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When your client makes a payment, it’s important to record it accurately in your invoice system. Quicken allows you to track payments easily and update invoice statuses to ensure your financial records are correct and up to date. This guide explains how to handle payments efficiently.
Get started quickly
Here are the essential steps to record a payment:
Navigate to the Invoices Tab and locate the invoice by checking the Client Name, Due Date, and Billed Amount.
Select the Actions Menu (three dots) next to the invoice and choose Receive Payment.
Enter the payment details, including the Amount Received, Date Received, and Deposit Account.
Save the payment to update the invoice status.
Use the detailed instructions below for more comprehensive guidance.
Recording a payment
Go to the Invoices Tab under Business and locate the invoice. Use filters or search by client name, due date, or billed amount to find the correct invoice.
Open the Actions Menu (three dots) next to the invoice and select Receive Payment. This will open the Receive Payment page.
On the Receive Payment page:
Ensure the correct Business and Client are selected.
Choose the Deposit Account where the payment will be recorded.
Enter the Date Received to reflect when the payment was made.
Input the Amount Received. For partial payments, enter the specific amount paid.
If applicable, apply any available Client Credit to reduce the balance owed.
Click Apply to save the payment. Quicken will automatically update the invoice status and adjust the paid and unpaid amounts.
Verifying the updated invoice
After saving the payment, return to the Invoices Tab to confirm the updates:
The invoice will reflect the payment in the Paid and Unpaid columns.
If the payment covers the total amount, the invoice status will change to Paid.
For partial payments, the unpaid balance will remain visible.
Things to keep in mind
Ensure that the payment date and amount match the client’s actual payment to avoid discrepancies.
Partial payments can be recorded multiple times until the invoice is fully paid.
Client credits can be applied at any time to reduce outstanding balances.
Use Quicken’s reports to review payment history and outstanding invoices for better financial tracking.