cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Receiving payments for invoices

Client has received a couple of invoice payments in their personal a/c, which isn't linked to QB. I would like to show that the invoices have been paid, but how do I receive the payment? I thought that I could receive it to the Director's Current a/c showing that they have taken the money out of the business - but this isn't an option in the Receive Payment window Deposit to drop-down.

Solved
Best answer June 23, 2020

Accepted Solutions
Highlighted
QuickBooks Team

Receiving payments for invoices

Hello Pru1, 

 

The way in which to record this is you would need to receive the payment from the invoice to the business bank account and then do a transfer to the liability account from the business account to show this transaction in Quickbooks.

 

So go into the invoice>click receive payment> fill in the details needed and choose deposit to would be the business bank account>save and close  

 

Then click on +new top left-hand corner on dashboard> under other click transfer>Transfer Funds From the business bank and Transfer Funds To would be the liability account. Fill the rest of the information in and save and close

 

This will show the money has moved from one account to another. 

 

 

 

View solution in original post

Highlighted
QuickBooks Team

Receiving payments for invoices

Hi Pru1, 

 

Just make sure the transfer is dated the same as the invoice payment so the money goes into and then out of the bank account at the same time and this won't cause an issue with the reconciliation 😊

View solution in original post

5 REPLIES 5
QuickBooks Team

Receiving payments for invoices

Hello Pru1, 

 

Welcome to the Community page, 

 

Is the Director's current a cash at bank and in hand account in the chart of accounts or is it under a different type of account? 

Highlighted
Level 2

Receiving payments for invoices

Hi @Ashleigh1 ,

 

the Director's Current a/c is set up as a current liability.

 

The drop down Deposit to selection only includes current assets and cash in hand/bank accounts.

 

TIA

Highlighted
QuickBooks Team

Receiving payments for invoices

Hello Pru1, 

 

The way in which to record this is you would need to receive the payment from the invoice to the business bank account and then do a transfer to the liability account from the business account to show this transaction in Quickbooks.

 

So go into the invoice>click receive payment> fill in the details needed and choose deposit to would be the business bank account>save and close  

 

Then click on +new top left-hand corner on dashboard> under other click transfer>Transfer Funds From the business bank and Transfer Funds To would be the liability account. Fill the rest of the information in and save and close

 

This will show the money has moved from one account to another. 

 

 

 

View solution in original post

Highlighted
Level 2

Receiving payments for invoices

@Ashleigh1  So it doesn't matter that this won't be in the bank feed then? That will make life a lot easier! Thanks!

Highlighted
QuickBooks Team

Receiving payments for invoices

Hi Pru1, 

 

Just make sure the transfer is dated the same as the invoice payment so the money goes into and then out of the bank account at the same time and this won't cause an issue with the reconciliation 😊

View solution in original post