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Invoice message to client sample for Financial Services

hey guys today we're going to talk about invoicing in QuickBooks online so not every business is going to want to invoice their customers like if you run like a corner store like a store and you have like a cash register as a point of sale and you're getting a bunch of customers you don't really need to invoice them because they'll pay right away but if you have the type of business where you probably have fewer clients and you send them invoices and maybe give them like a week or two to pay then putting them in QuickBooks Online is a really great way to do it cuz it kind of keeps everything in place you're able to track who has paid how much they have paid like what is the out standing amount like balance that they owe and then you can receive the payments right in there and it'll match up in the bank feeds so for most of this video we will be inside QuickBooks online and I'll be showing you exactly what I do in there with invoices here is the list of what we're going to go over and I can give just kind of like a brief intro before each thing that I explain in there so the first thing I'm going to show you is just really simply where to go to create an invoice okay we're going to start by opening a new invoice and filling it out so you can just go to sales and then invoices there's usually in QuickBooks multiple ways to get places but that's how we're going to do it today and then create an invoice and then it brings you all this information that you need to create and the first things we're going to talk about is the customer field creating a customer and then creating a product or service so now we're going to talk about what to put in that customer field so in QuickBooks you have vendors which are people who you pay for like your utilities your lighting that kind of thing and then you also have customers that pay you for whatever service or you know stuff that you are providing to your customers so it's nice to have them all set up in QuickBooks then you could pull reports per customer and that kind of thing and also you can store a bunch of info like their address and stuff which you'll see in each customer so you don't have to be entering it in all the time so this business already has a bunch of customers but let's create a new one just so we can see what it looks like so we have Joe Smith is our one of our customers that we just started doing landscaping for and you there's tons of information you can fill out in here and it kind of depends on what you need for the customer in my opinion the very most important thing is the email supposing that you're going to be emailing this invoice so I would put an email in here I'm not going to do that now because this is not a real customer you can also put a billing address if you are going to you know send it in the mail and then there's lots of other you can put in a payment method also that can be helpful if they usually pay by check or cash or if they have a credit card in there and then if you have general terms that you always have for this customer you can set it to so this is how many days they have to pay their invoice so you can select any of that stuff you want fill in as you like and then save it so we have Joe and it should have his you know email in here so that we can email to him in the next step my name is Morgan my website is finep points. Biz I would love it if you subscribe to my YouTube channel and a thumbs up really does help me out a lot I also just made a new free master class on how I got my first three bookkeeping clients so if you're kind of curious about how to get clients and how to get good clients definitely check out that Master Class the thumb thumbnail looks like this and the link will be in the description box the next thing we're going to be doing is setting up an item or a product and service so this is like what you sell and truthfully I think this is like technically like the most complicated part of an invoice cuz you want to make sure that you kind of get this right and you get things flowing into the right income category and there are a few distinctions between products and services that I'll go over as well as how to get the right pricing the right number in there if you're charging per quantity for goods or if you're charging per hour for Services there's different ways to do that so let's take a look at some of the product and services we already have in here just so you can get kind of an idea of what they are so for landscape they have some design stuff then they also have things like concrete and lighting and rocks so they have actual like you know items and then they also have services and gardening so these are like humans doing this and then rocks is obviously like just rocks so let's make up a new one maybe we will call it like flower planting so let's let's add our flower planting and there's different types of products that you can do like I said so inventory if you're tracking inventory I have not done this with a client it's a little more complicated so you kind of need to know what you're doing if you're tracking inventory and you might need a certain type of QuickBooks Online as the other thing too non-inventory is self-explanatory you're not you know tracking the stuff that's like in your shed or whatever and a service is like something that like here like landscaping or tax Preps so it's not item that they're buying but it is a service and then this is like a bundle so if you're doing different things together that one I don't use as much but let's see what did I say flower planting so we are going to make that a service and then again there's a lot of different things you can add in here you probably don't need a lot of them category is just to kind of organize all of your products you know if you have different sub accounts and stuff or if you have different you know types of Landscaping things but the most important thing is right here income account so this is going to make it so every time that I invoice for flower planting it is going to go into the correct income account and you can see some of the income accounts in here and side note you don't technically have to differentiate different types of income if you don't want to but a lot of business owners find it helpful so clearly they are wanting to know how profitable their control services are compared to their other services so that's why they made this separate income account to kind of pull out that money so that they can track that and know you know how their pest control is doing so for the flower planting we're just going to call it services and then you can also fill in your rate for this so you could also do it later in the invoice but let's say for flower planting we charge $25 per hour to our client so let's save this product and service let's see let's skip this for now okay so then you can see flower planting was added and it's at $25 an hour so maybe we did five is that a lot of flower planting I don't know maybe we did 5 hours of flower planting and then it automatically calculates it and then we can also add other things to this invoice so in addition to flower planting they also got some rocks and so say for this load of rocks we charged $50 so you can put $50 in there along with that we got some sod which is a little cheaper and then we also did some more design work so that is the custom design and that's $75 now and we did just or we did 2 hours of that and once we have those products and services filled up you can just go about filling out the rest of the invoice definitely think about that customization option two which I will go over okay so now you know how to set up the customer you know how to put in these products and services and then you just want to make sure and look at the rest of the invoice and make sure it looks good it's pretty self-explanatory you can do an address if you want like I said this is how long they have to pay it let's say they have to pay it in 10 days I think that's a little better A lot of times also we just do do a pron receipt which is nice I don't use tags a lot but if you use tags you can put that right there and then you can also customize this so you can say you know something different here you can also hit this customize at the bottom think I need to save it first so if we want to edit this you can do all types of things you can add your own logo you can change the color you can move all this stuff around in different places so I've actually spent a lot of time in the past in here kind of like tweaking this just how I like it because I sometimes have like specific ways I like things to look but that is pretty much not super necessary I wouldn't say but you could definitely put your logo in there okay so I didn't mean to get out of that yet but let's go back into there and okay so we talked about those section I have wanted to use the subtotal before I forget exactly why I think you can put it in there and then if there's kind of something that's a different category like I think there was like a reimbursement down here that I used so I was like okay this is how much new stuff you're spending and then this is something I'm you know you're reimbursing me for so that's kind of helpful if you need that so you can customize you can also make it recurring which is nice if you have you know the same thing month after month and you can even tweak it but it is kind of nice to have that Baseline and you can print or preview if you want to print this out and mail it again you can totally do that I think that's everything if you want to get a discount here there's some stuff about tax I actually live in Oregon where we don't have sales tax so I am not an expert on sales tax by any means but once you get everything as you like it you can save and send I'm just going to save and close it for now because it's a pretend to invoice all right good job you have sent your invoice the customer knows they need to pay you they got it in their email and it has been that 10 days since you sent it cuz you put in Net 10 I think we did I can't remember in my example but let's pretend they paid you the money you received payment for the invoice so now we need to go into QuickBooks and make sure that QuickBooks knows that we got that money and this is pretty simple in my example but if you have a large client with a lot of invoices a lot of outstanding things a lot of different services that they're providing this can get a little bit complicated in receiving that payment especially if people aren't paying like on time or if they're not paying like the exact amount of the invoice so you do want to get in a good habit of receiving payments as quickly as possible as soon as you know that something was paid and just keep up on this regularly and try to be as organized as possible to receive payment you can go up here and do it to receive payment right there or you can also go to the place where all your invoices are this is kind of nice because it gives you like different overviews of like what's being paid what is selling what's outstanding and that kind of thing so let's just go find that invoice again it was this one and then we can click receive payment from here and then so say Joe sent us a check and we can put the check number in there and then I'll talk about undeposited funds in a minute but you can put in the amount received here so maybe he pays the whole thing but maybe he hasn't so if he only pays $300 you can put that in here and then it will have an outstanding balance for Joe and then I also want to show you if you go to someone who has multiple invoices let's see if we can find one John maybe yeah okay so then if John paid both his invoices at once you could click them both if he paid you know $825 then you could do both those at once and then you save it and that invoice is marked paid and then you can also send like a receipt that says you've paid it so that is save and send and then you can see what is sent to him this receipt here let's talk about undeposited funds for a second that is something I've actually seen people business owners get into a lot of trouble by not doing that right I had a client whose books were like in a big mess mainly because of undeposited funds so when you want to use that is say you have a day where you get like five different payments in and then you bring them all to the bank so maybe some were credit card payments a couple people paid you in a check and then someone paid you in cash it doesn't really make sense for a business to be running to the bank every time they get a check so usually those things are grouped together in the bank so let's say you had those five invoices each of them was $100 so the bank is going to show that as $500 that was deposited that day but you're going to need to know which $100 thing to apply to which invoice so it's not $500 in QuickBooks mind it's really like 5100s right so if your invoice is paid and then you put it in the undeposited funds kind of like a holding account then when you go to match that transaction that $500 it's going to give you a list of transactions and you are going to pick those five that were within that deposit and make sure those are correctly tied to what hit the bank so hopefully that one minute description gives you kind of kind of an overview that could be a whole another video let me know in the comments if you're interested in that video or you can also just YouTube other people's videos on this topic if you need it right away so if you're looking for the undeposited funds right it is right here so make sure you have a grasp of what this is you can decide what bank account it's going to or that undeposited funds if you're using that and then of course reporting this is one of kind of arguably the most important things that you're doing why you're putting this money in QuickBooks why you're spending all this time making an invoice and re receiving payments cuz your client wants to know who's paid them where is their money and when is it going to be in their bank account and then a really helpful report to send you can find in the reports tab there's a lot of stuff about invoices so you can do open invoices just a list of all of them any of these type of things about different statuses so let's look at what the open invoices looks like so you can see who's late you can sort it by different things you can sort it by the due date and then this is just a really good tool for your client to have to follow up on money that they do not have in their bank account thank you guys for watching to the end of this video let me know in the comments if there's any other QuickBooks tutorials that you are interested in seeing from me all right I will talk to you next week thanks