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This chapter is from the book

This chapter is from the book

Receiving Payments for Invoices

You’ve received a check from a customer! Now you need to record the payment and indicate that the invoice has been paid. Doing so clears your accounts receivable account and places the funds in an undeposited funds holding area in your QuickBooks file until you deposit the funds. When you actually deposit the money, the undeposited funds account is cleared and cash is increased.

  • orange_circle_1.gif Select Customers, Receive Payments.
  • orange_circle_2.gif Enter the customer’s name in the Received From field.
  • orange_circle_3.gif Enter the amount received.
  • orange_circle_4.gif Confirm the date on which the payment was received.
  • orange_circle_5.gif Enter the payment method.
  • orange_circle_6.gif Enter the check number or other applicable reference number.
  • orange_circle_7.gif Verify that the amounts are applied appropriately to the outstanding invoices by checking the invoices in order of how the payment will be applied.
  • orange_circle_8.gif If the full amount owing has not been paid, indicate whether you want the remainder to be left as an underpayment or written off as either a discount or uncollectible.
  • orange_circle_9.gif Click a save option.
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