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I started using quickbooks on June 1st. I have received payment for an invoice that pre dates this, how do I allocate this payment?

The payment was made by cheque and has been paid into the bank, along with several other cheques (ie it is not listed individually)
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Best answer 07-30-2019

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QuickBooks Team

Re: I started using quickbooks on June 1st. I have received payment for an invoice that pre dates...

Hi @wbs2019,

 

You can enter this as a historical transaction in QuickBooks Online (QBO).

 

Record the invoice as is, also ensure that the date on it is correct to keep your books accurate. Then record the payment for it normally as well. With regards to your bank account, if you've connected it to your QBO company then it would be easier to match your QBO bank balance to your actual bank balance.

 

You can either manually record those checks as bank deposits:

  1. Click the Plus (+) icon then select Bank Deposit.

Or you can download your bank transactions as a CSV file and upload it in QBO. Once that's done, you can reconcile your bank account to make sure that you're not missing any transaction in the bank register.

 

The steps on how to enter historical transactions are in this article: How to enter historical information. This includes A/R transactions like invoices and sales receipts, as well as A/P transactions such as bills and checks.

 

If ever you have any other questions, feel free to drop them in the comments below. I'll make sure to get back to you.

View solution in original post

1 REPLY 1
Highlighted
QuickBooks Team

Re: I started using quickbooks on June 1st. I have received payment for an invoice that pre dates...

Hi @wbs2019,

 

You can enter this as a historical transaction in QuickBooks Online (QBO).

 

Record the invoice as is, also ensure that the date on it is correct to keep your books accurate. Then record the payment for it normally as well. With regards to your bank account, if you've connected it to your QBO company then it would be easier to match your QBO bank balance to your actual bank balance.

 

You can either manually record those checks as bank deposits:

  1. Click the Plus (+) icon then select Bank Deposit.

Or you can download your bank transactions as a CSV file and upload it in QBO. Once that's done, you can reconcile your bank account to make sure that you're not missing any transaction in the bank register.

 

The steps on how to enter historical transactions are in this article: How to enter historical information. This includes A/R transactions like invoices and sales receipts, as well as A/P transactions such as bills and checks.

 

If ever you have any other questions, feel free to drop them in the comments below. I'll make sure to get back to you.

View solution in original post