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Invoicing/receivables

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?

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    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"
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Thank you, that makes since.
  • How do I set up an intermediate account? Is it an actual new account or do I set it up another way?
  • UKR
    UKR SuperUser ✭✭✭✭✭

    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".


  • Thank you...
This discussion has been closed.