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Invoice deposit for Export

hey thanks for joining us we've got a uh emergency quickbooks online tutorial video here tonight uh wanted to get a very quick video just put together uh because we got a question here from our youtube channel one of our viewers komal thakur hopefully i pronounce that correctly or close to correctly but kamal asked can you please explain how to use sales side invoice records and receive payments in quickbooks so that's an excellent question so first of all i just want to thank everybody who's watching these videos and commenting or asking questions that's been really cool to get that engagement there we love getting the comments reading other people's expertise and also just if you have any kind of bookkeeping questions we want to do our best to help you especially with quickbooks online to get more familiar with it more comfortable with it so whatever questions you got whatever video you're on if it's off topic go ahead drop that question in there we might use your question in a upcoming video we love that so thank you all for watching let's get into that question what do we do with invoices receiving payments how does that whole thing work it's a great question um and even i would add to that in addition to the sales invoices and receiving payments there's also the part when those get deposited into the bank so now you got this three-headed monster what do we do with that okay it's getting a little unruly there so the very first thing we're in craig's design and landscaping services so we're gonna put on our landscaper hat um i don't have a hat but we're gonna put on that hat anyway and uh we're gonna pretend we're gonna we're gonna pretend we made a sale and that we are we're gonna go record that somehow so when we make an invoice i always like to go to this sales tab there's multiple ways you can actually get to the invoices you can go to sales and invoices it's also possible to click on this new button up here and then you got invoice down here um i always like clicking on the sales just to kind of get an overview of the whole sales picture here so when we click on sales now it's in the sales overview and we've got our overview all sales invoices payment links customers products and services so let's go get into our invoices and we'll get kind of a view here what's going on with all of our invoices so we can see just below the invoice tab invoices are really broken down into a couple of major categories and then those two major categories are each broken down into two subcategories so what i'm talking about there's invoices that are unpaid and those are broken down into invoices we haven't been paid on yet and the due date for those invoices is passed so these people are officially late on paying us right and then there's the other section which is not due yet so we haven't been paid on that but those uh those invoices they're they're not technically due yet like if we give somebody 30 days to pay they're falling within that 30 day range they're less now these overdue hey 30 days came and went you're late please pay so that's we got to track those down right and so that gives you an idea of how good are we at collecting invoices here what can we expect to collect and then what have we been paid that's the second major category of invoices what have we been paid here recently and that's broken down into a group of invoices that we've been paid on but we haven't put that money into the bank yet somehow some way we haven't deposited that then there is the other group that we receive the money and it's been deposited into the bank so as we scroll down we can see a list of within the last 12 months you can change that filter we could look at any other of these date ranges here whether it's this month last month etc you can see all those so we're looking at the invoices each invoice has its own individual line here with the date that we created the invoice the invoice number who's the customer and the amount of the invoice so we can see those things there and then they're organized right now by status so we're going to be looking at at the top we've got invoices that are overdue and it shows when they became overdue how far back what's coming up here soon right so these are the ones that are unpaid but the due date has not come yet so there's some hey they're due tomorrow we've got a few that are due tomorrow one's due today etc you can see all those they're coming up very quickly on all of these and then we've got a couple these were paid right now right below those those were deposited again the difference between paid invoices and deposited invoices the ones that are marked paid we have not gotten that deposit into the bank and cleared the bank yet okay so i'll show you what i mean by that here in just a second that's going to take you through the whole list of overdue due soon paid and deposited so what we want to do if if you make a sale and if you're invoicing somebody we create an invoice usually we're going to create an invoice with the intention of sending that invoice to the customer we have got a blank invoice form here and so what we're going to do is i'm going to go through and just i'm going to select a customer okay hey sorry about the cut here when i was pulling up that blank invoice i was gonna try to finish this video the whole internet just like crashed out on me and we were we were down for a little bit so we're back up and running but that will explain why we've uh we're dressed a little bit differently here today so anyway we're going to create a brand new invoice we got a blank invoice created here and i'm just going to get over into the customer and i'm going to create one for cool cars so we're creating that today on january 27th it's due here in a month february 26th uh so we're gonna go down uh first you're gonna pick what product or service you you're taking this you're billing them for we're just going to say we did some landscaping over there okay so we did some landscaping hours you could write a description in if you want we'll just say we spent four hours doing landscaping for total uh human hours over there and we were billing it at 75 dollars a piece now when you click off anywhere it says we've got four hours at 75 that's a 300 amount that we're billing that we're invoicing um what you could do now is you could either save and send that would actually email it to them since we have the email address entered in up here at the top of the screen the customer email uh what we're going to do though we're just going to save and close it though just creating this invoice here in the sample company we're creating that just for our own records okay we'll pretend that we had sent that if we did we would have emailed that off and then eventually we would get a payment for that now what we can do is since we're still on the invoice screen here we can scroll down and we'll be able to find where is that cool cars invoice january 27th cool cars 300 due in 30 days the question was how do you do the receive payment so receive payment would be let's go ahead and click on it let's say we're going to receive a payment let's pretend for a second that cool cars sent us a check in the mail to pay for that three hundred dollar thing so what we're gonna do is we would say okay they paid us with a check you can put in the check number let's say it was 6100 and we're going to deposit it to undeposited funds now it gives you some options in here undeposited funds what are we doing with undeposited funds we sent them an initial invoice of 300 right and they sent us a check for 300 we are now in possession of that 300 check we're holding it so when we mark this off we say we've received the payment that means that they sent it to us but undeposited funds merely means they've paid but we haven't deposited it into the bank yet if we look at what happens here so if we we've got the 300 amount received and down here outstanding transactions we can see we're matching this up the box is checked here so it's matching the payment to invoice 103.8 it was an original balance of 300 still three hundred dollars because they hadn't paid anything yet and we're saying they paid the entire amount three hundred dollars so we are going to again save and close so that three hundred dollar invoice that we had it did say uh due in 30 days right here now it says paid those uh invoices down below they say deposited so where you can see um where you can see that activity is if you go to the reports we receive the payment on january 27 so we'll actually see that here in our balance sheet so if we look at a balance sheet as of january 27th um we will see there's an amount here in undeposited funds if we click on that undeposited funds now we see here's a payment for 6100. excuse me that's the receive payment number is 6100 the dollar amount is 300 so that payment is in there and now we're going to go back to the banking screen okay so when we're in the banking screen we're going to go into the checking account we're saying we deposited that 300 check we deposited that check into the checking account so what would eventually happen is that would come through the bank feed right the bank would say we received the deposit for 300 and now we're going to actually be looking to match that to the payment that we've recorded so if we look at we can show kind of an example it's a different transaction but we can see this travis waldron or wald yeah waldron there's a payment where it says it was matched uh payment 2064 on 12 30 for 103.55 so that's a manual recording that uh craig's landscape did to say we received the payment for 103.55 now the bank is actually sending over a deposit that says 103.55 cents was the deposit now we're matching those two together so we're saying hey don't duplicate this transaction in our books here let's count that as one transaction because we sent an invoice for 103.55 we received the payment but we hadn't quite put it in the bank yet once we do actually deposit that that transaction will flow through the bank feed and we're going to match that so that now all we simply have is a bank deposit that matches a paid invoice and it closes out that invoice removes that money from undeposited funds moves it over into this particular checking account that we deposited the money into so that's the process of going from invoice to receive payment to deposit some of these payment methods may allow you to even skip the receive payment let's just say we had sent that initial 300 invoice to cool cars they sent us maybe they paid us um if we had included a link in the invoice to allow them to pay with like a bank transfer if we were on vacation for example and that 300 payment came through um we never got into quickbooks and marked off and received payment so at that point what would have happened was we would have the 300 deposit sitting here in the bank feed and we can just match that deposit directly to the invoice and that'll close it out so the receive payment it's really going to be used a little bit more when you want to reflect that i've received the payment somehow so probably more likely going to be anytime you get paid with cash or a check or money order something like that where you're physically holding on to that money and then you still have to go deposit it into the bank if you're doing a business where you're out in the field and you send them an invoice and you have like a credit card swiper or something if there's a couple of days before that money actually hits your account when they swipe it like that day you could put in there okay i received the payment and have that side of it so then you would just match the deposit to that there's a lot going on going from the invoice to the receive payment to the deposit and getting all those matched together if you do have any kind of follow-up questions or questions on any other topic you can 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