Invoicing/receivables

Linda's Embroidery

Whenever I make a mark an invoice paid, it automatically makes a debit in my business account before I actually do the bank deposit. Can someone help me remedy this issue or show me how to do it right?

NotACPA

Direct that payment NOT to your bank account ... but rather to an intermediate account, probably a Checking type account.

THEN, when you make a deposit (of any number of invoice payments) show that deposit as coming from the Intermediate account.  I call mine "Undeposited Checks"

Linda's Embroidery

Thank you, that makes since.

Linda's Embroidery

How do I set up an intermediate account? Is it an actual new account or do I set it up another way?

UKR

Intermediate deposit account for H&B,RPM (a.k.a. "Suspense Account"):

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

- 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).

[*] During the Add Account dialog, choose a checking account and, on the next screen, click on the words "Advanced Setup" then finally choose "I want to enter transactions manually".

Linda's Embroidery

Thank you...