Receiving payments and matching deposits in QuickBooks Online is an essential part of managing your business finances. By following these steps, you can ensure that your financial records are accurate and up to date.
Step 1: Navigate to the Sales tab
To begin the process of receiving a payment, navigate to the Sales tab in QuickBooks Online. From there, select the Customers tab to view a list of your customers and their outstanding invoices.
Step 2: Select the customer and invoice
Next, select the customer who has made a payment and locate the corresponding invoice. Click on the invoice to open it and select the option to receive payment.
Step 3: Enter payment details
Enter the payment details, including the payment amount, payment method, and the date the payment was received. If the payment is for less than the total amount of the invoice, you can enter a partial payment and leave the remaining balance open.
Step 4: Match the deposit
After entering the payment details, QuickBooks Online will prompt you to match the payment to a deposit. If the payment was made via a bank transfer or credit card, QuickBooks will automatically match the payment to the corresponding deposit in your bank account.
Step 5: Review and confirm
Before finalizing the payment, review the details to ensure everything is accurate. Once you are satisfied, confirm the payment to complete the process.
By following these steps, you can properly receive a payment and match it to a deposit in QuickBooks Online without duplicating your Revenue and increasing your tax liability.
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