QuickBooks Pro 2022: Payment Processing and Refunds

Name: QuickBooks Pro 2022: Payment Processing and Refunds
Author: Takeisha Strong

Learn how to create invoices, receive payments, and process refunds in QuickBooks

Preview the first lesson free — get full access to all 3 lessons.

Course: On-Demand

Hello, my name is Takisha Strong. In these lessons, you will learn how to process customer invoices, and how to record invoice payments, sales receipts, and customer refunds. Let's get started. In this lesson, we will learn the options to create invoices and QuickBooks using our sample product-based company, Rock Castle Construction. QuickBooks uses invoices for billing your customer in advance for a product or service they receive from you at a future time. To create an invoice, select create invoices from the customer's option in the main menu, or select the create invoices tile in the customer workflow portion of your homepage. First, let's take a look at the menu options available for invoices. Under the main tab, you can use the arrows to navigate to search for invoices in order, or you can press the find button to search by name or other identifying factors. You can create a new invoice, save the current invoice, or save it as a PDF, delete or void an invoice. If you delete an invoice, you remove all identifying factors and a record that the invoice ever existed within QuickBooks. If you void the invoice, you're zeroing out all of the lines within the invoice and QuickBooks will keep a record that that invoice has been voided. You can create a copy of an invoice, memorize the invoice if it has lines that you typically use for your customers. You can mark the invoice as pending, meaning you can hold your spot, so to speak, without affecting any of your accounting records. You can print the invoice to a print preview, to a batch or print a batch of invoices. You can also print the packing slip, shipping label, or envelope if you have products, and you can print the invoice as a PDF. You can email the invoice to your customer or choose to print or email them later. Attach a file, add time or costs related to employees that have worked on the job, apply credits to the invoice. You'll use this progress button if you do progress billing, which is often comment for industries such as construction companies. This progress tab means you're billing the customer at varying stages of completion, so you'll use the options here to add the percentage completion based on the estimate you provided to your customer. You can receive a payment for the invoice, create a batch of invoices, meaning similar invoices for multiple customers, such as a subscription, or you can apply a refund or credit to the invoice. The formatting tab is pretty self-explanatory. You can preview how the invoice will look at the customer's view, manage your template, download or customize the layout, meaning the headers that are included in your invoice, do a spell check, or insert, delete, copy and paste lines, or format or customize the overall design of your invoice. The send/ship tab allows you to efficiently work with the provider of your choice to manage your shipping tasks if you're selling products. Finally, the reports tab has several options. You can use a quick report to show a quick view of the transactions posted for this customer for a specific timeframe. You'll use the transaction history to show the historical activity for the invoice. You can select transaction journal to show the accounting entry, meaning the debits and credits related to the invoice. You can view all of your open invoices across your customers, the detailed sales by your customers, or the average days to pay summary by your customers. Within the body of the invoice itself, you can select the dropdown to choose the customer that you want to invoice. If you're tracking your activity by classes, you can select the dropdown to choose the appropriate class. For every option that has a dropdown menu, you can always add new directly from this screen. You can select a particular invoice template if you have one. The blue text here allows you to see the history of this invoice. The date and invoice number is automatically populated in sequential order by QuickBooks. Based on the customer you selected, the billing address is populated, and you can select where you'd like to ship any of the products to using this menu. You can select the terms for your invoice based on the terms you select. Your due date will automatically adjust. And based on the items that you've already populated in your item list, you can begin to create your invoice for the customer. So you'll see under the item, there's also a dropdown for you to select from your item list what you're billing this customer for. The description will automatically populate based on your item list. However, you can add additional details or customize it as you see fit. The quantity rate and amount are populated and automatically calculated based on the details you have in your item list. For example, under framing labor, let's say that we wanna adjust this to four instead of two. We'll see that our unit rate stays at $66, but our amount has automatically calculated to update to $264. This last column notes, if the items are taxable or non-taxable. Let's say this was a nonprofit customer, and even if the items in our item list are taxable, this client does not pay tax. Here at the bottom, you can customize your tax code. We wanna toggle to non-taxable. Upon doing so, you'll see that the items that were previously taxable are now changed to non-taxable, and we no longer have tax included at the bottom of our invoice. Let's go back to taxable. In the customer message option, you can select a pre-populated customer note, or you can select add new to create your own. The memo field is commonly used to help you identify characteristics about the invoice for your own use. You can use this dropdown to select the appropriate tax rate for the customer, which QuickBooks uses to calculate the taxable items. Any payment supplied will be deducted, leaving your customer with this final balance due. Lastly, let's take a look at our right panel. This is gonna be a snapshot. Under the customer tab, you'll see summary details related to the customer, such as identifiable items, phone number, email, et cetera, any payments you've received from the customer recently, all recent transactions, and Finally, on the transaction tab, you'll see the total amount due for this particular transaction. You'll see it's different because we've actually updated this particular quantity from $66, this quantity from two items to four. You'll see the summary of when the invoice was created, any related transactions for the invoice, and then notes. Let's hit save to update the amount in the transaction tab, and any notes related to the transaction. In the next lesson we'll learn how to process invoice payments and sales receipts.

Intermediate Provider : Takeisha Strong 3 Lessons · 19m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

QuickBooks allows you to create invoices for billing customers in advance for services. Learn the difference between invoices and sales receipts and how to process customer refunds in QuickBooks Pro 2022 Intermediate: Payment Processing and Refunds.

One of the key functions of daily operations for any company, organization, or entity is invoicing customers to generate income. An invoice can apply to any customer, subscriber, or client as a means for billing.

The ability to search for invoices is essential to organization and ease of access when updating files. It allows you to run reports for specific timeframes as well as show detailed lists for all customers.

This Payment Processing and Refunds course teaches the fundamentals of creating invoices in QuickBooks Pro 2022 and receiving payments for those invoices. The user will learn the difference between an invoice and a sales receipt. Refunds are critical to this process if circumstances apply. This allows you to check back and apply credits to customers when necessary. The user will also learn how to process customer refunds for services and refunds of products included in the company’s inventory.

What You'll Learn

Create invoices in QuickBooks Pro 2022 to bill customers for services
Distinguish between QuickBooks invoices and sales receipts
Record customer invoice payments and receive payments for invoices
Process customer refunds for services and for products in the company's inventory
Apply credits to customers and assess refunds and customer credits
Search for invoices and run reports for specific timeframes

Key Takeaways

Invoicing customers to generate income is one of the key functions of daily operations for any company, organization, or entity.
An invoice can apply to any customer, subscriber, or client as a means for billing.
The ability to search for invoices supports organization, ease of access when updating files, running reports for specific timeframes, and showing detailed lists for all customers.
The course teaches the fundamentals of creating invoices in QuickBooks Pro 2022 and receiving payments for those invoices.
Refunds let you check back and apply credits to customers when circumstances apply, including refunds for services and refunds of products in the company's inventory.

Frequently Asked Questions

What does this QuickBooks Pro 2022 course cover?

It teaches the fundamentals of creating invoices in QuickBooks Pro 2022 and receiving payments for those invoices, the difference between an invoice and a sales receipt, and how to process customer refunds for services and for products included in the company's inventory.

What is the difference between an invoice and a sales receipt in this course?

The course teaches the difference between invoices and sales receipts; invoices are used to bill customers in advance for services, and learners identify QuickBooks invoices and understand QuickBooks sales receipts.

What lessons are included in this course?

The course includes three lessons: Customer Invoices; Recording Customer Invoice Payments and Sales Receipts; and Customer Refunds.

What skills will I gain from this course?

You will gain skills in creating invoices, invoicing, invoice reconciliation, invoice scanning, payment processing, and using QuickBooks accounting software.

How are refunds handled in this course?

The course covers assessing refunds and customer credits, allowing you to check back and apply credits to customers when necessary, and how to process refunds for services and for products included in the company's inventory.