Receiving invoice payments from customers

I'm writing this from memory so it might not be totally accurate....I ended up recording the payment received from my client first and then did the bank download. The deposit is showing up on my checking account being posted to a category of [accounts receivable. I'm assuming that was entered by Quicken when I recorded the payment received.

I really don't like how QH&B handles my business transactions. As a result I have continued using Quickbooks for my business. I record income and expenses in total in Quicken without any detail. I just make sure that the totals match at the end of each month.

You need to skip the "I deposit it into my business checking acct" step and just let the receive payment function make the deposit.

Saying more or less what "The Street" said. In the UK version of Quicken

2000 when I receive a payment I go into Recevables, click on the invoice (bill) and click on receive payment. Check it is set to credit the right account, enter the amount paid and click OK.

Money is contra'd against any oustanding invoices for that client and automatically credited to the designated bank account.

Don't know whether that is relevant to the USA? version you are using.

David

Thanks to both of you for your help. I also emailed Quicken support and I got a very detailed answer that said basically the same thing you both did. They suggested letting my banking info be downloaded and when transaction is imported into quicken but still waiting to be "accepted" into the register, go and mark the invoice as "payment received". Then the payment will be credited to my checking acct. and I can then delete/not accept the transaction from my bank into the register. However, by waiting until the payment is actually posted to my bank acct and downloaded into Quicken, I will know the check was good and cleared the bank. That makes sense.

So thank you both very much for your help. I will try your suggestions and see how it goes!

- Jason

Deleting the downloaded transaction isn't necessary and generally it isn't a good idea: if possible, you should plan to "Accept" it.

Once you have created the payment in your Quicken account register, the downloaded transaction should be given a "Status" of "Match" by Quicken ... and accepting a "Match" transaction will not create a duplicate transaction in your register. But it will update the existing register transaction with the "posting date" of the downloaded transaction (a "hidden" Quicken field); with the fact that the transaction was downloaded (eliminating it from future "matching"); and it will mark the register transaction as "cleared".

John, that is exactly what I'd hoped would happen, however it doesn't seem to work that way. Do you know how I can "force" Quicken to see the two identical transactions as matches?

To increase the odds that Quicken will determine the match, make sure the register transaction is not dated later than the downloaded transaction and that the register transaction has either spaces in the Num field, or has the same thing in the Num field that the downloaded transaction has. And the amounts should be equal.

If Quicken still doesn't set the Status to "Match", "Edit" the downloaded transaction (before you "Accept" it) and use "Manual Match" to match to the register transaction.

Wow Jo, this is awesome!! I've got to try this! That is exactly what I'd like to do. For instance, right now I've got about 10 invoices that I've been paid on. The checks were in my desk drawer all week. Today I deposited them, but they still won't show up in my bank acct. (to be downloaded by Quicken) for a day or so. I have been manually been flagging these transactions with a green flag to let me know they've been paid, but it's a pain to have to go back and later "deposit" them into my acct. once the checks have cleared and been downloaded by Quicken. Your temporary acct. might be just the solution I'm looking for. Thanks for the tip!!

- Jason

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