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Rtunie62
September 27, 2024
Question

Invoicing question

  • September 27, 2024
  • 1 reply
  • 0 views

We are not using QuickBooks to accept payments yet but I want to create invoices for customers. Here's how it works now..

 

Customers pay using Venmo and then I transfer that payment to my bank account. So they show in QB as VENMO CASHOUT for $xxx.xx under in  For Review - Bank Transactions.

 

I have created my customers in QB and let's say they owe $1,000. I want to create an invoice for $1,000 and then apply the Venmo transfer to this balance. I created a PLEDGE for $1,000. Is that right?

 

So let's say they paid $450 and I have a Venmo transfer in QB for this amount. I want to apply this transfer to their $1,000 balance and create an invoice that shows what they paid and what is owed . 

 

In Bank Transactions, there is an item for review for $450. I select the payer as this customer but it doesn't show up on their customer overview.

 

What am I doing wrong? 

1 reply

R
RhoiceW
September 27, 2024

Hi there, Rtunie62. I'm here to guide you through this process of creating invoices and applying Venmo transfers to your customer balances in QuickBooks Online (QBO).

 

Yes, you're on the right track. To successfully match the payment to the invoice, you'll need to create a bank deposit affecting Accounts Receivable.

 

Here's how:

 

  1. Go to the +New icon and select Bank deposit.
  2. Select a bank where you want to deposit the funds.
  3. On the deposit page, scroll down until you see Add funds to this deposit.
  4. Under the Received from field, choose a customer who gave the funds.
  5. Then select Accounts receivable under Account.
  6. Enter the amount of the transfer.

 

After creating the bank deposit, apply it to an open invoice through the Receive payment feature. Ensure to tick the invoice and the bank deposit.

 

After that, match the transaction amounting $450 that is in your For review tab to the bank transaction you created earlier. Once done, you can send your customer a statement as a reminded that they still have a balance. 

 

I've included a screenshot for your visual reference.

 

 

Additionally, you can personalize your sales forms to have professional-looking invoices enhance your business' communications in QBO.

 

If you have further concerns about managing your invoices, don't hesitate to reach out in the Community. I'll be right here to help.

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