Overview
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.
Things to note
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
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.
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 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.
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 Create Transaction under Apply Payment.
Select the Payment date, Deposit to account, and confirm the Payment amount.
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.
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.
