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
Be aware that Payable and Receivable Accounts CANNOT be deleted once created within Quicken Business & Personal. This applies to versions of Business & Personal downgraded to Quicken Simplifi too. The feature is intended and will not be changed in the future.
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 with a Project
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.
Instructions for Web:
Hover over the panel on the left side and select Invoices.
Click the + Invoice button.
Select the Client & Project dropdown and select a project beneath the applicable client.
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:
Tap the Menu icon (the three lines in the upper left corner).
Select Invoices.
Tap 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 tapping the 'X' to the upper right of the item.
If any of the items or expenses are taxable, tap 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 tap the PDF button at the top to view your final invoice.
Tap 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 tapping Mark as Sent.
Tap Send when done.
Creating an Invoice without a Project
Instructions for Web
Hover over the panel on the left side and select Invoices.
Click the + Invoice button in the upper right.
Select a Client from the dropdown menu.
Enter or confirm the Invoice #, and then select the Issue Date and the Due Date.
Confirm or add items to your invoice.
You can add new items by clicking the + Add Item button.
You can delete any of the items listed by clicking the trash can icon at the end of the row.
You can edit any of the items by clicking on the applicable field, making the necessary changes, and then clicking off of the item.
If any of the items listed 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 Preview button at the top to view your final invoice.
Click Send to... and then enter or confirm the Email Address, Subject, and Email Message.
Click Send when done.
If you are sending the invoice another way, click Save. Next, navigate to the Drafts section in Invoices, locate the Invoice, click the three dots at the end of it, select Send, and then click Mark as Sent.
Instructions for Mobile
Tap the Menu icon (the three lines in the upper left corner).
Tap the + button in the upper right.
Select a Business, and then select the Client.
Enter or confirm the Invoice #, and then select the Issue date and the Due date.
Confirm or enter the Client contact information.
Confirm or add items to your invoice (Expenses will also be listed here).
You can add new items by tapping the Edit or Add Items button.
You can delete any of the items listed by tapping the Edit or Add Items button, and then tapping the X to the upper right of the item.
You can edit any of the items by tapping the Edit or Add Items button, making the necessary changes, and then tapping Continue.
If any of the items or expenses are taxable, tap 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 tap the PDF button at the top to view your final invoice.
Tap Send To... and then enter or confirm the Email Address, Subject, and Email Message.
Tap Send when done.
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 tapping Mark as Sent.
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.
In your Client Invoices account and Invoice tab, you can check the payment status of your invoices. The statuses include:
Draft: The invoice is in a draft state and has not been sent.
Sent: The invoice sent but not yet paid.
Overdue: The Invoice is overdue, even if invoice is partially paid.
Unapplied: A payment has been made to your business but the payment has not been applied to an invoice.
Partial: A partial payment was made to a invoice.
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 Apply 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:
Tap the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and tap on it.
Tap Link to Transaction.
Confirm the details and then tap Apply.
Note: You can also link a transaction to an invoice from the transaction directly.
Create a Transaction and Apply Payment to an Invoice (Web)
This option is perfect for cash payments! When a client pays in cash, simply apply the payment to the invoice in Quicken Business & Personal with a new transaction.
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 Apply Payment.
Select Create Transaction.
Select the Payment date, Deposit to account, and confirm the Payment amount.
Enter or confirm the Amount to apply and click Save when done.
Apply Undeposited Payment to an Invoice (Mobile)
Tap the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and tap on it.
Tap Undeposited Payment.
Enter the Paid date, Account, and Transaction 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 tap 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 Apply Payment.
Select Use Existing Credit.
Enter the Amount to apply and click Save.
Instructions for Mobile:
Tap the Menu icon (the three lines in the upper left corner).
Select Invoices.
Locate the invoice you want to apply the payment to and tap on it.
Tap Apply Existing Credit.
Enter the Paid Date, Account, and Amount.
Confirm or enter the Amount to apply and tap Confirm when done.
Deleting an Invoice
In the event that you need to delete 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, tap the three lined menu icon.
Tap Invoices.
Locate the invoice you want to delete and tap it.
Tap Delete Invoice.
A pop-up will appear to confirm that you want to delete your invoice. Tap 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 dots 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 Update.
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 dots to the right of the transaction.
Click View transaction.
Click Edit next to the payments.
Click Edit Payment Assignment.
On the bottom left of the popup, click Remove Payment.
Using Stripe to Receive Online Payments
Quicken partners with Stripe to receive invoice payments. If you don't have a Stripe account, you can sign up by clicking here. 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.
You will also be able to start creating or adding your existing Stripe account while creating a new invoice.
To enable Stripe while creating a new invoice:
On the left side of the screen, click Invoices.
In the upper right, click the Invoice icon.
In the upper left, select a client or a project.
In the Enable online payments tile, click Learn More.
Things to note about Stripe
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.