Receive a customer payment

When you receive a customer payment, several things happen:

• The value of your invoices/receivables account decreases by the amount of the payment.
• The value of your bank account increases by the amount of the payment.
• If you use cash basis for your accounting, you have an actual increase in income
• Quicken updates the Cash Flow and Profit/Loss snapshots.

•   I want to download this payment from my financial institution
  1. Download and accept the payment for this invoice into the checking account that you use for this business.
     •   Can I use another type of account?
       Yes, but only payments deposited into a business spending account appear in the Banking page in the Business tab.
  2. If necessary, in the Category field, select the account that you use to track the customer's invoices payments and invoices.
     •   How do I display the accounts I can choose from?

       You may need to click the Transfer tab on the left to see the available accounts.

     •   What if I want to split the amount into several transactions?

       Click the Split button to open the Split Transaction dialog, and then enter a separate line for each transaction amount. Quicken adds each split item as a separate transaction in the bills account.

  3. Open the account that you use to track this customer's payments and invoices.
  4. Select the payment transaction, and then double-click the word --Form-- in the Category field.
  5. Click on an invoice or invoices due, and Quicken will track the amount of payment. Or, you can enter the amount of the payment manually.
     •   Tell me more
       • Clear Pmts: When you enter a customer name and payment amount, Quicken applies the amount to the oldest invoice. If you want to apply the payment to a different invoice, select the one you want by clicking Clear Pmts (clear payments) and then clicking the Pay column next to the correct invoice.
       • Existing Credits: Existing Credits for a customer consist of any amounts from transactions that resulted in credit to the customer, such as an overpayment or a credit memo. Quicken displays this amount as soon as you enter the customer's name. To apply existing credits to invoices, select the Apply Existing Credits check box.
       • Total to Apply: The sum of the current payment amount and the customer's existing credits (if the check box is selected). It is the total amount available to apply to invoices. Quicken calculates this amount after you enter the amount of the current payment or select the check box to apply credits. If the total includes both existing credits and a payment, Quicken applies the existing credits to open invoices first. It then applies the current payment amount.
       • Unapplied Amount: If you have Auto Apply turned off, Quicken recalculates the Unapplied Amount each time you apply part of the payment to an invoice. Initially, the figure displayed is the same as the Total to Apply amount. As you apply the payment to invoices, the Unapplied Amount field shows the difference between the Total to Apply amount and the totals shown in the Payment column. When the Total to Apply amount is applied completely, the Unapplied Amount becomes 0.00.
  6. Click Enter.
•   I want to enter this payment manually

  When you receive payment from a customer, use the Customer Payment dialog to enter the amount of the payment and specify which invoice or invoices to apply the payment to. When you enter a customer name and payment amount, Quicken applies the amount to the oldest invoice for that customer, but you can select a different one.

  1. Open the account that you use to track this customer's payments and invoices.
  2. From the account register, Click  (the Account Actions icon), and then choose New Customer Payment.
  3. Enter the customer name.
     •   Tell me more
       Quicken displays any outstanding invoices from this customer at the bottom of the form.
  4. Click on an invoice or invoices due, and Quicken will track the amount of payment. Or, you can enter the amount of the payment manually.
     •   Tell me more
       • Clear Pmts: When you enter a customer name and payment amount, Quicken applies the amount to the oldest invoice. If you want to apply the payment to a different invoice, select the one you want by clicking Clear Pmts (clear payments) and then clicking the Pay column next to the correct invoice.
       • Existing Credits: Existing Credits for a customer consist of any amounts from transactions that resulted in credit to the customer, such as an overpayment or a credit memo. Quicken displays this amount as soon as you enter the customer's name. To apply existing credits to invoices, select the Apply Existing Credits check box.
       • Total to Apply: The sum of the current payment amount and the customer's existing credits (if the check box is selected). It is the total amount available to apply to invoices. Quicken calculates this amount after you enter the amount of the current payment or select the check box to apply credits. If the total includes both existing credits and a payment, Quicken applies the existing credits to open invoices first. It then applies the current payment amount.
       • Unapplied Amount: If you have Auto Apply turned off, Quicken recalculates the Unapplied Amount each time you apply part of the payment to an invoice. Initially, the figure displayed is the same as the Total to Apply amount. As you apply the payment to invoices, the Unapplied Amount field shows the difference between the Total to Apply amount and the totals shown in the Payment column. When the Total to Apply amount is applied completely, the Unapplied Amount becomes 0.00.
  5. Select the name of the checking account into which you want to deposit the payment.
     •   Can I use another type of account?
       Yes, but only payments deposited into a business spending account appear in the Banking page in the Business tab.
  6. Click Enter.

Notes

Merchant Account Services customers: Information is also available about how to receive credit card payments through Visa or MasterCard as well as American Express.

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