Categories
Invoice QuickBooks Online QBO Receive Payment Receiving Payment

How to customize the message on the Payment Receipt Email template and automatically notify your customers when you receive their payment?

You can use “Routines for QuickBooks” at the QB Labs. This will allow you to customize the Payment Receipt Email template. And also automatically notify your customers when you receive their payment. With this feature, there is no need to use manual “Save and send” to notify payment receipt to your customers.

To turn on Routines for QuickBooks at the QB Labs:
Gear > Your Company > QuickBooks Labs.
To set up Manage Routines to Notify your customers when you receive their payment.:
Gear > Tools > Manage Routines > Select Notify your customers when you receive their payment > Click Try It Out

Merge fields auto-populate the text with data that you’ve selected when you enter (# hashtag ) in the text field.

Categories
Credit Memo Customers Invoice Receive Payment Receiving Payment Term

Invoice Payment Terms

Invoice Payment Terms in QuickBooks Online QBO
Categories
Bank Deposit bank feed bank feeds/page/2/ Banking Customers Invoice Receive Payment Receiving Payment

How to handle fees (Paypal and Square) deducted from customer payments in QuickBooks Online

This article deals with step-by-step instructions on how to manually recording fees (Paypal or Square) and then match the deposit transactions in bank feed —Review items from your bank and link each item to an existing record.

EXAMPLE – Signed up for Square (or PayPal) so that I could accept credit cards. I will be paying the fee myself, not the customer. So when I give a customer an Invoice for $1,000.00, they will swipe their card and have $100 taken from the customer. Square (or PayPal) will take their fee off the top and then deposit $970.00 into my business checking account. My bank feed under review items from bank link will show $970.00 deposit ($1,000 customer payment less $30 fee).

Here’s how to handle fees (Square and Paypal) deducted from Customer payments in QuickBooks Online:

 

1. Identify the customer Invoices that were paid via Square or Paypal.

2. Receive Payment of open invoice amount (create “+” sign > customers > receive payment) . Select the invoices that were paid. Make sure to select “Deposit-to” that this payment is being deposited into your Undeposited Funds account.

 

NOTE: To ensure that the associated transaction processing fee is recorded accurately, the invoice payment must be applied manually through the “Receive Payment” screen (rather than through the matching feature). A manual deposit must also be entered (step 3).

3. Add a new Deposit. Click on the Create or “+” sign and go to “Other” and click on Bank Deposit.

4. Select appropriate invoice(s) “Select the payments included in this deposit” tab

5. Record the processing fee part of the transaction under Add New Deposits tab.

Make sure to enter the amount of the processing fee as a negative number so that it deducts from the total deposit amount.
Received From = Square or Paypal Vendor
Account = Fees (Expense or COG account)

6. Total deposit amount should match your deposit to accept the transaction in bank feed.

 

7. Go back to Banking and under the Dashboard, locate your deposit under “For Review” tab. Since the processing fee has now been manually recorded in QuickBooks, you will be able to match your Square or Paypal deposit.

 

Categories
Bank Register Customers Invoice Receive Payment

How do you apply customer payment that has a merchant fee to an invoice in QBO?

You will need to group both your deposit and fee together so your deposit in QBO matches the bank deposit that was made in real life.

Here’s how to handle it in QBO at this time:

RECEIVE PAYMENT

  1. Create an Invoice for your customer as you normally would.
  2. From the home page screen, click the Create icon (+) when you’re ready to receive the payment from your customer.
  3. Choose “Receive Payment” from the dropdown that appears.
  4. Fill out the Receive Payment as you normally would, but ensure the Deposit to field reads “Undeposited Funds” account.
  5. Click Save and close.

receive payment deposit to uf
receive payment deposit to uf

 

BANK DEPOSIT

  1. From the home page screen, click the Create icon (+) when you’re ready to get the deposit, minus the fee, in your bank account.
  2. Choose Bank Deposit (under Other) from the drop-down that appears.
  3. Check off the payment from this customer (and any other payments in the batch).
  4. In the Add New Deposits area, enter in the fee as a negative number, so it reduces the overall deposit total.
  5. Click Save and close.

payment minus fee
payment minus fee

This will then match the deposit made to your bank account and record the proper account.

 

WATCH VIDEO

Categories
Bank Deposit Banking Customers Receive Payment

I have already received payments in QBO from multiple customers. How to make them match with a single deposit I see in my bank feed.

You’ve two ways to match with bank feed deposit.

1) Match it directly from the bank feed downloaded transactions.

Select a row for deposit in question. The row expands to show you “Find other matching transactions” button. Once you click this button, you will see a long list of possible match transactions. To easily locate your deposits, change payment date as you’ve recorded. Select payments (type = payment) to match with bank feed deposit amount. Make sure difference is zero. Save. Done.

find other matching transactions1
find other matching transactions1

2) Manual. This will take few steps, but you will see green MATCH sign once done.
a) Go back to “Receive Payment” (create+ sign > customer > receive payment > upper left corner clock, locate payment) screen for customer payment you’ve already recorded and change Deposit to: “Undeposited Funds” instead of a bank account. Do the same for other customer payments that you want to match to a batch deposit.
b) Bank Deposit (create + sign > other > bank deposit) – check existing payments from the list to match batch bank deposit. Make sure to check correct bank account if you’ve multiple bank accounts. Save. Done. Save and Close.
c) Go back to banking center (bank feed) and now you should see green Match sign for that deposit. Click Match. It should disappear from the list.

Note: #2 is recommended process in QBO if you’ve merchant card payments or use bank deposit slip from depositing checks from various customers.

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Categories
Create Customers Estimate Invoice Receive Payment Sales Receipt

Is there a way to create a sales receipt from an estimate

QBO is not set up to go from Estimate to Sales Receipt at this time. Currently, you create Estimate and then “copy estimate to invoice” to create an Invoice. There is no partial copy so it’s done just one-time. You receive payment against that invoice.

Workaround steps from Estimate to Invoice may also work as faster as creating from Estimate to Sales Receipt approach. Follow these steps, it may work as an alternative to Estimate to Sales Receipt.

1. Create Estimate (create + sign > customers > estimate)
estimate1
 
2. Copy to Invoice (either directly from estimate or from invoice form by selecting a customer)
invoice1
 
3. Select “Save” (bottom right, blue bottom) Invoice
invoice2
 
4. Once saved the invoice, you will promptly notice “Receive Payment” button added at the upper right corner. Click “Receive Payment” link.
invoice3
 
5. Receive Payment against the invoice. Done.
invoice4
 

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Categories
Customer Center Customers Receive Payment Sales

How to enter payments received from a collections agency in QBO

Categories
Credit Memo Customer Center Customers Journal Entry Receive Payment

How can I transfer unapplied credit from one customer to another in QuickBooks Online

A case may occur when a customer wants to apply credit balance to an affiliated company’s open invoice.

EXAMPLE:

Customer (Mark) has a $500 credit balance. Customer (Martha) has a $500 Open Invoice. They like to clear the accounts by applying $500 credit from Mark’s account to $500 Open Invoice of Martha’s account.

One easy way to handle transfer credit from one customer to another customer is to write a Journal Entry in QBO.

Click on the screenshots below to enlarge them

Customers Page
Customers Page

Customer Mark's Account with $500 Unapplied Credit
Customer Mark’s Account with $500 Unapplied Credit

Customer Martha's Account with $500 Open Invoice
Customer Martha’s Account with $500 Open Invoice

 

To create a Journal Entry

From the home page screen, click Create+ sign

  • Click Journal Entry tab under Other heading.
  • Enter the date.
  • On the first line, from the Account drop down list, select Accounts Receivable (A/R).
  • In the Debit field, enter the unapplied amount being transferred. Example:$500.
  • In the Memo field, note the reason for the Journal Entry. Example: credit transfer to Martha’s account.
  • From the Name drop down list, select the customer name that credit is being transferred from. Example: Mark
  • On the second line, from the Account drop down list, select Accounts Receivable (A/R) again.
  • In the Credit field, enter the credit amount (same as debit amount). Example:$500
  • In the Memo field, note the reason for the Journal Entry. Example: credit transfer from Mark’s account.
  • From the Name drop down list, select the name of the customer that the credit is being transferred to. Example: Martha
  • Click Save.

Journal Entry
Journal Entry

Mark's Customer Page after Journal Entry
Mark’s Customer Page after Journal Entry

Martha's Customer Page after Journal Entry
Martha’s Customer Page after Journal Entry

 

The final step is to Receive Payment on both customer accounts so that it will show “Paid and Closed” customer status

From the home page screen, click Create+ sign

  • Go to the Customers tab and click Receive Payment.
  • Select the customer (example: Mark).
  • Make sure that the credit and Journal Entry are checked at the left (make no other entry on the Receive Payment form.)
  • Make sure “Amount received” show zero amount.
  • Click Save.

Follow the same “Receive Payment” steps as above for the customer (Martha).

Screenshot 2015-08-23 14.18.55
Receive Payment (Customer Mark)

Screenshot 2015-08-23 14.19.23
Receive Payment (Customer Martha)

Screenshot 2015-08-23 14.20.43
Customer Mark’s Page with Paid and Closed Status

Screenshot 2015-08-23 14.20.52
Customer Martha’s Page with Paid and Closed Status

If you liked this video, then please subscribe to our YouTube Channels (VPController and NewQBO) for QuickBooks video tutorials.

 

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Categories
Customer Center Customers Invoice QBO QuickBooks QuickBooks Payments Receive Payment

Can I issue payments from Quickbooks Online (QBO) that will process through my bank account?

QuickBooks Bill Pay Service is available only in QuickBooks Desktop versions (QBDT 2013-2015). That feature is currently not available in QuickBooks Online (QBO).

Send them your feedback if you like this feature request > Gear (upper right corner) > your company > FEEDBACK.

And ask for Bill payment services offered through Intuit QuickBooks

quickbooks bill pay service

Categories
Customers Pay Bills Receive Payment Vendor Vendors

I have a vendor that I purchase from and who also purchases from me. How do I handle this barter transactions in QB online?

A barter transaction is one in which you buy products and services to a person (vendor) or company from whom you also sell other products and services (customer).

Set up the bartering process in QBO:

  1. Open your vendor center and add the vendor to your vendor information screen with a “(V)” after the name.
    From the home page screen > left blue navigation bar > Vendors > New vendor (upper right corner) > Fill out vendor information > Example: Barter Enterprises (V)
  2. Open your customer center and add the customer to your customer information screen with a “(C)” after the name.
    From the home page screen > left blue navigation bar > Customers > New customer (upper right corner) > Fill out customer information > Example: Barter Enterprises (C)
  3. Set up a new bank account for your barter transactions.
    From the home page screen > left blue navigation bar > Transactions > Chart of Accounts > New > Category Type = Bank > Detail Type = Cash on hand (or select one) > Name = Barter Clearing > Description = Bank Clearing – Same Vendor and Customer

Check out our helpful YouTube tutorial video. Be sure to subscribe our channel. Follow us on Twitter (@newqbo). We highly encourage you to watch the entire video.. You do not want to miss a step!

 
vendor

customer

barter bank

Enter Bills and Invoices:
Enter Bills and Invoices as normally would. No difference. Make sure to select Vendor (V) on bills and the Customer (C) on invoices.
For entering Bill > From the home page screen > create + sign > vendors > bill
For entering Invoice > From the home page screen > create + sign > customers > invoice

create vendor bill

create customer invoice

 

Barter Settlement

Make payment due (money out) to the Vendor (V)
Case # 1:
Vendor Bill = $600.00
Customer Invoice = $500
Balance due to Vendor (V) = $100

Pay Bills and Receive payment

  1. To Pay Bills (partial $500) > From the home page screen > create + sign > vendors > pay bills
    Payment Account = Barter Clearing (IMPORTANT)
    Select “Pay” Vendor (V) checkbox
    Amount to pay = Same amount as Customer Invoice (example: $500)
    Starting Check No. = Non Cash Payment
  2. To Receive Payment > From the home page screen > create + sign > customers > receive payment
    Select Customer (C)
    Payment Method = Non Cash (add new if needed)
    Reference = Barter
    Deposit to = Barter Clearing (IMPORTANT)
    Select Outstanding Invoice transaction
    Amount = $500
  3. To Pay Bills (remaining $100) > From the home page screen > create + sign > vendors > pay bills
    Payment Account = Bank Account (IMPORTANT)
    Select “Pay” Vendor (V) checkbox
    Amount to pay = $100
    Starting Check No. = Non Cash Payment

vendor payment offset against customer invoice

customer payment applied against vendor bill

balance due payment to vendor

vendor page

customer

Review Bank Register for Barter Clearing account (from the home page screen > left blue navigation bar > transactions > chart of accounts > view register under action column
This account should have zero balance.

bank register

 

Receive payment due (money in) from the Customer (C)
Case # 2:
Customer Invoice = $2,000
Vendor Bill = $800.00
Balance due from Customer (C) = $1,200

Receive payment and Pay Bills

  1. To Receive Payment > From the home page screen > create + sign > customers > receive payment
    Select Customer (C)
    Payment Method = Non Cash (add new if needed)
    Reference = Barter
    Deposit to = Barter Clearing (IMPORTANT)
    Select Outstanding Invoice transaction
    Amount = $800 (partial)
  2. To Pay Bills > From the home page screen > create + sign > vendors > pay bills
    Payment Account = Barter Clearing (IMPORTANT)
    Select “Pay” Vendor (V) checkbox
    Amount to pay = $800 (same as vendor bill)
    Starting Check No. = Non Cash Payment
  3. To Receive Payment ($1,200 by check) > From the home page screen > create + sign > customers > receive payment
    Select Customer (C)
    Payment Method = Check
    Reference = Customer (C) check number
    Deposit to = Bank Account (IMPORTANT)
    Amount = $1,200

2 create customer invoice

2 enter bill

2 received payment offset by vendor bill

2 vendor bill payment

2 recevied payment by check

2 customer page

2 vendor page

Review Bank Register for Barter Clearing account (from the home page screen > left blue navigation bar > transactions > chart of accounts > view register under action column
This account should have zero balance.

2 bank register

 
Note: It can also make this barter process to work even if the customer and vendor are different, but need to settle out A/R and A/P balances.

 

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