05. Payments [3:32]

Description: This video provides an overview of the payments area of the Core2 Invoices.

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The payments area is where you will maintain payments against the invoice and customer. Here you can record payments against an invoice. You can have multiple payments per invoice; likewise you can apply a single payment to multiple invoices.

0:22 Navigate to payments by clicking the Payments button at the top of the screen. Currently I do not have any existing payments. Let’s click the New Payment button to create a new payment. Let’s begin by selecting the customer we will be receiving a payment from, next the amount of the payment, the payment method; which I have already previously set up (for information regarding the setup please see the list chapter), here we enter the credit card number if the payment method is by credit card, we can add a memo in and fill in the expiration date of the credit card. Here we have the information related to an invoice for this customer that has an open balance. Date of the invoice, memo on the invoice, the invoice number, the QuickBooks invoice number if applicable, can all be viewed here. Click here to apply the payment to this particular invoice. The amount due here, is the amount remaining on the invoice. Taking in to account all payments already made, not including the payment you are currently making. So in this example you can see we are receiving a payment for $200 and the entire amount is being applied to Invoice #1. This represents the total amount due, but only for the invoices currently selected. In this case Invoice #1 is selected as represented by the check box. The total amount applied; this amount changes as you select and deselect invoices above. The In Balance is the amount applied or unapplied during the payment process. In this case the balance is zero because the payment is $200 and the entire $200 has been applied to Invoice #1. So the unapplied balance is 0. Once this button is clicked and everything is in balance and validated, the posted button will be automatically checked.

2:08 You can also cancel which will close the screen without applying changes. Please note that if you create a new payment and then immediately cancel, the payment record will not be saved and will be deleted. The clear button will clear all the fields to allow you to start the payment process over again. To delete a payment, select the delete button in the lower left hand corner. This process has some requirements and it will warn you appropriately to back out of the transactions accordingly.

2:37 Now that you have an understanding on how to create a payment, let’s create a second payment. Received from in this instance, we will select ABC Company and a payment amount of $3000, the payment method we will use check, enter the check # here, optional memo and the expiration date is not applicable. Here I will apply the payment to multiple invoices this time. You note the Amount Due, Applied and Unapplied Amt. I’m warned that I have an unapplied amount for this transaction, select ok to continue. You have now successfully created two new payments received from two different customers in different amounts and were able to apply the payments to single and multiple invoices.

This concludes our chapter on payments.