 QuickBooks Online 2024. Receive payment and make deposit. Get ready and some coffee because we're going on air with QuickBooks Online 2024. Here we are in our Get Great Guitars 2024 QuickBooks Online sample company file. We set up in a prior presentation opening up the major financial statement reports like we do every time. The reports on the left hand side in the favorites we're going to be right clicking on the balance sheet so we can open the link in a new tab right clicking the profit and loss report opening the link in a new tab also the trial balance right click open link in a new tab if you don't have that trial balance in the favorites you can search for it if you don't have as a favorite the balance sheet and the income statement there's something wrong with you because this isn't a matter of this isn't like ice cream flavors those are everybody's favorites anyways let's go to the tab to the right close up the hamburger we're in the balance sheet we'll change the range up top going from 0101 two four tab 013124 tab we will run it to refresh it tabbing it to the right another round another set another rep closing up the hamburger and change that range 010124 tab 013124 tab and running again and then repeat the process another set another rep another go closing the hamburger one more time we're going 010124 tab 013124 tab and run it three sets pushed him out right there let's go back to the balance sheet tab and now we're going to be doing another receive payment form and then we'll make the deposit for it so we will recall that we're in the customer side of things at this point if we select the plus button we have the cycles within the accounting cycles broken out by customer vendor and employee cycle we've got the customer or sales cycle the one in which we would expect money to be coming into the business for goods and services provided in the past now we have the invoices that's when we have an accrual system when we send out the invoice and then we expect to get paid at some point in the future then the next part of that is going to be of course the receive payment when we have the receive payment form that you want to think of it primarily as a reduction of accounts receivable the other side is going to go into some kind of cash account but might not pass might not go directly into the checking account because you might need to group things together so that you can then put them into the checking account as one lump sum so remember if you get paid from an invoice with things like an electronic transfer or a check then maybe you can use the receive payment to put directly into the checking account but if you give other options other than that such as a credit card or cash payments then it's likely because of fees and because of combining the transactions together you will need the temporary account of payments to deposit which used to be called the undeposited funds so let's give a quick recap once we enter the invoice that means accounts receivable goes up accounts receivable has a sub ledger this is the ar the r account the pirate account you know i'm starting to think that we should not be calling porch pirates porch pirates by the way because it gives them a bit of an ego they start thinking they're like captain jack or something they're like ha i stole that tylen all right off your porch good luck sleeping tonight with that migraine i'm just like captain jack the scourge of the seven apartments you know we're just encouraging it by calling them pirates we should just call them like pill popping porch kleptos or something it's more accurate whatever in any case we've got the account we have the sub ledger for the accounts receivable let's open that so we're going to go to the tap to the right right click on it and duplicate the sub ledger breaking out this information by customer so we're going to go down to the reports on the left hand side close up the hamburger scroll down we're looking for who owes you we're just going to do the classic customer balance detail report the classic sub ledger report and these are the people that owe us the money it adds up to a total of 46 830 so this is what people should legitimately be trying to collect on instead of taking people's tylen all off of their porch so then if i go back on over here that ties out to the 46 830 on this side as well now oftentimes of course we will be tracking this internally by going to the tab to the left trying to receive payment on the invoices that are outstanding managing our communication with the customers in the sales tab on the left hand side closing up the hamburger we're going into the all sales area and then we could check it this way with the transaction drop down looking at the invoices and look at possibly the open invoices this is one way that we can track them and we can also then go to the invoices tab and track them this way so we want to look at the status of the unpaid invoices typically that's another way that we could track the invoices outstanding we can also go to the customer tab and then we have the filters up top and we want to take a look at the open invoices here and there's our list of our invoices we're going to be going into anderson let's go into anderson guitars and we now have this open invoice that we have created so obviously once the invoice is in place at a future time we might then be sending out reminders of the invoice now notice that this is something that you would want to look and see about automating meaning you could possibly automate a couple of reminders that would be sent out after the due date of the invoice and you also have the ability to make statements which will possibly combine multiple invoices together which you which you might do say like on a monthly basis or so so those are the two things that you want to make that collection process as easy as possible if we're dealing with invoices now if i was to open up a received payment form and type in anderson guitars it would give us a pop-up to populate it or i could just go right into the received payment here and then it'll give us our received payment form already populated in part so i'm going to say it's anderson guitars do do we're going to say the date is going to be let's say the 21st let's keep it there it happens to be the 21st we'll keep it is that what i want though let's make it the 25th i can't see my other screen we're going to keep it on cash because i want to imagine that we have a system i'm not going to put it directly into the checking account if we got a check we could put it directly into the checking account if we got a if we got an electronic transfer that went right into the bank we might put it directly into the checking account in which case the checking account detail would show an increase not with a deposit form but with the payment form and that would be fine but if we have multiple formats of payment including cash and other forms we probably want to keep the same system meaning you probably don't want to be switching back and forth between checking account and payments to deposit if all of your transactions are going to hit your bank account the same in the same dollar amount as you receive them you might want to just have a system where they all go into the checking account if you have transactions where some of them are going to go have the same dollar amount and some will not then you probably want to put all of them into the payments to deposit so that you're not toggling between these two accounts and you always have the same system that's what we'll do here we'll put it into the clearing account I think cash is the easiest thing to imagine because we can imagine receiving multiple cash payments although we usually wouldn't have cash payments for this high of a dollar amount but you can imagine getting the cash depositing it into the bank you have similar issues and problems with the credit cards because they might charge you fees and group the payments into your account as a lump sum so what's this going to do when we record it notice it's the linking to the end board