Invoice Payments: Transfers to Account vs making the transaction a Category

tryintoo
tryintoo Quicken Windows Subscription Member ✭✭
in Registers & Transactions (Windows)

I have used Invoicing in the past. mostly for the nice design. I then print the invoice, scan into a PDF, then email it. After I receive payment, I delete the Invoice, then I add the sale to my checking and categorize it as a "Business Sales". The reason I do this, When I keep the invoice and accept payment in quicken, then look at reporting, (Banking/Summary) it only shows up in the Transfer Area. I am not able to show the payment of an invoice as a Category. I would prefer to see the Payment of in invoice as a category. In my case a Business Sale, so that it shows up as an income, rather than a Transfer. Obviously, I can add the two and know it's an income, but I would prefer it show up on the reporting without the manual intervention and telling the CPA this is how I got the correction to the report.

Maybe I've got something set up incorrectly? If not, I would prefer the Payment show up and stay in the Invoice Account and be able to categorize it as a Business Sale. The balance can stay in the Invoice Account. I can manually transfer the balance to another account. At his point, all my actual invoice will remain viewable. When I delete the invoices in Quicken, obviously the only way I will see an invoice is to look for the PDF on my PC, that I scanned in earlier. The history not as easy to view, one at a time searching PDF's

By the way, the last time I tried emailing invoices, there is no way to view it in a "Sent Folder", or any way knowing it actually sent. No record of that. A different issue though.

Comments

  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Stab in the dark, since I don’t do invoicing, but you haven’t gotten any other replies yet.

    Is your invoicing account (Accounts receivable?) included in your Banking Summary report?

    Also, that report has an Advanced customization tab with options for how Transfers are handled. The selections are not intuitive so you may want to toggle through them to be sure you are getting what you want or need.

    Broadly speaking, I’d expect the income (Business sales) to be recorded when invoiced, not when paid.

    Hopefully, someone more knowledgeable will be inspired to correct me and give you better info.

  • tryintoo
    tryintoo Quicken Windows Subscription Member ✭✭

    Thanks for your response and info.

    The invoicing is part of accounts receivable and does show up as a "transfer from" in the reporting, but I'm not convinced it shows up as in income the reporting. Guess I'll have to delete an invoice then pull the report to look for changes. Seems I've done this in the past, and it made no difference to the income?

    I didn't see much in the setting that would affect what I'm looking for, but I change a couple options. That didn't have an effect I was looking for.

    What I've done the past few years, I created a Subcategory of Sales (Business) called invoiced. I would use the invoice account in Quicken for the estimate (print and scan and email) and then if accepted, and job complete, the invoice (print, scan and email). Once I received payment, I deleted the Invoice from the Invoice account in accounts receivable, then add the payment to my checking and used the "Sales (Business) : Invoiced" category. I would then type in some detailed info into the memo line of the entry. A bit clunky, but it's been working.

    This is minor issue, but something I would like to be a bit better. Maybe there is better way of doing it, but this is the only way I came with… Just winging it:)

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Your method of deleting the Customer Invoice after generating it is what messes up your Income reporting.

    Quicken Invoicing was designed many years ago when things like the Internet, PayPal, direct deposit, email and other fancy things hadn't been invented yet.
    You would normally generate an invoice, assign each line item to a category which uses a Schedule C Business Income tax line item. Once generated you would print and mail the invoice. The tax line item would take care of your business income reporting needs.
    When, days later, you receive a check from the customer you would generate a New Customer Payment transaction and deposit the check to your bank checking account.

    My recommendation would be to perform these steps, maybe starting this process as of January 1st or the start of a new business year. You should see the impact of your new invoices on your business reports and views right away.

    If you're interested in more information, please start reading here: https://help.quicken.com/display/WIN/Business

    More info about setting up and managing rental properties can be found here: https://help.quicken.com/display/WIN/Rental+Property

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