Recording a payment on an invoice

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.

Initiating the receive payment flow

There are multiple ways to initiate the receive payment flow for invoices:

• Go to Business > Invoices and click Receive Payment in the toolbar.

• Go to Business > Invoices, double-click an open invoice, and select Receive Payment.

• Go to Business > Invoices, click the Actions icon (three dots) for an open invoice, and select Receive Payment.

• Go to the Accounts Receivable account for a business and click Receive Payment in the toolbar.

• Go to the Business > Clients or a single client view and click Receive Payment.

Receiving a payment

Once you have initiated a payment, you will see the Receive Payment window. From there:

1. Verify the Business, Client, Deposit Account, and Date of Payment.

2. After selecting a client, all open invoices for that client will populate on the right side.

3. If using Client Credit to apply as payment for the invoice, check the option and enter the amount of client credit you would like to use. Otherwise, skip to the next step.

4. Enter the Amount Received from the client.

5. Check any open invoice(s) and enter the amount you would like to apply.

6. Click Apply when done.

Note: You can apply a partial payment to an invoice. You can also apply a single payment as partial payments for multiple invoices. Any amount received that is not applied to an invoice will be saved as Client Credit.

Recording an invoice/client payment from a banking register

Scenario 1: Creating a client payment transaction from scratch

1. Go to a banking register (Checking, etc.) and create a new transaction.

2. Enter the Date and Payee Name, the Business associated with this payment, and the Client this payment is coming from.

3. In Category, enter or select Client Payment.

4. When saving the transaction, you will have two options:

   • Save the payment as Client Credit.

   • Apply the payment to an open invoice for the selected client.

Modifying an existing or downloaded transaction into a client payment

1. Go to the transaction in the banking register.

2. Select and edit the existing transaction.

3. Modify the Date and Payee if necessary, but ensure the correct Business and Client are selected.

4. In Category, enter or select Client Payment.

5. When saving the transaction, you will have two options:

   • Save the payment as Client Credit.

   • Apply the payment to an open invoice for the selected client.

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.