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Home&Business:accepting an invoice payment

Quicken 2016 (Q16) Home&Business on Windows 10: I recently moved my Invoices into Q16.  I also have a personal Line Of Credit (LOC) account in Q16, the bank allows me to make deposits into this LOC at an ATM.  When I receive an Invoice payment Q16 does NOT allow me to select the LOC account as the account to Deposit To.  Why?

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited September 2018

    How did you set up this LOC account in Quicken?
    AFAIK, it should be set up as a credit card account, not an asset account and especially NOT a loan account.

    By the way, do you sometimes receive more than 1 check per day to deposit?

    Intermediate deposit account for H&B:

    When you receive
    multiple payments by check per day but only make one summary deposit to your
    bank each day ...

    - Create a cash (or
    manual checking [*]) account, named something like "Checks to
    Deposit" with an Opening Balance of $0.00

    - When filling out
    the New Customer Payment form, deposit the check to "Checks to
    Deposit" instead of your regular bank checking account.

    - At the end of the
    day, tally up all checks on your deposit slip. In Quicken, in the "Checks
    to Deposit" account make a transfer transaction "Daily Deposits"
    in the amount of your deposit slip. Put the amount into the Payment column. As
    category choose your checking account, surrounded by [square brackets], e.g.
    [ABC Bank Checking]. Verify that this reduces the balance in the "Checks
    to Deposit" account back to zero (or you have made a mistake somewhere
    along the way).


     



  • Unknown
    Unknown Member
    edited August 2016
    My LOC account is a Credit account.  That appears to be the problem, I can't make the Invoice payment to any of my credit cards (none appear in the drop down list).
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited December 2016
    UKR said:

    How did you set up this LOC account in Quicken?
    AFAIK, it should be set up as a credit card account, not an asset account and especially NOT a loan account.

    By the way, do you sometimes receive more than 1 check per day to deposit?

    Intermediate deposit account for H&B:

    When you receive
    multiple payments by check per day but only make one summary deposit to your
    bank each day ...

    - Create a cash (or
    manual checking [*]) account, named something like "Checks to
    Deposit" with an Opening Balance of $0.00

    - When filling out
    the New Customer Payment form, deposit the check to "Checks to
    Deposit" instead of your regular bank checking account.

    - At the end of the
    day, tally up all checks on your deposit slip. In Quicken, in the "Checks
    to Deposit" account make a transfer transaction "Daily Deposits"
    in the amount of your deposit slip. Put the amount into the Payment column. As
    category choose your checking account, surrounded by [square brackets], e.g.
    [ABC Bank Checking]. Verify that this reduces the balance in the "Checks
    to Deposit" account back to zero (or you have made a mistake somewhere
    along the way).


     



    Try using the intermediate holding account process described above.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited December 2016
    UKR said:

    How did you set up this LOC account in Quicken?
    AFAIK, it should be set up as a credit card account, not an asset account and especially NOT a loan account.

    By the way, do you sometimes receive more than 1 check per day to deposit?

    Intermediate deposit account for H&B:

    When you receive
    multiple payments by check per day but only make one summary deposit to your
    bank each day ...

    - Create a cash (or
    manual checking [*]) account, named something like "Checks to
    Deposit" with an Opening Balance of $0.00

    - When filling out
    the New Customer Payment form, deposit the check to "Checks to
    Deposit" instead of your regular bank checking account.

    - At the end of the
    day, tally up all checks on your deposit slip. In Quicken, in the "Checks
    to Deposit" account make a transfer transaction "Daily Deposits"
    in the amount of your deposit slip. Put the amount into the Payment column. As
    category choose your checking account, surrounded by [square brackets], e.g.
    [ABC Bank Checking]. Verify that this reduces the balance in the "Checks
    to Deposit" account back to zero (or you have made a mistake somewhere
    along the way).


     



    Or, as a workaround, create a new LOC account as if it was a Checking or Cash account and use that instead.

    I concur, in this day and age, Credit Card accounts should show in the pull-down list of the "New Payment" dialog in Customer Invoices accounts.




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    enough about wanting your voice heard about improving this in a future version
    of Quicken, please post feedback using
    this new procedure here:

    https://getsatisfaction.com/quickencommunity/topics/quicken-faq-how-do-i-submit-feedback-on-quicken



This discussion has been closed.