Contractors often perform progress billing. Progress invoicing: Determine if you need the capability to issue progress invoices for jobs that are in progress.Late fees: If you wish to charge a fee for late payments, decide when you want to apply the late fee and how to calculate the late fee.Track inventory: If you purchase goods for resale, you should use QuickBooks Online to track the cost and quantity of your inventory.Invoice delivery method: Determine whether you want the default delivery method to be printed invoices or emailed invoices.We prepared a guide on using early payment discounts to help you use them strategically. Discount: Some companies offer an early payment discount for customers who pay within a certain number of days. You'll find it much more effective and easier to justify late fees if you give customers a realistic due date, like Net 15. If every invoice you send is overdue, when do you start to assess a late fee? Customers won't appreciate not knowing the “real” due date of the invoice. It's impractical for most companies to issue a check immediately, so their bills from you are always overdue. How to Manage Credit Card Sales With a Third-party Credit Card ProcessorĪvoid the payment term ‘Due upon receipt' How to Manage Credit Card Sales With QuickBooks Payments How to Reconcile Business Credit Card Accounts How to Manage Downloaded Business Credit Card Transactions How to Enter Business Credit Card Transactions Manually Part 5: Managing Business Credit Card Transactions How to Handle Bounced Checks From Customers How to Transfer Funds Between Bank Accounts How to Manage Downloaded Banking Transactions How to Enter Banking Transactions Manually How to Set Up the Products and Services List How to Set Up Invoices, Sales Receipts & Estimates When you're satisfied with your payment details, click the green Save and close button to record the transaction.How to Customize Invoices, Sales Receipts & Estimates This will usually populate automatically but can be changed as long as the total payments applied match the total amount received. Payment: Enter the portion of the amount received in F to apply to each invoice listed in G. You'll notice in the labeled screenshot above that we have two outstanding invoices sent to John Davis: one is for the furnace installation service, and the other is a $60 invoice for air filter replacement. Multiple invoices will appear if a customer has more than one outstanding invoice. Invoice detail: The invoice detail will appear automatically for each outstanding invoice once a customer is selected in field A. In our example, we entered “$3,075” since we received the full amount. Amount received: Input the amount of the cash or check received. Without Undeposited Funds, each check received shows as a separate deposit in the check register, making it difficult to trace to the bank statement where checks are combined into a single deposit amount.į. Undeposited Funds allows you to group multiple checks and cash into a single deposit in your check register. For newer QuickBooks Online accounts, the default name for the undeposited funds account is Payments to Deposit. You might wish to peek ahead at our tutorial on how to record bank deposits in QuickBooks Online to understand what happens to customer checks after being posted to Undeposited Funds. However, if this check will be combined with other checks or cash, then you should record the payment received in Undeposited Funds. Deposit to: If this is the only check to be deposited in your bank account, you can select the appropriate bank account. Reference no.: Enter the check number or leave it blank if cash was received.Į. If your customer is paying by credit card, see our tutorial on how to manage credit card sales in QuickBooks Online.ĭ. In our example, we chose “check” since John Davis paid us with a check. Payment method: This is how the customer paid you, such as cash, check, credit card, or bank transfer. Payment date: Input the date you received the payment.Ĭ. Your customer may get upset if they find their invoice still appears as unpaid.ī. How to Manage Credit Card Sales With a Third-party Credit Card ProcessorĮnsure that you apply the payment to the correct customer invoice. How to Customize Invoices, Sales Receipts & Estimates
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