Invoicing/receivables
Comments
-
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 February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP1 -
Thank you, that makes since.0
-
How do I set up an intermediate account? Is it an actual new account or do I set it up another way?0
-
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".
0 -
Thank you...0
