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ENTERING AND APPLYING PAYMENTS We want to make the important process of tracking your invoices and payments as easy as possible. After all, taking money in is one of the most important thing your business does! We've improved the Receive Payments window for QuickBooks 2005 in three ways:
And we've taken the guesswork out of applying payment. With QuickBooks 2005, you can:
Better Order for Entering Payment Information When you receive a payment in QuickBooks using the Receive Payments window, you enter whom you received the payment from, the date, the amount, a reference/check number, and the payment method, in that order. It's because of that order that we've heard from QuickBooks users that entering that information has been confusing in the past. We listened to your feedback and we've revised the order in QuickBooks 2005 to:
"The screen flows MUCH better than it did before..." Row Shading to Help You Distinguish Payment Details We use row shading in QuickBooks forms such as invoices and checks to help you keep the details straight when looking at long (and wide) lists of information. One place we hadn't used it in the past was in the Applied To: field of the Receive Payments window. We added it this year. QuickBooks customers say: "The new layout and shading made it easier to see." Payments Automatically go to Undeposited Funds Think of your undeposited funds in QuickBooks as the file folder or drawer where you keep your checks and other income in between trips to the bank. Just like you don't want to make a separate trip with every payment you receive, you also don't want to deposit every payment you receive in QuickBooks directly to your checking account. Why? In a word — reconciliation. When you reconcile your bank statement with QuickBooks, matching individual transactions is the best way to make sure the numbers add up. It's a lot easier to do if the amounts you're matching are the same in QuickBooks as on your bank statement. Here's how this all relates to QuickBooks 2005. QuickBooks has always given you the choice (in the lower left of the Receive Payments window) to either group a new payment with other undeposited funds, or to deposit it directly to Checking. Since you've told us that you prefer to deposit your payments in batches, we've made the undeposited funds option the default for QuickBooks 2005. We hope it'll make reconciliation that much easier for you. If you don't deposit your payments in batches, and prefer to deposit them individually, you still can reflect that in QuickBooks. Here's how:
"I like this new layout. It seems to speed things up for me." Check Off Invoices as Your Customers Pay When you receive a payment in QuickBooks, up until now you've had to enter the payment amount. If your customers typically pay in full, you'll be pleased to see that with 2005, you can now simply check off invoices as you receive the payment, and QuickBooks will apply the full amount of the invoice. It saves you time, and reduces the number of potential typing errors. QuickBooks customers say: "We're constantly having to enter the amount paid when entering full payments. This reduces our steps and limits typing mistakes." Match Payments to Invoices in More Ways Ever gotten a payment check from someone other than the client you invoiced? You know what it's for because of the check's memo line includes the invoice number or an account number, but QuickBooks doesn't make it easy to reconcile the payment with the invoice. Not anymore! We heard you, and we added a new button in the Customer Payment window called Find a Customer/Invoice. You can now look up Customers and Invoices by invoice number, account number, invoice amount range, date, and more. QuickBooks customers say: "Nice feature to have. It lets me find the Invoice and apply the payment to in no time."
UNDERPAYMENTS AND OVERPAYMENTS When your customers pay part of an invoice, or one and a half invoices, or even when they transcribe numbers when writing a check and pay you $45.59 instead of $45.95, what do you do with the remaining underpayment or overpayment? QuickBooks 2005 makes it easy to write off, refund, or credit underpayments and overpayments.  In QuickBooks 2005, when you type in a payment amount that's less or more than the invoice amount, you can leave it as an underpayment, or write off the difference by making a selection in the new area in the lower left of the Customer Payment window. You'll also find a new button there to view the customer contact information, if you decide you want to call your customer about the discrepancy.
If your customers overpay, QuickBooks will give you the option to issue a refund, or credit the overpayment amount to your customer's account. If you choose to refund, you'll automatically get the Issue a Refund window, and you can issue a check right then and there. QuickBooks customers say: "This lets us make a decision on the spot without having to adjust the invoice." "YES! I had a customer underpay by one cent and it was a pain having to make a credit memo for that."
CREDITS AND REFUNDS Speaking of credits, QuickBooks 2005 makes it easier to handle those too. In previous versions, you had to go to receive payments to apply a credit, it took several steps, and if you make a mistake you have to delete and reenter a new credit. In fact, one of our users said "It was a REAL pain."  We heard you! For QuickBooks 2005, we reduced the number of steps it takes to make a credit. Now, you have the option to apply a credit to an invoice or give a refund straight from the credit memo. You can also apply credits from the invoice side. QuickBooks 2005 eliminates the old two-step process.
QuickBooks customers say: "It sure is easier than going back to the payment screen to apply the credit." "The new "Apply Credits" Box makes everything easier. It takes a lot less steps to apply a credit now." Next: QuickBooks 2005, improved with these and many more features, is available for sale now. Read more on the QuickBooks Web site.
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Terms and conditions, features, support, pricing and service options subject to change without notice.
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