How to Match payments With Invoice in Smart Ivy

Instructions on Quickbooks Matching Payments w/ Invoices- Smarty Ivy Step by step instructions

Log onto Quickbooks  Go to the link below:  http://quickbooks.intuit.com/  Sign in:

Username: intelligentvine3@gmail.com Password: IntelligentRefa2020

Home Page of Quickbooks Online •

Invoices due in the near future

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All Payments on Bank Accounts

Past due Invoices •

Invoices Paid in last 30 days

Focus on OverDue Invoices First

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Double Click on OverDue Invoices First

Past Due (Overdue) Invoices

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Double click on Balance to organize it from the highest balance to the lowest

Match Payments (In this example we will work on Smart Ivy) • Each Customer will have its own method of payment, but either ways you have to match the payment with the invoices • In this example, we are going to work on Smart Ivy. They also happen to owe the most in the overdue invoices • In this case, they might have done the payment already, we just have not processed it

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Top 3 Past due invoices are Smart Ivy

Smarty Ivy Net Terms  Smart Ivy has 60 days from their invoice to pay- NET 60  Please remember when you are invoicing you remember that as well.  For example, if you invoiced for Smart Ivy on 07/30/2015 their due date if 09/30/2015

Let’s Jump into Banking

• We will come back to Smart Ivy

Find out how many accounts are there (Banking, Credit, and Line)

• Click on Transactionyou will have a roll down menu • Click on Banking

• Click on the arrow to see 2 more accounts

List of Bank Accounts

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The account starts with Paypal • Some smaller customers pay with Paypal- it is easier and convenient

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This is the expense credit card to pay for things

This is one of the main account to which the money is deposited to and deducted from

List of Bank Accounts II

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This is the business line through which Canary borrows money Their current balance is $9570.98 that they owe to the bank

8830 is another business account that Canary has through which money is deposited and deducted

In Which account does Smart Ivy deposit money?

• Since this lesson is about matching the past due invoices • You need to first find out where does Smart Ivy deposit or transfer their money

• Click on Smart Ivy Account and you will notice that it it says Deposits in Account 2356

Update Account Payments

• Click on this and it will update all your accounts

Making sure everything matches first  In Quickbooks it is important for payments to match…if they do not, you cannot add it, or the balance will be off.  Before applying any payments to invoices you must have received proof of the amount that was deposited to the account…you will either receive an email or there will be an update in your dropbox- noting how much was transferred  Most of the time it will be an email that was forwarded to you…please check your email and notate the amount for (SMART IVY)

Making a Payment against Open invoices  So now that you have received an email confirming the payment amount, you need to make sure the amount is deposited…and then accept payment.  Go to the customer…in this case Smart Ivy

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On your right hand side, you will see New Transactions, click on that and then click on Payment

Accepting Payment for Smart Ivy  Type in the amount that was received (you should have received an email as well and then you have to confirm to see if you actually receive it)- it takes about 24 hours from the time you receive an email to see it in quickbooks.

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Deposit to undeposited funds

• This date must be the date the transfer was made

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Amount Received

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This amount must be also in quickbooks after updating

(you should have received an email)

Use a calculator or excel sheet to apply the amount • The amount that needs to be applied is $3540.88- there are open invoices • Use that amount on the latest invoice • For example there are two open invoices • $3200 (Invoice 1) • $800 (Invoice 2) • However we only received a payment of $3540.88 • So you will apply all of the $3200 on invoice 1 • And the remaining ($340.88) to invoice 2 • This will still leave invoice 2 balance open for future payments to be applied • You want to do this so it can also match the deposited amount • After the payment is applied- Save and Close

Go back to Account where Deposit was Made • Go back to the account where the deposit was made and you should see a match

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Go ahead and click Match

Payment is successfully made