Multiple Payment Methods for a Single Invoice

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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A client wants to know how to enter a customer payment when the customer pays part of the amount due in cash or by cheque, and the rest with a credit card. The credit card payment won’t be part of the deposit she makes (she has to wait until the money is transferred to the bank by the merchant card bank), so she needs separate deposit amounts to make bank reconciliation work properly.
Make sure your receipts are being posted to the Undeposited Funds account. Go to Receive Payments and enter the customer. The balance appears, along with a list of open invoices. Fill in the amount and type of the credit card payment, and apply it to the appropriate invoice. Click Save & New and in the new payment window, select the same customer. Fill in the amount and type of the next payment type (cheque or cash) and apply it to the same invoice (which has its balance reduced by the previous payment you’d applied).
Open the Make Deposits window and deposit the cheque or cash. You can deposit the credit card payment in a separate Make Deposits window when the funds have been transferred to your bank.

Moving an Applied Credit to a Different Invoice

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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A client requested help with the following problem: “I applied a credit to a customer’s invoice, and it should have been applied to a different invoice. I can’t find a way to un-apply or move the credit amount”. You can change the invoice to which a credit was applied. This task requires several steps, but if you follow the instructions a step at a time, it’s not as complicated as it seems.
1. Open the invoice to which you applied the credit.
2. Click the History button at the top of the transaction window to display the list of all transactions linked to this invoice.
3. Click the listing for the credit you want to change, and click Go To, to open the original credit transaction.
4. Change the customer name to another customer. It doesn’t matter which customer you choose because you’re going to change it back (I create a customer named @Test to use for occasions like this and for other “tests” I want to run and it will default to the top of your customer list).
5. Click Yes in any warning dialogs QuickBooks displays about the results of making this change. Now you’ve destroyed the link between the credit and the invoice to which it was originally applied. (QuickBooks returns you to the original invoice window, where the credit no longer appears in the History dialog.)
6. Open the credit transaction you just moved to another customer (@Test). (You can select the credit from the other customer’s history by selecting the customer and pressing Ctrl-Q.
7. In the Create Credit Memos transaction window, change the customer name back to the original customer name.
8. When you save the transaction, QuickBooks offers the original choices for applying this credit. Choose to apply the credit to an existing invoice, and be sure to select the right invoice.

Creating a Simple Report that lists Invoices and Credit notes for a given period

Filed Under (FAQ, QuickBooks) by moirapottow on 03-04-2010

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Often Clients request a simple report to List Invoices/Credit Notes for a given period. QuickBooks doesn’t provide a report that displays a simple listing of invoices (Date, Invoice Number, Customer, and Amount on a single line). You can create this report using the following steps:
1. Choose Reports | Banking | Missing Checks (yes, that’s right, it’s not a typo).
2. Click OK in the Specify Account dialog that opens (it doesn’t matter what bank account is displayed).
3. When the Missing Checks report opens, click Modify Report.
4. Set The Date Range for the report e.g. “Last Month”
5. Move to the Header/Footer tab and change the text in the Report Title field to Invoice/Credit Note Listing.
6. Move to the Filters tab and make the following changes:
In the Current Filter Choices box, select the Amount filter and click “Remove Selected Filter”.
In the Filter list, select Account and then select your Accounts Receivable account from the Account drop-down list.
In the Filters tab select Transaction Type, choose Multiple Transaction Types in the drop-down list, and then select both Invoice and Credit Memo.
7. Move to the Display tab and deselect all columns except the following:Type, Date, Num, Name, Amount
8. Click OK to save your changes.
A simple list of invoices and credit notes appears, and QuickBooks inserts data about missing invoice numbers or duplicate invoice numbers in the appropriate places
Memorise the report so you don’t have to go through this again each month.