 Zero Accounting Software 2023. Receive payment from invoice and make deposit. Get ready because it's time to become an Accounting Hero with Zero 2023. Here we are in our Custom Zero homepage going into the new company file we set up in a prior presentation. That being, get great guitars. We're going to duplicate some tabs to put reports in like we do every time. Right-click in the tab up top to duplicate it. Right-click in the duplicated tab to duplicate it. Back to the middle duplicated tab. Going to the Accounting drop-down we want to open up the balance sheet. Tapping to the right Accounting drop-down. This time the income statement. Back to the middle tab. We want to go to the date drop-down. Customize that date and bring it on up to 2023. The end of 2023. Update the form. The profit and loss on the tab to the right has the correct date range for our practice problem. So we are good to go there. I'm going to go back to the first tab now and just a recap of what we have done in the past because we're going to be receiving payments on invoices we have created. Let's take a look at a flow chart. This is a QuickBooks desktop flow chart, but we just want to see the flow of Accounting transactions by form. We're in the revenue cycle. Remembering that your revenue cycle will generally be dependent upon the type of industry you are in. If you have a simple kind of industry for the revenue cycle, like you just get money from YouTube or something, you probably just record a deposit with the bank feeds and record income at that point in time. If you have a food truck or something with a cash register, you're going to have to have a receive payment type of form getting paid at the same point in time the work is done. And if you have to bill the client, which is often the case in this online kind of world where you would email out an invoice, for example, we would have to create an invoice, send out the invoice, and then receive the payment on the invoice. So that's what we're going to work on here. We have created some invoices in the past. Now we want to receive the payments on the invoice. Now note that when you make an invoice, you could have multiple ways that they're going to pay you. So you might set up different payment options through different portals for like, try to connect your PayPal, a PayPal to it, or credit cards to the payment portal or bank transfers or something like that. Or you might have them just send you a check or pay you in some other way through a portals and whatnot. So then the question is, when I get paid, what is that payment going to look like? Am I going to get paid and it's directly going to go into my checking account in the same format as the invoice? Meaning, if I invoice $500, am I going to get an electronic transfer or a check or whatever for exactly $500, the amount of that invoice, then I can possibly put it directly into the checking account at that time. But if I make a bunch of invoices, like on a third party platform, like a Shopify or something like that, and I'm using third party payment processors, stripes or PayPal or credit cards and whatnot, then I might get multiple payments from the invoices that are going to be grouped together. By the time they hit my checking account, then they're going to be grouped in some different way than the original invoice in that case. So in that case, you might need to use a clearing account. Now note that zero has a nice little functionality to group the invoices. So you might still be able to group the invoices, but you might also end up using a clearing account, right? And if you're going to get payments by invoices and sales receipts that are grouped together by a payment processor or cash or something like that, then again, you might have to use a clearing account as you receive the payments and then make sure that you transfer them into the checking account in the same format as they will appear on the bank side of things so that you can do the bank reconciliation either with the bank feeds or with the bank reconciliation. Alright, so let's go back on over then. And when we created our invoices, if I hit the dropdown on the business, we can see our open invoices. So I can go into my open invoices here and look at the ones that are awaiting payments. So these are the ones that we are working with and have not yet been paid off yet. We can also find these if we were looking at one individual person, like I'm looking at Anderson here. We're going to do that one first. We could also go into our contacts and take a look at our contacts and go into the invoices and check out the invoices that way. And we can see that we have this invoice outstanding for Mr. Anderson. We could then go into the invoice. I could go into a particular invoice here and then say down below that we got paid for that particular invoice. That's one way you can do the data input. But I would rather go to the business dropdown. I think it's probably more likely that you're going to go into this invoices tab and then select the appropriate invoices. I'm going to go to a waiting payment tab and then I'm going to select this one. Now again, if you had multiple invoices that you've got paid at one point in time that are going to hit your checking account at one lump sum, you might choose multiple invoices and then use your deposit form to kind of put them together. But I'm going to use them one at a time and I'm going to deposit them into this clear-in account so we can practice that concept which might come up from time to time where you might need to use this clear-in account depending on how your payment processor system is set up. So I'm going to choose Anderson here and I'm going to say deposit it. Make the deposit so it makes our deposit form. I'm going to say the date. I'm going to bring it on back to Jan and 25. Let's say Jan 25.