![]() Plus, its basic plan limits users to sending 20 invoices and quotes a month and reconciling just five bills a month. However, unlike most comparable accounting solutions, Xero charges an additional fee for expense tracking. Its sheer convenience makes Xero hard to beat, especially for busy business owners who don’t want to waste time updating their payroll, accounting, expense tracking, invoicing, billing, CMS and other systems independently. Each of its plans are incredibly fully featured with excellent automations, including scheduled payment reminders to ensure you’re paid on time, plus automatic syncing with hundreds of financial institutions to keep your books up to date.Ĭrucially, Xero syncs with more than 1,000 third-party apps - more than any other small-business accounting company. Xero is a top international accounting solution used by small and midsize businesses in Canada, Australia, the UK and more. When you’re satisfied with your payment details, click the green Save and close button to record the transaction.Xero: Best overall Canadian accounting software Image: Xero This will usually populate automatically but can be changed as long as the total payments applied match the total amount received. Payment: Enter the portion of the amount received in F to apply to each invoice listed in G. You’ll notice in the labeled screenshot above that we have two outstanding invoices sent to John Davis: one is for the furnace installation service, and the other is a $60 invoice for air filter replacement. Multiple invoices will appear if a customer has more than one outstanding invoice. Invoice detail: The invoice detail will appear automatically for each outstanding invoice once a customer is selected in field A. In our example, we entered “$3,075” since we received the full amount. Amount received: Input the amount of the cash or check received. Without Undeposited Funds, each check received shows as a separate deposit in the check register, making it difficult to trace to the bank statement where checks are combined into a single deposit amount.į. Undeposited Funds allows you to group multiple checks and cash into a single deposit in your check register. For newer QuickBooks Online accounts, the default name for the undeposited funds account is Payments to Deposit. You might wish to peek ahead at our tutorial on how to record bank deposits in QuickBooks Online to understand what happens to customer checks after being posted to Undeposited Funds. However, if this check will be combined with other checks or cash, then you should record the payment received in Undeposited Funds. Deposit to: If this is the only check to be deposited in your bank account, you can select the appropriate bank account. Reference no.: Enter the check number or leave it blank if cash was received.Į. If your customer is paying by credit card, see our tutorial on how to manage credit card sales in QuickBooks Online.ĭ. In our example, we chose “check” since John Davis paid us with a check. Payment method: This is how the customer paid you, such as cash, check, credit card, or bank transfer. Payment date: Input the date you received the payment.Ĭ. Your customer may get upset if they find their invoice still appears as unpaid.ī. How to Manage Credit Card Sales With a Third-party Credit Card ProcessorĮnsure that you apply the payment to the correct customer invoice. How to Manage Credit Card Sales With QuickBooks Payments ![]() How to Reconcile Business Credit Card Accounts ![]() How to Manage Downloaded Business Credit Card Transactions How to Enter Business Credit Card Transactions Manually Part 5: Managing Business Credit Card Transactions How to Handle Bounced Checks From Customers How to Transfer Funds Between Bank Accounts How to Manage Downloaded Banking Transactions How to Enter Banking Transactions Manually ![]() How to Set Up the Products and Services List ![]() How to Set Up Invoices, Sales Receipts & Estimates How to Customize Invoices, Sales Receipts & Estimates ![]()
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