Apply payments after download from bank?
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If the real-world payment transaction has been downloaded to Quicken and Accepted into the appropriate Quicken account (typically a checking account), all the user has to do is:
- If not already true, make the downloaded/accepted payment transaction Payee name the same as the Customer name on the Invoice to be paid
- Categorize that downloaded/accepted transaction as a Transfer into the appropriate Quicken Invoice account.
- Right-click the downloaded/accepted transaction and select "Go to matching transfer".
- Key the invoice number to be paid in the Invoic# column of the payment (PMT) transaction just created in the Invoice account. Doing this will assign the PMT transaction to the appropriate invoice. If the payment (PMT) is for the full unpaid amount of the invoice, the invoice will be marked cleared - that is, it will have a "c" in its "Clr" column).
SuperUser UKR says, about starting the process from the account where the payment was downloaded: "That may appear to be the easiest method, least amount of work, but it has the drawback that it does not mark any unpaid customer invoice as paid."
Certainly all steps must be counted when determining the desired approach, but the approach noted above does mark the correct invoice paid - as well as allowing the user to employ the Quicken Auto-accept downloaded transactions feature without concern about the sequence of events. SuperUser UKR even acknowledges that his procedure is more "cumbersome" (though UKR does not appear to realize that the Invoice account PMT transaction can be assigned to the appropriate invoice by merely keying the appropriate invoice number in the PMT transaction "Invoice #" column).