction with the
"posting date" of the downloaded transaction (a "hidden" Quicken
field); with the fact that the transaction was downloaded
(eliminating it from future "matching"); and it will mark the
register transaction as "cleared".
 
T

txcowboy

John, that is exactly what I'd hoped would happen, however it doesn't
seem to work that way. Do you know how I can "force" Quicken to see
the two identical transactions as matches?
 
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J

John Pollard

John, that is exactly what I'd hoped would happen, however it
doesn't
seem to work that way. Do you know how I can "force" Quicken
to see
the two identical transactions as matches?
To increase the odds that Quicken will determine the match, make
sure the register transaction is not dated later than the
downloaded transaction and that the register transaction has
either spaces in the Num field, or has the same thing in the Num
field that the downloaded transaction has. And the amounts
should be equal.

If Quicken still doesn't set the Status to "Match", "Edit" the
downloaded transaction (before you "Accept" it) and use "Manual
Match" to match to the register transaction.
 
J

jo

Thanks to both of you for your help. I also emailed Quicken support
and I got a very detailed answer that said basically the same thing
you both did. They suggested letting my banking info be downloaded and
when transaction is imported into quicken but still waiting to be
"accepted" into the register, go and mark the invoice as "payment
received". Then the payment will be credited to my checking acct. and
I can then delete/not accept the transaction from my bank into the
register. However, by waiting until the payment is actually posted to
my bank acct and downloaded into Quicken, I will know the check was
good and cleared the bank. That makes sense.

So thank you both very much for your help. I will try your suggestions
and see how it goes!

- Jason
Jason, the only variation I make in what others have suggested is that
I use an additional account called Undeposited Business (and I have
one for personal too). When the payment comes in, I record it on the
invoicing side against the invoice(s) it applies to, and direct
Quicken to put the payment in the Undeposited account, not the bank
account because it hasn't gotten out of my house yet. When I make
the actual deposit, I enter a transfer between the Undeposited account
and the bank account using that date, which may be a little too early
for your purposes if you are trying to match clear date; I like to
know the date I actually went to the bank. When I download, the
amount matches and the dates are close enough that Quicken has always
automatically matched the two transactions as far as I can
remember.

I like doing it this way because it allows me to post the payments
immediately, and reminds me that they are sitting around somewhere in
the mess of my office and need to be dealt with :}

jo
 
T

txcowboy

Jason, the only variation I make in what others have suggested is that
I use an additional account called Undeposited Business (and I have
one for personal too). When the payment comes in, I record it on the
invoicing side against the invoice(s) it applies to, and direct
Quicken to put the payment in the Undeposited account, not the bank
account because it hasn't gotten out of my house yet. When I make
the actual deposit, I enter a transfer between the Undeposited account
and the bank account using that date, which may be a little too early
for your purposes if you are trying to match clear date; I like to
know the date I actually went to the bank. When I download, the
amount matches and the dates are close enough that Quicken has always
automatically matched the two transactions as far as I can
remember.

I like doing it this way because it allows me to post the payments
immediately, and reminds me that they are sitting around somewhere in
the mess of my office and need to be dealt with :}

jo
Wow Jo, this is awesome!! I've got to try this! That is exactly what
I'd like to do. For instance, right now I've got about 10 invoices
that I've been paid on. The checks were in my desk drawer all week.
Today I deposited them, but they still won't show up in my bank acct.
(to be downloaded by Quicken) for a day or so. I have been manually
been flagging these transactions with a green flag to let me know
they've been paid, but it's a pain to have to go back and later
"deposit" them into my acct. once the checks have cleared and been
downloaded by Quicken. Your temporary acct. might be just the solution
I'm looking for. Thanks for the tip!!

- Jason
 
J

jo

Wow Jo, this is awesome!! I've got to try this! That is exactly what
I'd like to do. For instance, right now I've got about 10 invoices
that I've been paid on. The checks were in my desk drawer all week.
Today I deposited them, but they still won't show up in my bank acct.
(to be downloaded by Quicken) for a day or so. I have been manually
been flagging these transactions with a green flag to let me know
they've been paid, but it's a pain to have to go back and later
"deposit" them into my acct. once the checks have cleared and been
downloaded by Quicken. Your temporary acct. might be just the solution
I'm looking for. Thanks for the tip!!

- Jason- Hide quoted text -

- Show quoted text -
I doubt seriously that I invented this technique. Someone on one of
these forums described it years ago and it made such sense I adopted
it immediately. I don't think I've even seen it written in any Quicken
documentation, but could be wrong.

I should be so lucky to have ten checks ready to be deposited<g>.

jo
 
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J

jnr

Hi - i have the same issue. do you have the email that quicken sent you. i
would love to read it. so frustrated that this happens everytime. thank
you.
jnr
-------------------------------------
Thanks to both of you for your help. I also emailed Quicken support
and I got a very detailed answer that said basically the same thing
you both did. They suggested letting my banking info be downloaded and
when transaction is imported into quicken but still waiting to be
"accepted" into the register, go and mark the invoice as
"payment
received". Then the payment will be credited to my checking acct.
and
I can then delete/not accept the transaction from my bank into the
register. However, by waiting until the payment is actually posted to
my bank acct and downloaded into Quicken, I will know the check was
good and cleared the bank. That makes sense.
So thank you both very much for your help. I will try your suggestions
and see how it goes!




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