Overview
Getting paid is crucial for running a business! This article covers invoicing clients for products or services, receiving and applying payments, managing invoice balances through "accounts receivable," and reporting on this data to support your business's financial success.
Things to note
Once an invoice is created, you will not be able to delete it.
Creating an Invoice
Once your business and clients are set up, you can create an invoice directly for a client or through a project. Add items as you work to build the invoice. For detailed steps, check the articles below!
Create and Send an Invoice
As soon as you have billable items, you can create and send your invoice! You can send an invoice to as many people as you'd like by using a comma to separate each email address.
Note: You can also invoice clients without a project! To do so, click on the client, and then click + Invoice. You can then add items to the invoice and send it off like normal!
Instructions for Web:
Hover over the panel on the left side and select Invoices.
Click the + Invoice button.
Select the Client & Project.
Enter the Invoice #, and then select the Issue Date and the Due Date.
Confirm the items and expenses listed.
You can delete any of the items and expenses listed by clicking the trash can at the end of the line.
You can also re-order the items so they appear exactly how you want them to. This can be done by clicking, holding, and dragging the rows of dots to the left of the line.
If any of the items or expenses are taxable, click the Taxable checkbox for that line.
In the Tax dropdown menu below, enter or select the Tax Rate.
You can create multiple tax rates, but only one can be applied to an invoice.
You can also provide a dollar or percentage discount on the invoice total.
Once done, you can click the Preview tab at the top to view your final invoice.
Click Send To and then enter or confirm the Email Address, Subject, and Email Message.
If you are sending the invoice another way, select Mark as Sent (No Email).
Click Send when done.
Instructions for Mobile:
Click the Menu icon (the three lines in the upper left corner).
Select Invoices.
Click the plus (+) button in the upper right.
Select the Business and the Client and Project.
Enter or confirm the Invoice #, and then select the Issue Date and the Due Date.
Confirm or enter the Client Contact Information.
Confirm or enter the Items (Expenses will also be listed here).
You can delete any of the items and expenses listed by selecting Edit or Add Items and then clicking the 'X' to the upper right of the item.
If any of the items or expenses are taxable, click the Tax % field and then enter or select the Tax Rate.
You can create multiple tax rates, but only one can be applied to an invoice.
You can also provide a dollar or percentage discount on the invoice total, and you can add a Note.
Once done, you can click the PDF button at the top to view your final invoice.
Click Send To and then enter or confirm the Email Address, Subject, and Email Message.
If you are sending the invoice another way, save it as a draft, then manually mark it as sent by selecting it in the Drafts section and clicking Mark as Sent.
Click Send when done.
Creating an Invoice Without a Project
Instructions for Web
Hover over the panel on the left side and select Clients & Projects.
On the far right of the client you want to create an invoice for, click on the three dot icon.
Click Create Invoice.
Enter or confirm the Invoice #, and then select the Issue Date and the Due Date.
Confirm the items and expenses listed.
You can delete any of the items and expenses listed by selecting Edit or Add Items and then clicking the 'X' to the upper right of the item.
If any of the items or expenses are taxable, click the Tax % field and then enter or select the Tax Rate.
You can create multiple tax rates, but only one can be applied to an invoice.
You can also provide a dollar or percentage discount on the invoice total, and you can add a Note.
Once done, you can click the PDF button at the top to view your final invoice.
Click Send To and then enter or confirm the Email Address, Subject, and Email Message.
If you are sending the invoice another way, save it as a draft, then manually mark it as sent by selecting it in the Drafts section and clicking Mark as Sent.
Click Send when done.
Instructions for Mobile
Click the Menu icon (the three lines in the upper left corner).
Select Clients & Projects.
Click on the client that you want to create an invoice for.
Select Create invoice.
Enter or confirm the Invoice #, and then select the Issue Date and the Due Date.
Confirm or enter the Client Contact Information.
Confirm or enter the Items (Expenses will also be listed here).
You can delete any of the items and expenses listed by selecting Edit or Add Items and then clicking the 'X' to the upper right of the item.
If any of the items or expenses are taxable, click the Tax % field and then enter or select the Tax Rate.
You can create multiple tax rates, but only one can be applied to an invoice.
You can also provide a dollar or percentage discount on the invoice total, and you can add a Note.
Once done, you can click the PDF button at the top to view your final invoice.
Click Send To and then enter or confirm the Email Address, Subject, and Email Message.
If you are sending the invoice another way, save it as a draft, then manually mark it as sent by selecting it in the Drafts section and clicking Mark as Sent.
Click Send when done.
Applying Payments to an Invoice
After sending an invoice in Quicken Business & Personal, a Client Invoices (accounts receivable) account appears under Business Payments in your Accounts List. This account shows credit for the invoice amount, increasing your accounts receivable balance.
When you apply a payment to an invoice, a negative transaction offsets the credit, treated as a "transfer" from the receiving account to the Client Invoices account. Once all invoices are paid, the Client Invoices account will have a $0 balance.
There are a few different options when applying a payment to an invoice.
If you receive a single payment for multiple invoices, you can apply the payment to multiple invoices.
If you receive a partial payment for an invoice, you can apply that payment and then apply the rest when it is paid.
Link a Transaction to an Invoice
Use this option for existing transactions in Quicken Business & Personal that are payments toward an invoice, including bank payments, Venmo transactions, or individual checks. For individual checks, manually enter the check into the deposit account, link it to the invoice, and ensure the deposit downloads to match your manual entry.
Instructions for Web:
Hover over the panel on the left side and select Invoices.
Locate the invoice you want to apply the payment to and click the three dots at the end of it.
Select Record Payment.
Select Link to Transaction.
Select the transaction so it's highlighted and then click Next.
Confirm the details and then click Save.
Instructions for Mobile:
Click the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and click on it.
Click Link to Transaction.
Confirm the details and then click Apply.
Note: You can also link a transaction to an invoice from the transaction directly.
Apply an Undeposited Amount to an Invoice
This option is perfect for cash payments! When a client pays in cash, simply apply the payment in Quicken Business & Personal as an undeposited amount. This creates a manual transaction in your deposit account, ready to match with the downloaded transaction once you deposit the cash.
Instructions for Web:
Hover over the panel on the left side and select Invoices.
Locate the invoice you want to apply the payment to and click the three dots at the end of it.
Select Record Payment.
Select Undeposited Payment.
Select the Account, the Transaction Date, and enter the Transaction Amount.
Enter or confirm the Amount to Apply and click Save when done.
Instructions for Mobile:
Click the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and click on it.
Click Undeposited Amount.
Enter the Paid Date, Account, and Amount.
You can use the toggles to show all unpaid invoices for the client, as well as include an existing credit, when applicable.
Enter or confirm the Amount to Apply and click Apply when done.
Apply an Existing Credit to an Invoice
If a client has overpaid, you can apply their existing credit to an invoice. You can determine how much of a credit a client has in the Clients & Projects section.
Note: You cannot overpay an invoice. The overage will be saved to the client and can be used for a later payment.
Instructions for Web:
Hover over the panel on the left side and select Invoices.
Locate the invoice you want to apply the payment to and click the three dots at the end of it.
Select Record Payment.
Select Apply Existing Credit.
Enter the Amount to Apply and click Save.
Instructions for Mobile:
Click the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and click on it.
Click Apply Existing Credit.
Enter the Paid Date, Account, and Amount.
Confirm or enter the Amount to Apply and click Confirm when done.
Deleting an Invoice
In the event that you need an invoice for any reason, you certainly can!
Instructions for Web
Hover over the left side of the page and select Invoices.
Locate the invoice that you want to delete, click on the three dot icon to the right of it.
Click Delete Invoice.
A pop-up will appear to confirm that you want to delete your invoice. Click Delete Invoice to confirm.
Instructions for Mobile
On the top left, click on the three lined menu icon.
Click Invoices.
Locate the invoice you want to delete and click it.
Click Delete Invoice.
A pop-up will appear to confirm that you want to delete your invoice. Click Delete to confirm.
Bulk Sum Check or Cash Deposits
If your business handles bulk cash or check deposits, consider setting up an "Undeposited Funds" account under 'Banking,' when adding a manual account. Here, you can enter each payment and apply it to the right invoices. When the bulk deposit shows up, simply assign it as a transfer to your Undeposited Funds account—easy and organized!
Another option is to wait for the bulk sum transaction to download (or manually enter it) and split it to assign each portion to the correct invoice.
To do this:
Open the account with the bulk deposit and click the three-dot icon to the right of the transaction.
Select View Transaction and click SPLIT under Category.
Under each side of the split transaction, make sure that the category selected is Business Income category or subcategory.
Enter the amounts for each split.
On both sides of the split, click the Invoice payment check box.
Click Save Splits.
Review the details, and click Create.
In Assign payments to invoices, select each Client Invoice and assign the payment to the corresponding client for the split and click Save.
If you have multiple businesses, use the Business dropdown next to the Client dropdown to ensure the payment is assigned to the correct business.
Click Confirm.
Once a transaction is assigned as a payment, you cannot edit the transaction until the payment is removed. You can do this by:
Open the account with the payment transaction and click on the three-dot icon to the right of the transaction.
Click View transaction.
Click Edit Payment Assignment.
On the bottom left of the popup, click Remove Payment.
Using Stripe to Receive Payments
Quicken partners with Stripe to receive invoice payments. If you don't have a Stripe account, you can sign up for one. If you have an existing Stripe account, you can connect it to Quicken Business & Personal. When your clients pay your Stripe payment-enabled account, the payments will automatically show in Quicken Business & Personal, and they will automatically mark the invoice as paid.
Adding a New or Existing Stripe Account
You can use your established business and the account will be created automatically. This will be a unique account that is only used for Quicken. You can still take payments directly through the Stripe interface with this account, but only payments taken while in this account will show in Quicken Business & Personal. Payments taken through other Stripe accounts, even if they are for the same business, will not show in Quicken Business & Personal.
To get started with a Stripe account or logging into your existing Stripe account:
Hover over the panel on the left side and select Settings.
Click Accounts.
Under Accounts, you will see the option to learn more about what Stripe offers. Click on Learn More.
Click Continue.
Click Connect.
Follow the steps Provided by Stripe to create an account.
Once you have created your Stripe account, you will be redirected back to Quicken Business & Personal and under the Add Account screen, you will have the option to link your Stripe account to your business by clicking on the Business dropdown and selecting your business.
Click Add.
Things to note
When you have your Stripe account linked to your business, when you create an invoice, your accepted payment methods are dependent on what you have selected on your Stripe dashboard. Visit Stripe to review your accepted payment methods.
In your invoice, if you have both ACH and Card enabled, your accepted online payments will have both ACH and Card check. If you want to have only one method of payment accepted for that invoice, deselect the method of payment that you do not want to accept.
When linking an existing Stripe account to Quicken Business & Personal, all of your payments made from invoices from Quicken Business & Personal will be combined with payments you take elsewhere with the Stripe account. All of these will show in your Stripe account in Quicken Business & Personal.
Invoice Reporting
As outlined above, the items on invoices represent your business income. You will see the items reflected in the Profit & Loss Report. If billable expenses are on an invoice, you’ll see them in two places in Reports: the actual expense will be in the expense section and the reimbursement will be in the income section. To learn more about Business Reports in Quicken Simplifi, see our support article here!
Taxes from Invoices
If you collect sales tax for a product and add that to your invoice, a Sales Tax Payable account will be added to the Liabilities section of your Accounts List. Every time you charge sales tax, the Sales Tax Payable account will increase. When you pay your taxes and make the payment to the tax authority, you will want to assign the payment as a transfer to the Sales Tax Payable account.
Sales tax will not show on your Profit & Loss Report. Instead, you will see it in your Balance Sheet Report.