Click on the deposit to and from the drop-down choose the account used for the payment. Method" from the options and choose the type of payment. In the amount field, enter the amount and the date in the field for the date.
This action will show you the lists of all outstanding invoices you have at the bottom of the window. Then select "received from" from the drop-down list and choose the customer’s name. Go to customers and click on receive payments to open the desired window.
How to Record a Payment Received for an Invoice So that’s how you apply a payment to a customer’s invoice correctly. Select the invoice you want to apply a payment to and enter the amount. In the "received from" field, input the customer’s name. How to Apply Customer’s Payment to Invoice CorrectlyĮnter your QuickBooks and click on customers then choose to receive payments from the options. Below is a detailed step of the processes you need to follow. You will see how to handle payments and invoice in your QuickBooks in this article. You could expose yourself to the kind of liability you formed the Corporation to avoid, in the first place.QuickBooks allows you to take record of all your account income and expenditure, organize your records and track time. Mixing personal funds with business funds is never a good idea! Avoid co-mingling funds at all cost – especially for a Corporation. This option is most suitable for a Corporation. When you are through entering the transactions in the “Loan from Shareholder” account, transfer the total balance to the “Shareholder Investments” account. Next, create an Equity account and call it something like “Shareholder Investment”.
( NOTE: Use the “Write Check” feature only if you are paying the full reimbursement. Then, write a check for the expense report total, allocating each expense to its relevant company expense. In addition, keep a copy of the personal credit card statement in the business files to serve as backup for the expenses. All receipts that are company related that the funds were used for, should be attached to this expense report so that all vendor details are part of the company records.
You will then write a check to yourself using this current liability account in order to clear the balance and reimburse yourself.
This option can be used regardless of your business structure. Then, pay yourself with a check using the “Pay Bill” feature when you are ready to take your reimbursement. Setup yourself in QuickBooks as a vendor and create a bill for your expenses, allocating them to the relevant business expenses the funds were used for.Here are a few to deal with this one: Option 1 – Reimburse Yourself With QuickBooks, there are usually more than one ways to deal with various scenarios. The correct way to enter business expenses that you have paid for with your personal credit card, debit card, or cash in your company’s QuickBooks, will be based on whether you want to invest this money in your company or reimburse yourself for it, as well as the type of business structure your company is setup as – Sole proprietor, Single member LLC, Multi member LLC, or Corporation.