Looking for the process involved in fixing common QuickBooks issues when applying a payment towards an invoice? Your search ends over here, we are here to discuss the entire process involved in resolving common issues when applying a payment. There are different methods involved, which include multiple payment methods, reapplying payments, refunding payments and more. In case you need any assistance in helping with the standard process for creating invoices and receiving payments, then you can refer the accounts receivable overview.
To know more, read this article carefully till the end. Or you can also contact our team professionals for any further technical assistance. Our team will be more than happy to help you.
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Steps to use multiple payment methods towards an invoice
The user can follow the below steps, to apply several payment methods:
Step 1: At first, create a cash payment item
- The user is required to select the item list from the lists menu.
- And then, choose the item drop down and select new item.
- For item type, the user is recommended to choose payment.
- On the item name/number field, type in cash payment.
- The user is then required to select the radio tab for group with other undeposited funds, in case you want the payment to go to the undeposited funds account. Else, choose the deposit to radio tab and from the drop down, choose the bank account you wish to the payment to be deposited to.
- Choose OK tab.
Step 2: The next step is to create the invoice
- From the customers menu, the user is recommended to select create invoices.
- And then on the customer job drop down, choose a customer or customer job. In case the customer or job is not on the list yet, the user needs to select add new.
- The next step is to fill in the relevant information at the top of the form like the date, invoice, bill to/sold to and terms.
- Now, in the detail area, choose the items.
- Choose the cash payment item you created in step 1.
- Now, on the amount column, enter the amount of the item that will be paid by cash.
- Also, note that the cash payment item might show on a negative amount and the total and balance due is equal to the amount which will be paid using the credit card.
- Choose save and close.
Step 3: After that record the payment
- The user is then required select receive payments from the customers menu.
- And on the received from drop down, select the customer or customer job.
- Now, enter the amount.
- Ensure that the date is correct.
- Also, enter the reference of check.
- The next step is to select the appropriate credit card for the payment method.
- Select the invoice you will pay with a credit card.
- And select save and close.
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Using a payment deposited directly into a bank account to pay for an open invoice
The below steps show the process to create a custom credit from an existing deposit and also the process to apply this credit to an open invoice. This will change the process of accounts being infected. The user will be required to check with the accountant, if the payment was deposited in a closed period or not.
Step 1: The very first step is to edit deposit to create a credit to the customer
- And then, open the original deposit.
- The next step is to enter the customer’s name used on the original invoice in the received from column.
- After that, the user is suggested to select ok on the warning message.
- And in the form account column, replace the income or another type of account with the accounts receivable account used on the original invoice.
- Choose save and close.
Step 2: The next step is to apply the credit to the original invoice
- From the customers menu, choose receive payment.
- Further, select the customer name used on the original invoice in the customer payment window.
- The next step is to select the invoice you would like to apply for the credit.
- Now, select discounts and credits then place a checkmark beside the credit amount.
- Choose done tab.
- And select save and close.
Steps for editing customer payment that was recorded incorrectly
The user can check the transaction history, so as to locate and edit the payment that was recorded as full payment when it was actually a partial payment.
- The very initial step is locate the invoice with the incorrect payment amount applied.
- The invoice will have a paid stamp on the screen.
- From the reports tab, the user is requested to select the transaction history.
- Further, on the transaction history invoice window, highlight the payment line and select go to tab.
- Change the amount of the payment to amount received.
- Choose the save and close tab.
- The last step is to select yes when the recording transaction window appears with the following message “This payment has been used to pay invoices. Changing it will alter the way it is applied to those invoices. Do you want to change it anyway”?
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Final Words..!
By now, we believe that the above stated steps would have helped you in resolving common issues when applying a payment towards an invoice. If not, then do not hesitate in contacting our accounting professionals at 1-844-521-0490. Our QuickBooks enterprise support will ensure to come up with the most appropriate solution to help you out.
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