Instructions on Quickbooks Matching Payments w/ Invoices- Wayfair Step by step instructions
Log onto Quickbooks Go to the link below: http://quickbooks.intuit.com/ Sign in:
Username: intelligentvine3@gmail.com Password: IntelligentRefa2020
Example for Wayfair • As we have noted previously – each customer is slightly different in accepting payment- primarily: • Finding out which of the accounts in Quickbooks do they deposit their money • This powerpoint is only for Wayfair and instructions are only limited to Wayfair
Wayfair Net 30; Net 10 4% discount ď‚´ Wayfair Terms are Net 30- meaning they have to pay in 30 days from the time they were invoiced. ď‚´ However, they pay earlier most of the time to receive the 4% discount. You will see this on the payment voucher.
Payment Voucher will be emailed to you (e.g. of payment voucher 833809) Please see in your email the payment voucher 833809 This will be the example used to make a payment on their invoices In your email, you should have a payment voucher that goes all the way to 1427-9…so please look at the fully payment voucher.
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The first 4 numbers are our invoice # and the dash refers to the PO listed on the invoice for that invoice
Understanding Voucher # 833809 • There is a total payment of $1365.92 • However, after discounts the total comes to 1202.09 • The payment are for Invoice # 1413, 1414, 1415 and 1427 • Each of the invoices has a dash followed by number which is the PO on that invoice • We provide them discounts and rebates
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Discounts and rebates are not applied until we receive payments
Applying Discounts You would first need to go to invoice # 1413, 1414, 1415 and 1427 to apply the discount Example Invoice # 1413 apply discount First note and make sure there are four PO s and that voucher number matches the payment amount from Quickbooks (you should see amount $206.99, $103.44, $25.89, and $41.95) Apply 12% discount in Quickbooks 4% early pay 3% damage/defect 5% Ad Co-Op
Click Save only and then do this for 1414, 1415, and 1427
Go to Transaction- Banking and account 8830 Now that you have confirmed the invoices matches and applied the discounts- it is time to match the payments Wayfair deposits into Account 8830 First Check if the deposit was made on the week of 07/07/2015 (Date listed on payment Voucher) (as it takes a few days to be deposited into the bank account)
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On 07/09 Wayfair Deposited to account 8830 $1202.09
Payment Deposit Confirmed Now that you have confirmed that Wayfair has actually deposited that amount Go back to Customers and then Wayfair Click on New Transactions Payments
Inputting the Amount in Quickbooks from Payment Voucher Payment Voucher 833809 that was deposited on 07/09 and the Amount Received was 1202.09
PV 833809 •
Date Received into bank •
This was an online transfer
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Payment Voucher no. 833809
• Check Undeposited Funds
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Amount Received
Invoices from Payment Voucher ď‚´ Now all you have to do is click in Quick books on the invoice from Payment Voucher 1413, 1414, 1415 and 1427
Payment Voucher and Quickbook Invoices Amount Once you click on the invoices and then on payment voucher…they should match. However, in this case…the total on invoice 1413, 1414, 1415 and 1427 was $1202.01 and the payment voucher was for $1202.09. At the bottom you will see amount to credit for 0.08 Sometimes these small discrepancies happen…we will come back to this in another lesson on what to do with these.
Seeing the Saved Event
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Click on the payment voucher and you will see the example of payments we just did
To see this in quickbooks again...click on the hour glass
Match Payment
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Go to banking and then account 8830 to see if the payment matched
Payment Matched
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Payment Matched
• Click on Match
Payment Voucher 833809 Complete You have completed now payment Voucher 833809 You may have some discrepancies or some other confusion that was not covered by this lesson…please message me, so I can answer your question on the spot.