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I made an invoice and the customer paid me via Wire Transfer. How do I put in that invoice or in the system that the customer already paid me?

Forum|Forum|6 years ago
June 3, 2020
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QuickBooks Online

Best answer by Ashley H

Thanks for reaching out to the Community, @epad03.

Once you've entered the Invoice, then you can create a Receive Payment and place it in the Undeposited Funds account until the Deposit comes through your bank in the Online Bank Feed in QuickBooks Online. When you see the transaction in the For Review section in your Banking tab, then you can match the Deposit to the Invoice to clear the payment and zero out the Undeposited Funds account. Matching will prevent any duplications of transactions and help organize your books. If you don't have your bank connected, then you can create a Bank Deposit.

After the Invoicing process and it's the end of the month, then you'll need to reconcile your accounts in QuickBooks Online. This is to ensure that your bank or credit card statement matches what is recorded in QuickBooks. No worries, here's a Community Article that goes into detail and explains how reconciling works: Reconcile an account in QuickBooks Online.

If you need further assistance, please feel free and leave me a Reply. I've got your back. Have a nice day!

Ashley HAnswer

Thanks for reaching out to the Community, @epad03.

Once you've entered the Invoice, then you can create a Receive Payment and place it in the Undeposited Funds account until the Deposit comes through your bank in the Online Bank Feed in QuickBooks Online. When you see the transaction in the For Review section in your Banking tab, then you can match the Deposit to the Invoice to clear the payment and zero out the Undeposited Funds account. Matching will prevent any duplications of transactions and help organize your books. If you don't have your bank connected, then you can create a Bank Deposit.

After the Invoicing process and it's the end of the month, then you'll need to reconcile your accounts in QuickBooks Online. This is to ensure that your bank or credit card statement matches what is recorded in QuickBooks. No worries, here's a Community Article that goes into detail and explains how reconciling works: Reconcile an account in QuickBooks Online.

If you need further assistance, please feel free and leave me a Reply. I've got your back. Have a nice day!

E

epad03Author

Thank You very much @Ashley H !

I want to make an example with the same information about the invoices and the clients paying me with Wire Transfers;

If I made an invoice of $15,000 and for being a loyal customer I make a payment plan for him, to pay me $3,000 every month until he pay it off in 5 months and he is paying me via Wire Transfers.

You mention "Once you've entered the Invoice, then you can create a Receive Payment and place it in the Undeposited Fund account until the Deposit comes through your bank in the Online Bank Feed in QuickBooks Online. When you see the transaction in the For Review section in your Banking tab, then you can match the Deposit to the Invoice to clear the payment and zero out the Undeposited Funds account. Matching will prevent any duplications of transactions and help organize your books."

When I create a Receive Payment of that invoice and place it in the Undeposited Funds account, what amount should I have to put in the Receive Payment of that invoice? It will be the $15,000 completly or it will be the $3,000 everytime that customer pays me?

Thank You, I will look up for your response.

C

Catherine_B

Thanks for keeping us posted with your questions, epad03.

You can enter the amount that will come in from your bank feeds, as you mentioned the partial payment of $3,000. This way it'll match to the amount posted in the bank downloaded deposits. You can check these screenshots below for your reference on how it'll look like.

You can follow the same steps every time you customer pays you with a specific amount. You can also check out this article for more details on how to manage bank downloaded transactions before you reconcile an account.

The Community is always open to help you. Just leave a reply below and my colleagues and I will surely assist you. You keep safe always!

S

SamAutomotiveRepair

I believe I'm having the same problem. So I create an invoice in QB, and then type in 'custom amount' in square equal to the invoice total- and charge the customer like that. Then I click paid by square on the QB invoice and select the account square deposits to in the drop down box on my QB invoice. However it still doesn't link the square charge to my QB invoice. I end up having a square invoice and a quickbooks invoice in my sales history, both equal to the same amount. Which is 'doubling' my visual profits. Which means most of quickbooks other features are irrelevant since my numbers in QB are incorrect. Does anyone know how to fix this? Or since we create the invoices in QB instead of square will it always be separate and therefore incorrect?

M

MadelynC

That’s exactly correct, @SamAutomotiveRepair.

Allow me to share some information about handling transactions in QuickBooks and to get rid of the doubled entries.

Once the square account is connected to QuickBooks, it automatically imports your sales and expenses. Meaning, creating separate transactions in QuickBooks for your Square is unnecessary.

You can delete the invoice you’ve created in QuickBooks to fix the duplicate income that displays in your Sales History.

Here’s how:

Go to the Sales menu, then choose Invoices.
Find and select the invoice you wish to delete.
In the Invoice page, select More at the bottom, then Delete.
Select Yes to confirm.

Once your bank downloads events which include square payments, you can directly match it to the square invoice. Doing this will clear and settled the entries. You’ll just need to go to For review tab on your banking page then match them.

I have a reference here that tackles on how square data imports your sales into QuickBooks Online. It includes information about managing settings and troubleshooting instructions in case there’s a duplicate transfer.

Get back to me here if you need further assistance with your square transactions. I’ll be here to help anytime. Have a good day.

K

Kay03

How do you handle wire transfer fees? Say I invoice the customer $100, he pays $100 via WT but I only receive $75 from my bank due to WT fees. How to I mark as paid if it is not the correct amount?

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