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Experienced Member

How to post partially paid invoice?

I opened a new set of books for my business. I have some invoices which were partially paid in the past. How can i reflect this?  so that the invoice reflects the amount actually outstanding now

7 Comments
QuickBooks Team

Re: How to post partially paid invoice?

The Community has your back, @kkchigs.

 

Congratulations on getting a fresh start with QuickBooks for your business. I'll provide the steps below to help you partially pay invoices in QuickBooks Desktop like a champ:

 

1. From the QuickBooks Desktop homepage, click Receive Payments.

2. Select a customer in the field at the top to view their open invoices. Check the invoices you wish to partially pay on the left side of the Customer Payment screen.

3. In the Payment column, enter the amount of the Partial Payment and press Enter.

 

 

This will save the partial payment and reduce the balance due on the invoice. Feel free to get in touch with me here if there's anything else I can do for you. Thanks for coming to the Community, wishing you continued success.

Experienced Member

Re: How to post partially paid invoice?

Thank you for the reply. Let me rephrase my question i think you may have misunderstood me. Lets say the invoice is for 10000. 5000 was paid 2 years ago. So i want to put the invoice as 10000 but showing only 5000 is unpaid, which was recently paid now. How do i do that?

QuickBooks Team

Re: How to post partially paid invoice?

Hey there, @kkchigs.

 

The process for recording this will be the same as explained above. I'll walk through an example using your figures below:

1. The Invoice is created with $10,000 as the balance due.

2. Create a single payment transaction by checking off the $10,000 invoice (as shown in the image above) and entering $5,000 in the Payment column. You can enter the payment date for 2 years ago to match the original payment.

3. Open the $10,000 invoice, and you'll see that only $5,000 remains unpaid.

4. Create a new Payment and date it for the day the second payment was made. When you select the original $10,000 invoice, you'll see that the Amount due is only $5,000. Creating a payment for this amount will fully pay the invoice while making certain the respective $5,000 payments are dated with their original transaction dates.

 

While reporting in Accrual basis, the income will be recorded on the date of the Invoice. Therefore, the date of the payments will only pertain to when the money moves from accounts receivable to your bank/cash account. As long as your separate $5,000 payments are dated correctly, any bank accounts involved will still be able to reconcile.

Let me know if this clears things up, the Community is always here to answer your questions. Thanks again, and have a wonderful rest of your day.

Established Community Backer ***

Re: How to post partially paid invoice?


@MichaelDL wrote:

 

2. Create a single payment transaction by checking off the $10,000 invoice (as shown in the image above) and entering $5,000 in the Payment column. You can enter the payment date for 2 years ago to match the original payment.

 


QBO will not allow an entry to be back dated when that date is before you started the subscription.

Experienced Member

Re: How to post partially paid invoice?

Hie Hope you well? I have finished and caught up on my accounts. I noticed the partial payment from 2 years ago is popping up at the top of my bank account and increasing the balance although it is not for 2018. What do i do? confused now 

QuickBooks Team

Re: How to post partially paid invoice?

Hey there, @kkchigs.

 

I'm doing well, thank you. I hope you are, too. I can help you with resolving your bank balance and the partial payment. When you say you see the partial payment appearing at the top of your bank account, are you referring to bank feeds? 

 

If this is an old transaction appearing in bank feeds, you may exclude the transaction. If you're talking about something else, do you mind providing me a screenshot? Leave that in a comment below and I will review it and get back to you. Should you have any additional questions about this or anything else QuickBooks, don't hesitate to reach out to me.

Highlighted
Established Community Backer ***

Re: How to post partially paid invoice?

The original payment is part of your balance.  When you made the new payment entry on the (newly entered) old invoice QBs sees it as a new income.

 

If I understand correctly, you just started with QBs and is it safe to assume you just entered your current bank balance when you started?  If QBs actually has all the old bank deposits including the original one, just delete the old one and keep the new one.  NOTE: It will mess up you reconciliation, so best to do it after you've reconciled, then do the correction, then reconcile again.

 

If you've literally just started working with QBs and haven't reconciled your bank account yet, just change the opening balance by $5000 and you should be back in balance.

 

But if neither of the above work, you need to make an entry in your bank account/register in QBs to cancel out the deposit.  If you went with the Default settings in QBs, your $5000 payment went into Undeposited Fund, but do not use that as the reversal account or you'll end up with $5000 in that account.  Use the account that the original items in your invoice were for.

 

If the invoice category was for example Consulting use that in the checking entry:

 

Date = same as the deposit so the two entries are together

Number = I use ADJ for Adjustments

Name = Adjustment

Payment = 5000.

Account = whatever is in the Invoice

Memo = something like "Correctly entry to remove duplicate deposit on Inv#12345"