How to Receive Payments in QuickBooks Online?

by James Antonio

When it comes to using QuickBooks Online, there are specifically two ways via which you can record sales transactions. If the payment is done at the time of the sale of the product or service, then a sales receipt needs to be created. This process will complete the transaction, thereby recording it in your books. Follow below mention steps to Receive Payments in QuickBooks Online.

Receive Payments in QuickBooks Online

However, the role of invoice takes place when the customer is supposed to pay you for the sale of service or product in the future and this is when the payment is received you need to record the respective transaction in QuickBooks Online.

The article will thus further help to furbish further on how to receive payments in QuickBooks Online.

What are Receiving Payments in QuickBooks Online?

When a customer needs to pay you at a later stage, i.e., not immediately at the time of sale of a service or product, you need to keep track and record the respective payments that are being recorded in the QuickBooks Online software.

On QuickBooks Online, you can keep a consistent record of payments that you are supposed to receive for the transactions, which haven’t been paid off immediately. When the payments are received, they needed to be entered into QuickBooks and thus would be shortly reflecting in the respective financial and accounts statements.

In case, some payments are received via checks and have not been deposited in the bank yet, you need to choose Undeposited funds rather than a bank account. When the checks get cleared, you can consider transferring them from Undeposited funds to your specific bank account. Thus, even for payments that are received from different channels, you have a way to get them deposited and recorded.

Understanding what is all about receiving payments in QuickBooks Online, next you need to learn more about why is this necessary.

Why do you Need to Consider Receiving Payments in QuickBooks Online?

Once you receive the payment against an invoice, you must be recording the payment amount. In case you are recording the payment against the invoice with the help of a bank deposit or a sales receipt, then the income will be recorded as double-counted and show as outstanding.

Thus, when you receive payments in QuickBooks Online, the following benefits are likely to be gained:

Avoiding Paid Invoices to Remain Open:

When the payments are missed being applied to the correct invoice, the invoice will end up showing as outstanding although the customer might have cleared the dues for the same. Thus, when you receive payments in QuickBooks Online, it will avoid any sort of double work with errors.

Incorrect Reflection of Due Amount:

If the payments are not received in the QuickBooks Online software, the amount which is currently outstanding by the customers would be incorrectly applied.

Overstated Income:

Once the payments are received but are incorrectly recorded under the heads of deposits or recorded on sales receipts as income and thus, it will be a duplicate creation of the invoice which was already created earlier.

How to Receive Payments in QuickBooks Online?

Now that you have acquired a good deal of understanding of what is all about receiving payments in QuickBooks Online, let’s dive deep into the steps involved for the same:

Step 1: Visit QuickBooks Online Receive Payment

Step 2: Tap on New and choose Receive Payment under Customers

Receive Payments in QuickBooks Online

Step 3: Browse to QuickBooks Online Receive Payment

Step 4: Choose Customer which you will spot at the top-right corner of Receive Payment. You will be able to see the outstanding balance appearing under the Outstanding Transactions

Step 5: Choose the customer from whom the respective amount is received and input the receiving date of the same

Receive Payments in QuickBooks Online

Step 6: Select cash/check for the mode of payment and input reference number for check and leave blank if cash received

Step 7: Choose the bank account into which the check needs to be deposited and enter the amount received via cash/check

Receive Payments in QuickBooks Online

Step 8: A detailed invoice will appear and insert the amount that has been received in F. Once done, hit Save and Close

Receive Payments in QuickBooks Online

Eased out a lot more on how to get started with receiving payments in QuickBooks Online? Hopefully, this article has made some amount of justice in doing so!

However, if you still feel the sting in understanding how to receive payments in QuickBooks Online and or see some kind of bug bothering you while executing the process, make sure to reach the experts who are there to spot the issue for you.


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How can I Confirm that the Payment was Correctly Applied while Recording the Outstanding Received?

To confirm that the payment was correctly applied while recording the outstanding received, the following steps would be the aid for the same:

Browse to Sales and tap on Customers
Go to Customer Listing
Spot the customer for whom you had recorded the payment
Tap on the name to show customer detail
A complete list of the latest transactions will appear for this customer

What are the Different Types of Invoices Status in QuickBooks Online?

The different types of invoices status in QuickBooks Online are:

Open
Open (Sent)
Open (Viewed)
Paid
Overdue
Overdue (Viewed)

How can I Record Undeposited Funds in QuickBooks Online?

To record Undeposited funds in QuickBooks Online, the following steps would be the aid for the same:

Tap on New and choose Bank Deposit
Check each payment that has been deposited along with scrutiny of reference numbers too
Tap on Save and Close to finish

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

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Customization

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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