QuickBooks is becoming an industry standard for managing accounting activities. The vast number of tools and functionalities it brings to the fore, enables users to perform a myriad range of accounting tasks.
Users can create reports, manage payroll and pay taxes using this accounting software. Small Businesses often rely on QB for creating and managing Invoices.
How to Mark an Invoice as Paid in QuickBooks
Many instances have been recorded where customers forget to mark invoices as paid in QB. Follow the steps given below in order to mark an invoice as paid in QuickBooks:
- Go to create and select Receive Payment under customers.
- Select the customer from whom the payment has been received. Once you click on the customer, any outstanding bill for that particular customer will be displayed.
- Fill in all the prompts such as date of payment, amount paid, product/ service name, description and so on.
- Select the payment method used by the customer. You can enter the card number for payment through credit/ debit card. For checks, users can enter the check number in order to track the payment.
- In the “Deposit to” section, select the bank account that you want to deposit the funds to. You can also select undeposited funds for payments that haven’t yet been received or are to be deposited in the bank account.
- Select the invoice to which the payment is to be applied. Before saving QB will prompt you about this with another tab presenting all the invoices. Users can easily search for the invoice that they want to apply the payment to.
- Hit Save and Close.
Payment will be applied to the invoice along with a deposit. Users can add descriptions and tags to invoices for better classification. Further, it is advisable to maintain the records of paid invoices correctly in order to avoid discrepancies that can attract hefty penalties.
For more information, please get in touch with our QuickBooks Pro-advisors directly by calling our toll-free number. Our QuickBooks support professionals will then guide you on any Query you might have.