Skip to main content
K
Karen Nankervis
July 29, 2020
Question

Receiving advanced payment and settling credit

  • July 29, 2020
  • 1 reply
  • 0 views

I send invoices each month to tenants for shed rental, some tenants pay ahead and have a credit on their account that I need to allocate later. I need to be able to allocate these transactions so I can reconcile at the end of each month and do my reporting. 

I've recently moved my bookkeeping over from MYOB, where I would be able to accept the deposit as a payment against a closed/fully paid invoice, this would create a credit for the tenant, and then when I do the next month's invoices, I would go into 'settle credits' and allocate any credits onto new outstanding invoices.

How do I do this in Quickbooks Essentials?

Thanks.

1 reply

K
Kass_B - Product Champion
July 29, 2020

Hi Karen Nankervis,

 

If you have tenants/customers that pay ahead, you can record these payments to be allocated to future invoices:

 

  1. Select the +New button (top left) and select Receive Payment.
  2. Enter in the customer details, date and amount of the payment, then select Save and close. This creates a credit to the customer's account. You can then match the payment to the amount received in your bank feed (if connected):
  3. Go to the Banking tab, then select the transaction.
  4. If the system has automatically located the Receive Payment, you can select Match. Otherwise, select Find Match and tick the Payment, then Save.

 

You can then apply the credit after creating the new invoice:

 

  1. Select + New, then select Invoice.
  2. Create the invoice and Save.
  3. Select + New. Then select Receive payment.
  4. Select the customer name, then tick the credit and the invoice, and Save.

 

Feel free to reply if you have further questions as we're here to help.

 

-Kass

 

 

 

Terms & ConditionsAccessibility statement