Create a Partial Payment Invoice Template for Education Effortlessly

Partial payment invoice template for Education

in this video I'm going to show you how to record an invoice as paid but some different common scenarios that come up and that might come up for your business okay so let's start off with just creating a new invoice now in another video I did cover that in more detail but I'll just do a quick one now so we're doing coming to our plus new button in the corner then in our customer column we're going to create a new invoice so it's blank and we are going to start off by selecting a customer so let's say it's a customer already in our customer list now this is a sample company a pretend um a pretend company with pretend transactions so if you want to have access to this sample account the link is in the description so you can practice and explore okay so we're going to select a customer in their list and let's say it's Diego now he's already in the customer list so his contact information pops up automatically we're going to leave all this the same you could change it if you want okay so here we're just going to select quickly it was for Design Services and now you could say that it was for a certain quantity by a certain rate and then it will talk it will multiply it'll calculate it for you um or you could just say a flat amount so let's say it's for eight hundred dollars okay so now this we're invoicing this customer for eight hundred dollars so you could do save and send but in our case we just want to save and close it we're just recording it into QuickBooks save and close okay so where did it go we're gonna go to the left menu into sales we go to sales and because it's an invoice you could go to specifically the invoices tab or you can just go to all sales so we're gonna go to all sales we're in all sales and then we come down and there it is because it's it's ordering it by date so that the one we just made shows up first so that's that's Andy um so here it's saying that it's open which is right it's not due yet um but now we're ready to receive the payment for it so we're going to receive the payment for this invoice so let's say it's a couple days later he has paid us and so now we're going to receive the payment so we click um it's like the Blue Link there to receive the payments and because we clicked the receive payment on the row of the invoice that it's paying then it fills in some information for us so that saves a little time so it already selects a customer for us and it checks off the invoice number that this is paying so that's great I always just like to double check this is that the correct invoice I wanted to pay um but because we selected that link on the row of the invoice it's checking off the correct invoice so that is is great as well um the payment date on the left side um they we received payment let's say it was on November 2nd so we're going to change it to the date that we've received the payment um if for some reason you don't know how they paid you maybe you're this is catching up from um you're you're trying to catch up with your books and you don't remember exactly how they paid you um this could be left blank it's not required to enter this information but the more information the better so we will say that we know he paid us by check with this check number all right and this is going to be a separate topic um for another video but most of the time it should be um selected as undeposited funds um your account they recently changed the title of this account yours might be called payments to deposit so most of the time you should have this selected so it's either it's going to be called undeposited funds or payments to deposit okay so we're going to come over to the right and show that the amount was received but he didn't pay us the 800. the invoice is not due yet and he just decided to go ahead and pay part of it so we want to record that this is a partial payment so the invoice is for 800 so QuickBooks just automatically filled in 800 for us assuming that's what was paid but in our example no he only paid 500. so he decided I'm just going to go ahead and pay you 500 and then I'll pay you 300 on the due date so that's fine we need to recommend and record that we only received so notice it's saying amount received it was just 500. notice when we typed in 500 the amount on this row was updated so it shows the amount is 800 the balance is 800 but the payment is 500. so the amount that we're gonna the QuickBooks will apply to this invoice is 500. okay so and again making sure that this is checked off so make sure that the correct invoice has a check this should not be unchecked we want to make sure that this is checked so QuickBooks will link this payment to this invoice okay now down here at the bottom if you need to put in any more information you can if you want to put a memo about this payment anything you want to remind yourself of later you don't want to forget if you want to attach a picture of the check attach the picture of or attach a file a PDF um any and you attach a file or image you could do that here but in this case we're done we're going to go ahead and say I'm clicking this arrow on the side just say save and close I don't want to do a new payment I just save and close done with that okay so let's see where we are currently at we come here we see our invoice for 800 but notice the status it's partially paid the balance is 300 which is right we just recorded the payment of 500 so there's a balance of 300. the payment is recorded in a separate row it is linked because we checked off that that invoice so we did we did click the check box or it was like um clicked correctly so here it is linked to this invoice but it's just on a separate row on our list five hundred dollars data looks great but now let's say it's a few days later now it's the due date and Diego has paid the remaining balance so now we need to record the rest of that so we'll come back to our invoice so we look for the row that says invoice there's the original total of 800 and now we're ready to receive payment okay so the due date for this invoice was November 26th so let's say that's when he paid the rest of it so we will change our payment date that we received payment on November 26th and let's say that this time he paid us in cash so you know it's okay if he first time he paid with one payment method and then switch payment methods you're just you're just recording into QuickBooks what happened so first time they pay with a check this payment of 300 this one was in cash um and again this will be a separate topic but the safest option would be this one you could always fix this if you actually choose your checking account um there's different reasons why it might not be ready to go in there yet so the safest place is going to be this one again yours might be called payments to deposit but it's the same same idea okay so here we've got our payment 300 on the rights amount received yep that's right three hundred dollars and the invoice is checked off original 800 open balance 8 300 and the payment is 300. so it's going to apply a payment of 300 we're going to save and close and see now what does our list look like so here we go our invoice on the left our invoice is saying 800 and then we have our two separate rows that say payment of our two separate payments the 500 and 300 and now our invoice says a balance of zero and green it is paid perfect that's exactly what we want so that's how you record an invoice that it was partially paid and then when it is eventually fully paid how you can you can record separate payments or multiple payments towards that invoice so if they may maybe gave you three payments toward that invoice you would have then three payment rows so you can um you know you can split that up as much as whatever the the situation was it doesn't have to be two times it could be you know maybe five times they paid you in five payments until the 800 was fully paid so you would just keep this this blue receive payment it'll stay here until until they have paid you eight hundred dollars okay so that's what to do with partial payments toward an invoice