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Record Invoice Payment

I was wanting some help on how to record an invoice payment I received.

The customer is also my material vendor. The invoice payment I received is for the invoices due minus material purchases I made. How would I be able to record this? The following is an example:

Invoices Due: $11,033.47

Material Purchases: $807.80

Total Invoice Payment I received: $10,225.67

 

Thank you.

Solved
Best answer May 19, 2020

Best Answers
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QuickBooks Team

Record Invoice Payment

I got you covered, @marireveles.

 

You'll want to create a Bill for the material you purchase from your customer. Then, create a journal entry for the amount paid for the purchase. Let me guide you how to do it in your QuickBooks Online (QBO) account.

 

To create a Bill:

  1. Go to the + New button.
  2. Select Bill.
  3. Choose a vendor from the Vendor drop-down menu.
  4. Fill in the needed information.
  5. Click Save and close.

Here's an article you can read for more details: Enter and pay bills

 

Once done, create a journal entry for the Accounts Receivable and Accounts Payable to offset the amount. I'd recommend getting in touch with your accountant for guidance on what account to credit and debit. This way, we ensure the accuracy of your books after recording this.

 

Then link the journal entry when recording the invoice payment. Additionally, do check our Income and expenses page and learn some best practices in managing your income in QBO.

 

You can always get back to me whenever you have other questions. I'm always here to help. 

View solution in original post

1 Comment 1
Highlighted
QuickBooks Team

Record Invoice Payment

I got you covered, @marireveles.

 

You'll want to create a Bill for the material you purchase from your customer. Then, create a journal entry for the amount paid for the purchase. Let me guide you how to do it in your QuickBooks Online (QBO) account.

 

To create a Bill:

  1. Go to the + New button.
  2. Select Bill.
  3. Choose a vendor from the Vendor drop-down menu.
  4. Fill in the needed information.
  5. Click Save and close.

Here's an article you can read for more details: Enter and pay bills

 

Once done, create a journal entry for the Accounts Receivable and Accounts Payable to offset the amount. I'd recommend getting in touch with your accountant for guidance on what account to credit and debit. This way, we ensure the accuracy of your books after recording this.

 

Then link the journal entry when recording the invoice payment. Additionally, do check our Income and expenses page and learn some best practices in managing your income in QBO.

 

You can always get back to me whenever you have other questions. I'm always here to help. 

View solution in original post

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