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Create business invoice for Purchasing

hey there in this video we are going to do another Quicken tutorial I'm going to talk all about invoices and show you how to make invoices receive payments potentially utilize sales tax on your invoices and a handful of other ins and outs hopefully you will find it helpful I'll see you in the video thanks I'm Joe DeSanto by the way I'm an independent CFO and business consultant I actually spent most of my career in Los Angeles building a few multi-million dollar businesses and I've since semi-retired and now I help other businesses and individuals manage their money and plan better for their future so if you're interested in small business personal finance and real estate advice please subscribe to the channel thanks hi there welcome back hope you're having a great day today so in this video we are going to talk about invoicing uh invoicing is a feature that's only available in Quicken home and Business actually I think now technically called Quicken home business and rental property and unfortunately that version of Quicken is only available on Windows so if you have Windows great you can get it um or maybe you already have it that's why you're here I actually work on a Mac but I started using quick and so far back that at that time I had a Windows computer and when I switched to a Mac I don't know 10 years ago I was like oh man I can't switch to Quick you know quick and Mac so I run a program called parallels which allows me to essentially run a windows program on my Mac or Windows operating system on my Mac so I could have click and but anyway uh moving on to actually doing invoicing so part of the reason I really wanted to stick with qriket home and business is because it has this business and rental property side to help you know manage and and do your business stuff and and your rental property stuff if you do that so we'll do other videos on rental property the rental property area but the invoicing is one of the like the most important things about the business side and it's very specific the truth be told you know with Quicken home business one of the things that's nice is you can kind of organize your accounts as business or rental property or whatever over here in the account bar but that's essentially an organizational feature us you can you can accomplish almost the same thing and quick and Mac with your business and and even to a large degree real estate stuff but it doesn't have the invoicing feature which is important so specifically to me so getting onto invoicing so in order to create invoices we have to create an accounts receivable account here so I have it it's called Biz invoices in this template file I'm using but I'm going to show you how to create an AR account so you go over here to add account you go to business aren't AP and you go accounts receivable uh gives us pretty much name it whatever you want now you can have multiple accounts receivable accounts see I just set it up a second one here so like if I had two businesses I could do invoicings for one business on one AR and the other business on another AR um also under here just you know while we're talking about it this what's called Biz bills here that is my accounts payable account so invoicing is when you have a customer you do work for them you send them an invoice okay bills are what your vendors uh send you so you can pay them now I don't actually have many vendors so I don't offer terms usually anyone if I hire I just pay the credit card I don't get an invoice but if you do get invoices from your vendors or we should call them bills from your vendors you can log them on the bill side you don't pay them right away and then you can have an accounts payable report versus the accounts receivable report which is telling you what your clients owe you okay so we'll do another video on bills but um you you set that up in the same area so once you set up your your invoices account uh this is going to allow you to actually create invoices and in my other videos you might have heard me say that to a large degree all the different accounts like checking credit card you know whether it's business real estate or whatever they're kind of all the same functionally and a little bit you know agnostic they're really just like basically an account with a register that you label rental property checking or rental property savings or whatever but some accounts and Quicken really are distinct and one of those is the invoices account and it's because even though it looks similar to all other accounts like it has a register and you know as always I'd like to put my registers in two line display because I find it easier to work that way I also always remove this amount account um because I think it's useless but uh you're gonna see that the invoices register is a little bit different it has this due date charged paid balances some different labels but more most importantly it here it has this little button which is what allows you to work on an invoice or create an invoice now it just gave me a little error and it said first thing you have to do is is pick uh what you want to do here you can do create an invoice you can create a payment a credit a refund or finance charge for a customer but if you were to hit customer invoice you could start to fill in information here here or you can actually go right to the invoice layout which is this button here now as I often always say Quicken is very deep it has a lot of features many of like oftentimes even for me a long time user the features are so deep in in detail like they're almost more hassle to use than to not use but I guess that statement is just depending on you know how complicated your situation is and you might find all the little features beneficial whereas someone else like myself who you know have my Consulting Biz most of my clients pay me automatically every month and I'll invoice them but I do send out random invoices here and there I don't use all the features that that the invoicing offers but I'm going to try to cover some of them right now so much like business bookkeeping programs like QuickBooks or freshbooks you know there's similar features here with the invoicing um and business side of Quicken so with invoicing you can have pre-saved customers okay so as you can see here I have customer one in here that I put in the other day but if I were to put customer two in here that would create a new customer um so if I went back here you're going to see here now I have another customer in my predefined customer list now as also is always the case as I say with quick and there's multiple ways to get to different things uh or get to the same place so if if you were like hey well that's cool okay the customer I'm adding customers but what if I wanted to add more information you could go over here to your customer list um uh and add a customer uh I don't know why it says add Customer because it brings up the list as well but when you hit add customer first it brings up the list of customers in the background here and then it brings up the dialog box to enter a new one you can cancel that and then you can just look at your customer list here so you can have predefined customers and you know use them over and over again now I will say that there is a bug and Quicken and it's been on my list to kind of email them to hopefully fix it like for instance uh uh over here I wish we were looking at the customer list if I go here I look at customer one like I've entered this you know dummy you know address information right not that much I've just put in you know the payee info um there's additional info you can put in for the contact and so on um when I go over to the invoice you would think that when I put in custom one it would Auto populate the bill to and ship to Fields it does not I don't know why I wish it did it's really annoying so you may have to copy and paste your customer name and then type in the address which is annoying but is the way it is so that's that now oftentimes with invoices there's Bill to and then potentially a separate ship to address in my case or for this example that's not the case we can put the date here we can put a due date you know you can make it a month out you could make it same day invoice number you manually put in every time so normally when I'm doing an invoice I can see my register behind me and I can see like the last invoice number I put and I just put the next one there's a box here for the PO and then uh down here there is item category description now much again like a standard like look you know business bookkeeping software you can pre-define items to make your invoicing easier so here I made an item previously called my Consulting and when I put in that item it automatically populates the category for which the income will go into the description the quantity and rate okay and then I can change the quantity uh to whatever now you don't have to do an item you can just categorize you know uh put in your description thing right and you know do it that way but if you want to kind of over time save some time you can set up an item now you can over here add a new item as you go and fill in the information we'll call this item two for example the category is going to be I don't know whatever whatever your business categories is that you've set up um you can put a description you can put the rate you know whatever per hour whatever per item you can check whether it's taxable uh or if you want to do like a percentage um like item number um so on you hit OK and well because I had pre-filled in all this that kind of was confusing so I hit item two pre-fills it in fifty dollars whatever okay now I didn't make it taxable but speaking of tax over here you could see here that you know there's a there's a tax percentage now when you set up an invoicing or ar account automatically Quicken is going to set up a sales tax account this is going to give you the opportunity if you do sales tax to to basically track how much sales tax that you're adding to invoices that amount will go into sales tax and then later when you have to pay your sales tax that payment offsets you know your sales tax account so just like business booking if you wanted to add tax to anything you have to click over here and click over here oh double click and double click it adds a t sorry and so now it's basically added 10 sales tax over here when I hit enter and save this it's going to throw that uh 50 sales tax in this account which is going to remind you how much you have to pay okay so that's that let's save that for now um now here it says this is very strange too you have entered a different address we're done already in the address book for customer one it's always says this I don't know why I I say yes update it hoping that next time it'll pre-populate it and it doesn't so there's an issue here something that's got to be figured out um so just FYI if you see this you're not alone um or enter a unique description to distinguish this payee from another cell I would just hit update here if you know that it's the address of the customer you're on okay so I'm going to go over here and show amount on my account just so you can see the fifty dollars so there you go it has taken the um tax that that was generated by the invoice it put an entry over here in the sales tax account and now you know hey I have to go pay fifty dollars a sales tax at the end of this quarter or how much ever that you know that adds up to over time okay a couple other things so by the way these items that we created again you can you can get to them over here um you view all invoice items so if you're like hey I don't know I want to edit an item I made or I want to delete one you can come here to customize invoice items and look at those there I should say I guess next this is the default way the invoice is set up but again like with other business invoicing programs you can customize the layout of this over here you would do that by hitting layout and customize uh I'm sure we'll save change before we go that's going to bring up this customizing box now you can put your logo in you can put your address in and frankly if you don't come here and put your logo in or address in it's going not going to be on the invoice and it's going to be you know that's going to be blank and be kind of weird so you want to get rid of that now in my case like I don't need I don't ever have a different ship to address because I don't ship goods so I could take that out you know po numbers if you're not familiar what that is it means purchase order number and oftentimes your client uh if it's a big order or something like that their company issues a purchase order and they give you that number so that when you send them your invoice they say oh they have a PO number from our company we know this invoice is legitimate and that we requested these services so if your clients have that you could have the PO box if they don't you could get rid of it you also could even though you might use items you could get rid of well if you're going to use items you have to have the item area on the invoice because if you take it off it won't show up on the make the invoice dialog but if you don't use items you could take that off and just limit it to description if you don't have sales tax like you know I perform services I don't resell Goods this I don't have I don't charge sales tax you could take sales the whole sales tax thing out of there you can change the fonts you can do a variety of things if you didn't want to here I should do this here we'll put all those things back for now um and we'll save we'll make a copy so we're going to make invoice default and then invoice I know Joe do you want to say the changes of this layout yes so let's see which layout where I'm we're on invoice Joe and basically that saved all the things that I took off now if I go to the other layout I could go to invoice default let's see if that still because I saved over that earlier um all those are gone so I'm going to put those back I'll hit save to invoice default close here if I open this now I have two options here so this is invoice Joe see I'm only go doing build two whatever I don't have items I'm just like not going to use items I'm just going to you know put the line items in myself or we could do invoice default now again if you have two companies you can have an invoice with One logo that you know and those invoices would be tracked in one invoice account you could have you know another layout with another logo um and those would be tracked in your other account so you it's pretty cool you can manage multiple businesses essentially and Quicken okay so now a few more things down here and message to customer I'll show you you know that just adds a little bit of text at the bottom of the email in my case what I do I tell people to pay me using PayPal or Zell by and large you know I mean they can send me a check too but most people don't so down here I would put PayPal email this Zell email this in this case uh we have sales tax as our example you can choose a different sales tax account okay or you can make multiple so again if you had multiple businesses you could have sales tax or business one and sales tax for business too if you want to add another sales tax account so that's cool uh memo I don't know where that what that'll add will look now you can if you do have a separate ship to address you can copy and paste for whatever reason you cannot copy and paste all three lines of this I don't know why you can only copy and paste one line at a time you can have different ship to addresses uh that are pre-saved and then a few more things so we have down here um this thing called Web links okay so this is where you can actually make a connection with your Paypal account and facilitate PayPal payments a little bit easier I don't do this I mean honestly like I think all it does is put a Paypal payment link on your invoice which but it's not like your invoice is an invoice in PayPal it's really just like a payment link saying you can pay to my PayPal email so I don't do it but truth be told I haven't investigated it that much because I don't send a lot of invoices so maybe there's more to it than that so you could take a look at that I've never set up the Yelp thing but there's price and value there I haven't set up map because no value for me there you can put your website on the invoice and your email but I actually would rather just um put those things here hold on I'll say update address I would just put my um website and email here under Company address uh you know I think that's fine uh let's maybe maybe you need to make that a little bit smaller but anyway um so those are those other items maybe at some point I'll investigate the PayPal web link a little bit more do a video about it uh and then here this email is where you can send an email the the email off of the invoice to your client now I don't do that because I always like to preview my invoices and make sure everything I've put on there actually shows up because if you put a lot of stuff in the description which sometimes I do it can get cut off so you kind of want to make sure that before you email at the very least that the E the invoice looks good the way I do that is I go over here to print and then I do preview and then I look at the invoice and make sure everything's on there now as you saw from you know when I was customizing adding the email and the website got a little crowded so probably in the customizing we could make the address a little smaller but it has the bill to ship to has everything blah blah if you recall under message to customer I just actually wrote the text message to customers so this is where that message would show up here um now memo I didn't see any memo actually in there um maybe you have to actually add the memo box and the invoice customization but I think it's redundant anyway so overall I like the way it looks and from here you can either print it out or what I do is uh uh it's Prince and my computer is gonna I do this like because I'm running parallels there's a print bot option that says print PDF to Mac desktop um so I do that I fit to one paid width you could do that that shouldn't really affect anything and you print and that's going to pop out a file here for me and that's what it looks like and then I might change the file name and then I might email it to my client directly through my email instead of using the email function here and then you know we save and done okay so now you have your first invoice in there and you're awaiting payment and you're gonna see here that you have an amount in your customer invoices account so that that's the amount that's currently owed to you if you were to go to reports here um under business you could do an accounts receivable report um just like you can in any other account so if if you had a lot of receivables and you want to do a report you could do that now um receiving a payment so we can do this a couple of ways if you know you've received a payment okay you can come in here and you can go payment and then you can put in you can choose the customer what I would do is hit hit the amount paid and instead of like hitting a category or anything like that you don't want to do that what we want to do is we want to match that up width uh the invoice and you do that by hitting this box and it'll bring up that customer and it'll show you the invoices that are open then you hit enter you do have to select an account that the money is going to go into when you get the check so you know say you've received a check it's standing in front of you you're you're telling the system I received this I'm going to deposit that check into my business checking you could put the check number if there is one you can put a memo if you wanted you hit enter so now you're going to see that the register has been zeroed out um if you were to go do your accounts receivable report again there'd be nothing owed because this invoice has been paid what you're also going to see though is if we go into our business checking the entry we just put in there excuse me I'm going to go to two line display again this is my my test account my test file so I will set up every always the way I want uh we're gonna see in here we had a deposit for 550 and it came from customer invoices but it's got no status well what's going to happen is once you deposit that check and then you download your transactions for this bank account they're going to come through and then and quicken's gonna say hey you have a 550 deposit in your register already is this deposit that's been downloaded a match to that and then you would match those up and that's how they would reconcile together so that's one way to make the payment against invoice now another way uh just because you know we do things in different orders sometimes what happens for me is like usually clients pay me digitally right and I don't know when they're going to do that so I don't have a check in front of me so what ends up happening is if we're in Biz checking when my clients pay me digitally uh you know the deposit will just come you know I don't know when they're going to pay me so the deposit will just come through my downloads into my bank account but I'll be like huh 550 bucks you know I know that's probably a payment for the invoice so instead of going through all the rigor morale I went through like originally uh I might just do it this way I'll just categorize the deposit to customer invoices okay and as you can see here it throws a deposit as a transfer into customer invoices and zeros this out however this is important to note that makes it zero here in the account but that deposit is not automatically Associated as a payment against this invoice so so if I were to go look at my account's receivable report it's still going to show me that I owe customer ones owes me money but then it's going to show that I have this random deposit that's not associated with a customer so in order to associate this with a customer I have to do two steps I have to make sure that in the deposit name I'm using the correct customer and I can just change that right here in the customer invoices entry then I can hit this it's going to say oh okay this is a payment from customer one here's the invoices they owe you check that you hit enter and now it's Associated that and again if I go back to my accounts receivable it's now going to show that it's been cleared now something to note I I just manually change the name of the customer on this line and it's not from you know I could use the pull down so um or you can copy and paste as long as it's it's exact but on this side the name did not get changed over here and that's kind of a good thing a cool thing about Quicken is for a transfer I can have one item in the payee on the sending side and a different on the receiving side and vice versa so that's the way I um more often log payments against invoices because again most of the time for me the payment shows up in my bank account directly and I don't have a check I'm not pre-entering the deposit so let's see well that is that and now if I go to this invoice it shows up as paid and that's invoicing um again there's a little bit more um to it some other things that you can look at um are in addition to invoicing or as part of invoicing Quicken offers for you to set up projects so much like in QuickBooks you know you can set up a project you can associate a project with a customer and you can associate an invoice with the project you can have project accent you can keep projects organized to a degree within Quicken I don't use that like to me that would just be more hassle than it's worth but if you have a lot of projects and you need something to help you stay organized or if you have you know projects with you know first and second and third Billings and things like that that feature is in there to help you so it's it's very much like almost all the features of an invoicing system like QuickBooks or French books there really isn't all that much difference and what else can I say here let's see if there's anything else worth looking at we talked about customers projects you can do estimates as well you can associate estimates with projects but you know again that's more deeper uh you can issue credits and various things I'm going to go too deep into invoicing maybe I'll do another video about credits and so on um you can get to receiving a customer payment you know from here if you want to do it that way you could also over here if you click on the invoice you could receive payment and do it that way like there's always multiple ways to do the same thing and Quicken some people might find that confusing other people might and like I see it as a benefit you can kind of choose this the way that works best for you but anyway that's invoicing very handy hopefully it was helpful and I will see you in the next video thanks so much have a good one