Receiving invoice payments from customers

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Subject Author Date Receiving invoice payments from customers txcowboy 01-10-2008  Re: Receiving invoice payments from customers Laura 01-10-2008  Re: Receiving invoice payments from customers The Streets 01-10-2008  Re: Receiving invoice payments from customers txcowboy 01-10-2008  Re: Receiving invoice payments from customers John Pollard 01-10-2008  Re: Receiving invoice payments from customers txcowboy 01-11-2008  Re: Receiving invoice payments from customers John Pollard 01-12-2008  Re: Receiving invoice payments from customers jo 01-16-2008  Re: Receiving invoice payments from customers txcowboy 01-18-2008  Re: Receiving invoice payments from customers jo 01-20-2008  Re: Receiving invoice payments from customers jnr 09-26-2008  Re: Receiving invoice payments from customers David E. 01-10-2008
Posted by txcowboy on January 10, 2008, 2:26 am Please log in for more thread options 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 Posted by Laura on January 10, 2008, 7:45 am Please log in for more thread options > 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. Posted by The Streets on January 10, 2008, 7:51 am Please log in for more thread options > 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. Posted by txcowboy on January 10, 2008, 4:23 pm Please log in for more thread options 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 Posted by John Pollard on January 10, 2008, 5:09 pm Please log in for more thread options txcowboy@gmail.com wrote: > 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". > 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 -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup Similar Threads Posted Invoice items & customers November 17, 2009, 3:14 pm Adjusting/undoing invoice payments March 19, 2008, 10:01 pm M.A.R.L.B.O.R.O...C.I.G.A.R.E.T.T.E.S......Some clever walnuts among the healthy kiosk were receiving beside the wide planet. September 13, 2007, 5:58 pm Backing out an invoice payment March 14, 2007, 7:28 pm Quicken invoice description April 17, 2008, 12:34 pm Quicken 2005 - Invoice reports October 1, 2007, 7:18 pm Clearing unpaid invoice that's paid December 3, 2007, 4:40 pm Bank of America shouldn't mess with its customers credit report October 7, 2006, 3:19 pm emailing stmts & listing finance charge on invoice October 12, 2008, 3:54 pm Invoice Labor time rounded to show Qty in clock minutes March 10, 2008, 3:39 pm