 QuickBooks Online 2022 Receive Payment Transaction and Form. Get ready because it's go time with QuickBooks Online 2022. Here we are in our Geek Ray Guitars practice file that we set up with a 30-day free trial holding down control, scrolling up just a bit to get to that 1-2-5%. We're currently in the homepage, otherwise known as the Get Things Done page and the Business View as opposed to the Accounting View. If you wanted to switch to the Accounting View, it is something you can do by going to the cog up top and going down to the Accounting View. We will be toggling back and forth from time to time either here or by jumping over to the sample company file which is in the Accounting View to see where things are located in the two views. Let's open up some reports by going to the tab up top, right-clicking on it, duplicating the tab. Go back to the tab to the left, right-click on it again, duplicate the tab. Go back to the tab to the left one more time, right-clicking on it, duplicating it again. As those are thinking, going to jump back on over to the Accounting View and the sample company just to note where the reports are located which are on the left-hand side, very straightforward in the Accounting View and back on over in the Business View. The reports are located. We're currently in the second tab in the Business Overview section and then we're going to be into the reports on the left-hand side. Let's open up our standard reports, the balance sheet first, the good old balance sheet and then we're going to close up the hamburger and then let's do a range change from 010122 to 123122 and run it and then let's go to the tab to the right and now do the same thing with the Profit Lost Business Overview. We want to take a look at the P&L, the Profit and Lost and the Income Statement. Close up the hamburger, scrolling up top, range change from 010122 to 123122 and run it and then go to the tab to the right one more time. Back to the Business Overview this time to the Trial Balance which I'm trying to convince people is a good report to use to practice with the data input. You're going to type in up top Trial Balance to find it because it's way at the bottom which isn't fair because it should be a favorite. It should be people's fave, it should be like amongst the faves and then we're going to close up the hamburger, scroll up top and do a range change from 010122 to 123122 and run it, run nine. Okay so last time we entered some invoices and now we're going to go to some receive payment items. So let's go back to the left to receive the payments. We could go to the plus button and we hit invoices last time. We expect then to receive payments given the fact the invoice means we made a sale on account and therefore we expect to be paid at some point in the future. At that point we enter the receive payment item. To track the invoices however you might do so in practice by going to the get paid or paid area here but it looks like in the business view if you were in the accounting view it would be in the sales area and then you might go say to the customers in the business view you would go into the get paid area and then go into the customers and close up the hamburger and then you might go to the particular customer that you're getting a payment from for example such as Anderson Guitars. I'll close this thing up and then we might see some there's an open invoice here. If we go to the overdue invoice we can then receive the payment and we could create the receive payment form directly by clicking on this button. The other way you might track for the open invoices is you might say hey let me just give me a list of all the open invoices. How about that? We can open up the hamburger here and to do that they don't put it in the same area in the business view. They put it up in the bookkeeping area. If I want to just look for open items or invoices in the transactions tab in the other view the accounting view it's in the same area which I would call the customer center and then you would move over to the sales area or the invoices area to two things you could do to sort basically for the invoices. So I'm going to go to the transactions items and then I'm going to go to the all sales area and then I'm going to close up the hamburger. You can also do some filtering down here and say let's go to the dropdown and let's say invoices and let's say the status is open invoices and apply those and then we've got our invoices in this format which you can hit the dropdown and say receive payment. So for example if we wanted to receive a payment for this one you could say okay I'm getting a payment I got paid in some way either electronically or with a cash or a check or something I'm going to say receive the payment. I could click here and that would then open up the receive payment form and automatically check off the related invoice that we tied it out to or closing this back out to get to that same area. I could then hit the hamburger up top and go into the plus button or the add item and then the next step would of course be to receive the payment in our series of steps on an accrual type of transaction related to the receivables or customer cycle. I could then type in here Anderson Mr. Anderson tab and then down below let's tap through it we're going to say this is as of the 18th let's say we received the payment and the method is going to be let's just say it's cash just for general purposes on the method and then the question is do I want to deposit it into the checking account directly or do I want to put it into an undeposited funds account which they haven't populated they didn't give us an undeposited funds account but I'll talk about that shortly here notice that down here you've got the invoices so I can actually link to the invoice if I want to I can open up the invoice this way do you want to leave without saving I'll say yeah let's check it out go into it there's the invoice that we're basically tying out to and then if I go back to this invoice and I wanted to then receive the payment this is the other way you might look at this I'm in the invoice and I could say receive payment here which will create the receive payment form once again with Anderson and I'm going to change the date to the 18th and then I'm going to say the payment once again is cash and so there we have it and now it's checked off that item so that means we're going to receive the payment now the question here is then is going to be do we want to put the payment directly into the cash which I'm going to say is our checking account or do we want to put it into an undeposited funds account and then put it into the checking account and note that they've changed the name of the undeposited funds account to just be called the payments to deposit account so if you hear the term undeposited funds that's still used in the desktop version it used to be used in the online version same concept the idea being do you want to put the deposit directly into your checking account at this point in time or do you want to put them into a clearing account and then move it into the checking account so that it'll line up with what's being matched on the bank side of things to see that more in detail let's take a look at a flow chart this is a flow chart from the desktop view but it's just a flow chart of the transaction process the flow and we have basically the same form names in it so I think it's a good tool to use so in the past we entered an invoice which increases the accounts receivable now we're getting paid on the invoice and the question is should I take this document and put it directly into the checking account at this point you can't do so it could be more simplified but there's a couple things to keep in mind one is that if you use this form to make the deposit into the checking account when you look at the transaction detail instead of having all the increases in your checking account coming from a deposit form you can have some increases from the deposit form and the receive payment form not a big deal but you want to keep that in mind you're sorting your transactions and trying to look for the increases it adds a little bit more of a nuance in that a little bit more of a confusion in my mind from it the other thing the big thing you want to keep in mind is am I entering the data into my account in the same format as it's going to be shown on the bank statement because I want to be able to do a bank reconciliation matching out what's in my system to what's on the bank because that is a huge internal control if you're getting payments for example from a credit card company or cash payments it's likely that you'll need to use some kind of clearing account like payments to deposit or undeposited funds so that you can then group those deposits together and format them in the same format as you expect to see them deposited on the bank side of things so that when you then tie out your accounts to the bank accounts in the bank reconciliation process it will be as easy as possible if on the other hand you're receiving just simply a check for example or one electronic transfer then it's likely that that's exactly what it will look like on the bank side of things as well and you might simply be able to put it directly into the checking account at this point we'll have the same issue with the received payments item which is the cash basis kind of issue in that we might get cash payments at a cash register for example or credit card payments both of which we're usually going to have to group together because we're going to make the deposit into the checking account which will entail multiple sales items and we therefore want to put the undeposited funds transferred into our checking account in the same number or format as we expected to see on the bank statement so let's go back on over then I'm going to use the undeposited funds or clearing account or in this case they changed it to the payments to deposit so remember this is basically an account it's going to be an account that's a clearing account a holding account and you might have heard it called in the past undeposited funds same concept so what is this going to do? it's going to decrease the accounts receivable and it's also going to decrease the sub ledger for Anderson guitars and it's going to put the money into the clearing account which is a payments to deposit account which we will then deposit at a future point it's also going to create a link to this invoice to show that that invoice has now closed has now been paid so let's go ahead and save it and close it and check it out so we're going to go back on over and I think I went over to the second tab to do my transactions because I got kind of messed up with that undeposited funds thing so I'm going to open this tab back up I'm going to go back to the business view on it and open my report backup okay so I'm back in action now my report's back up if I scroll down we see that we've got this account in other current assets that is called payments to deposit same thing as the undeposited funds that just changed the name just like most of the changes this is the kind of thing you can expect to happen with QuickBooks Online they're A-B testing they're using new names undeposited funds we don't like that they put in payments to deposit these are the kinds of things you would adjust but again the double entry accounting system it's the same so it's just a matter of what kind of differences what kind of changes did they make to the surface level which is generally moving stuff around to the website and basically name changes to sound a little bit more hit or something like that but in any case if we go into the 5000 here we could go into that there's our payment form if we drill down on that that will take us back to then the source document so drilling down on that takes us back down to the receive payment form closing that back out I'm going to scroll back up top and go back to our report and I'm holding control scrolling up just a bit so that is that notice it's in other current assets so it's really a cash account but they have to put it down here in other current assets because that's going to be the tool that they need those two separate accounts I believe to link it to the deposit form to automatically kind of pull it in to the deposit and also the cash account has its own kind of functionality with regards to how it's going to be formatted in other words it could be linked for example with bank feeds so that's going to be that the other side went to the accounts receivable decreasing it so the A to the R the accounts receivable goes down right here which is great but that's indicated by the date I would also like to see this information by customer so let's go back to this report let's make another report going to the end of this I'm going to right click on it and duplicate it again and make another report which is the accounts receivable sub ledger the accounts receivable summary the customer summary so let's go into the reports and let's close up the hamburger let's scroll down to who owes you stuff and then go to the customer balance detail let's go to the customer balance detail report and there it is so Mr. Anderson is here and now we've got our invoice this is the only invoice remaining we can see the detail I want to see more detail than that we can go to the customize up top and say let's do some filtering options here and say I'd like to see the the AR paid information so I'm going to say all here and then run that so I can see what I just did so there it is there's the payment for that 5000 that's what we expect to see 5000 we paid it off we can also see that information if I go back to the left and we were then to go into like the customer center which would be in the get paid area in the get paid area that's how you say when you're cool instead of the sales area the customer center and then you go into the customer center here that would be the old view but now in the business view we're in the get paid section and then the customer area and then you can go into the Anderson guitars and then you see here's the 5000 and the 5000 and now this invoice has now been paid and if you go into that invoice it's going to show that it has been paid with a little indication payment made and if you click on the payment made it links on over to it or it gives you this thing that then links on over to it so you can click on that and everything's all tied together all nice and neat you can also find that information you might want to track by your invoices for example which in here is in a whole different section they put that down in the bookkeeping section if you were in the accounting view it would still be in the sales section it would be here if you're in the business view it's going to be in the bookkeeping transactions item up top well I just had to hit a fly there I got it ok it was more of a nat wasn't not too hard to hit a nat but in any case so it's in here we're going to then say all transactions or all sales transactions take a look at the invoices and let's say all invoices at this point all invoices and then there's our invoice and this one is indicating as has been paid and we still have the open ones here which have not yet been paid that's what it means when it says it's open when you paid it you closed it you would think it's closed here but no it's open and then you paid it so one other thing to take a look at next we're going to make a deposit we'll make the deposit later but just note that if I go into the deposit form because I put it into that undeposited funds or things to be deposited it pops up here so this is when you want to use the deposit form instead of the register so in other words if I go back to my flow chart over here this deposit form you want to use that actual deposit form the actual deposit form itself when you're depositing things that are going out of the clearing account which would be undeposited funds or the deposits that need to be paid whatever you want to call it because that is the link that's the thing that's going to pull those in there and help you to group that stuff out so anything that's in that clearing account that's when you want to use deposit form which we'll see in a future presentation okay I know what you're thinking that was great let's do it again let's do it again this time for Jones okay okay we'll do it again so we're going to go to the get paid section this one's for Jones so let's receive imagine we got a payment from Jones guitars here so if we went into Jones guitars close up the hamburger we've got then we're looking at this one this time we could hit the receive payment right there from Jones or you might find this I'm going to go and then you could say I'm just going to look at the transactions detail that might be the way you like to do this you're like I'm going to go into my transactions for the sales I got a payment on an invoice that's open let's filter this thing by my invoices and just look at the open invoices and run it and then the one I'm looking for is right there that's the one that's the one I got the payment for right actually no it was this one this is the one that's the one and run it the receive payment that'll open up the receive payment form which you can also get to by going to the hamburger to the receive payment and then type it in Jones guitars and you would get to in essence the same part or the same place so we're going to say this is there I'm just going to say cash just for the ease of the thing it's going to go into once again the payment to deposit the clearing account is what I'm going to use here and then going down below it's already checking off the invoice because the beginning balance invoice that we entered when we first entered the beginning balance for this particular customer so what's this going to do it's going to decrease the accounts receivable decrease the sub ledger for Jones guitar and put it into the clearing account of undeposited funds prepping it to be grouped together in whatever way it needs to be when we make the actual deposit form which will match the bank statement so let's save it and close it save it and close it and then check it out go to the balance sheet over here hold down control I'm going to run it again just to make sure we're working with some fresh stuff we're going to go into this payment to deposit which is a clearing account used to be called undeposited funds but that's not undeposited funds that's lame we need a name change and then we're going to go into the 5000 and then there it is there it is that looks good closing this back out scrolling back up going back to our report the other side is in the accounts receivable the A to the R going into the AR accounts receivable and this one is going to be for Jones Jones 7500 that looks good and then going back on over we have the sub report for the accounts receivable the A to the R right here let's freshen it up running it so we can see the detail for Jones there's the payment and there's the invoice linking those two things out let's go back to the first tab and just take a look at our our centers let's go to the get paid center get paid center and then go down to Jones guitars Jones so there we have it so now we've got this one is closed if I was to go into the invoice if I was to go into to the invoice here we would then see the amount of the payment and then I can link to the payment if I wanted to by doing that and that will link us to the payment so that looks good we can also run this report and check it out by the transaction detail you could say let's check it out by the transaction detail that's how I like to see it so let's go to the transactions up top close up the hamburger go to the sales transactions and check a look at our invoices invoices let's just look at all the invoices so we can see the ones that we paid and the ones we didn't so we've got these two have been paid and we've got the overdue for Smith there lastly let's take a look at our deposit information if I was to deposit this then I should have these two items that are popping up because those are the two items that are in that holding account do it again one more time but this is the last time we're going to do it one more time here so then if I'm here I'm going to search for the open invoices so I can filter this and I can say let's just look at the open invoices and then I still got this one that's overdue so I can do that by hitting the receive payment here or I can see this is for what's that name? Smith guitars so I can hit the plus button and type in or make a receive payment type in Smith guitars Smith guitars tab it on over and then this is on the 18th too we'll just do the same thing cash and it's going to go into the clearing account the payment to deposit otherwise or used to be called undeposited funds so same thing different name and then this is going to be used in the AR decreasing the sub account for Smith guitars and the other side is going into our clearing account which is now called payments to deposit let's save it and close it and check it out this time let's check it out with the trustee trial balance just to get used to looking at it making sure it's fresh over here balance sheet on top of the income statement we can say okay there's the payments to deposit right there going into it and we've got our three payments there it is the last one we just did right there seven thousand five and the eight thousand I think was the eight thousand was the last one and the other side is going into the accounts receivable the A to the R going into that one the A to the R accounts receivable and so there's the payment for that one looks good scrolling back up we know that if we look at the other side of the detail for the AR by going to the retail account and then we can see the total for Jones was it that we just did here or Smith was we got to freshen this one up and he's freshening run it again make it fresh there it is that looks good so it went there back down that looks good let's go back to the first tab and just check out the customer center on the get paid center let's take a look at our get paid center over here customers and then we can go down to Smith guitars we can see the activity there looks good the invoice has now been paid if I was to go into the invoice we can then see that it's been paid with a little link and the giant paid thing there so it's not very you can't really miss that one they could have made it read maybe make it even more out there and then I could then say if I hit the plus button and we went to the deposit which we'll do a future presentation we've got these three amounts in there now which total up to the 20,500 which are those three payments that represents what's currently in the payments to deposit which used to be called undeposited funds so if we were going to deposit all that at one time imagine it's all cash which again we probably wouldn't have 20,000 in cash but the idea being that if we were to deposit it at one time we want to put it all together at one time so it's on the bank statement making the bank reconciliation easy let's go back on over to our trial bounce just to see where we're at this is where we stand at this point in time the debits are left leg the credits are our right leg and we're standing on them so if your numbers tie out to this numbers and you're following along then great if not try changing the date range it's often a date issue and we'll be looking at the transaction detail reports at the end of the section so that is another way that you can diagnose any differences