How to handle a partial payment when creating an invoice in QBO?

Case: A customer bought $105.00 worth of product and paid $80.00 in cash. You need to send an invoice to the customer for the balance. How would you handle this in QBO?

First, create a new invoice using product/service item code for $105.00. Use deposit field to post $80.00 as the prepayment on that invoice. Deposit field is located right below the total. Now, the invoice will show $25 balance due.

If you do not see “DEPOSIT” field on your invoice, go to “Company Gear” settings to enable deposit field: Gear icon (upper right corner) > Settings > Company Settings > Sales > Deposit > ON > save. See screenshot below for reference.

Click on the screenshots below to enlarge them
enable deposit setting

Once you enter deposit amount, your invoice screen will expand to show the following three fields added to the invoice form. Fill out the information appropriately:

a) Payment method
b) Reference no.
c) Deposit to

You will need to select “Deposit to” field depending on your situation. If you are depositing this deposit (prepayment) to the bank along with other payments as a batch deposit, then you should select Undeposited Funds Account. On the other hand, if you are depositing just $80.00 as a single deposit to the bank, you should select the appropriate bank account.

deposit field on invoice

The snapshot below shows what accounts are affected by this transaction:
deposit journal report
1. Accounts Receivable: $25
2. Sales Income: $105
3. Undeposited Funds or Bank Account: $80

 

#QuickBooks Online

 

How do I match transactions when bank feed deposits (from Stripe) are net and not gross

This is what you need to do!
First, when you create sales receipt or invoice > choose deposit to “Undeposited Funds” account, not bank account.

(I am giving lengthy steps, but it moves real fast)

Let us start from your banking center.

Find the deposit amount you want to match.

Highlight and click once. Transaction screen will expand.

Look for “Find Match” or “Find other match transactions.”

It will take you “Deposit” screen.

Select transactions to match (check customer payments). You are still looking at the gross level payments.

Getting closer, next step is where you make adjustments for Stripe fees.

Pull down “resolve difference” arrow and select “Add New Transaction.”

Select “Add New Transaction” and screen with expand with “Add New Transaction” section

You will also notice resolve difference amount which should be the same amount as Stripe Fees.

Go to “Add New Transaction” section

This is where you will enter Stripe fees.

Select account category (most likely merchant service fee expense account)

Enter negative amount for fees (same as resolve difference amount. example for ten bucks -10.00).

Save. Screen will disappear and it is posted to QuickBooks.

Back to banking center again!

If this does not work (because it was downloaded as bank transfer type), you will need to take manual route.

Bank Deposit (create + sign > other > bank deposit) > check payments > add fees to new transaction section as a negative amount. Same steps above.

Go back to banking center > now you should see green match sign > select match > done.

Click on the screenshots below to enlarge them
1receive_payment

2deposit

#QuickBooks #QBO How do I get separate payments from different customers to show up as one deposit as it does when I deposit it in the bank?

On Receive Payment screen (create + sign > customers > receive payment) > select deposit to: undeposited funds > choose invoice and payment amount > save

Next step > On Bank Deposit screen (create + sign > other > bank deposit) > select customer payments > match total payment to bank deposit > save

If you are downloading bank transactions > banking center (left navigation bar > transactions > banking) > click deposit in question > deposit transaction screen will expand > select “Find Match” > select transactions (payments) to match deposit amount > save

Click on the screenshots below to enlarge them
deposit to undeposited funds1

deposit to undeposited funds2

deposit1 match uf

deposit1

deposit2 find match

deposit3 match transactions

deposit4 posted in quickbooks

 

#QuickBooks Online

 

How to print a deposit slip and deposit summary in new QuickBooks Online (QBO)?

In order to print, from the homepage screen

  • Select create (+) sign
  • Select “Bank Deposit” “under “Other” heading
  • Go to small clock icon on top left corner and select “Recent Deposits” slip and summary you want to print
  • Select Print at the bottom middle
  • Select “Print Deposit Slip and Summary” or “Print Deposit Summary Only”
  • Select “Setup and Alignment” feature in order to test

Note: In order to print “Printable Deposit Slips”, you will need to purchase special printed form from Intuit, which is not cheap. Print alignment feature is not available (or do not work) at this time.

Print deposit slip
Print deposit slip

New QuickBooks Online (QBO) – Print Checks help video