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Level 1

Receive Payment without Invoice

Hello All:

I run a music studio in which I teach students in saxophone, clarinet, flute and piano. The expenses are relatively low (a little marketing materials) and income is derived solely from the service (no COGS or inventory). I don’t necessarily need to accrue expenses, so I’d like to set it up on a cash basis. In QuickBooks, how can I reflect income without an invoice, or do I need to generate an invoice every time I give a lesson; a hassle I’d rather avoid. Thanks in advance. 

5 Comments
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QuickBooks Team

Receive Payment without Invoice

Hello there, Joe Joffe.

 

For Cash-basis accounting method, income is recorded when cash is received. You can use the Sales Receipt or Deposit to record the income. Then, make sure to choose the correct account for the service.  

 

Here are the steps:

  1. Click the Plus icon located in the upper right-hand corner.
  2. Under Customers, click Sales Receipt.
  3. Choose a customer from the first drop-down list.
  4. Select the service from the Product/Service column.
  5. Enter the amount in the Amount box.
  6. Click Save or Save and Close.

You can also check this article for reference: Differentiate Cash and Accrual basis.

 

Please reach out to me if you have any other questions about QuickBooks. Thanks.

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Level 1

Receive Payment without Invoice

Great. Thanks so much. 

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QuickBooks Team

Receive Payment without Invoice

You're welcome, Joe Joffe

 

Please don't hesitate to reach out to us if you have other questions about QuickBooks. Have a great day!

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Level 1

Receive Payment without Invoice

We just started quickbooks online in January. How do I allocate a payment in the banking that belong to invoices that are in this accounting period but have not been entered in quickbooks. 

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Moderator

Receive Payment without Invoice

There are different ways to allocate the payment to the invoice, TV2. We can:

  • record the invoice payment manually.
  • connect your bank account to QuickBooks Online and match the payment to the invoice.

 

Here's how you can pay the invoice manually:

  1. Open the invoice and click the Receive payment button.
  2. Enter the Payment date and the Deposit to.
  3. Enter the payment amount and click Save and close.

Here's how to connect your bank account and match the invoice to the income bank transaction:

  1. Click Banking on the left-menu and select the Banking tab.
  2. Click Connect or Add Account.
  3. Search your bank account and select Continue.
  4. Enter your login information and finish the linking process.
  5. Select Connect.
  6. In the same Banking page, go to the For Review tab.
  7. Look for the payment and match it to the existing invoice.

Either way works, TV2. You can always get back to me if you need anything else.

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