Managing Customer and Partner Accounts with QuickBooks

Transcription

1 Managing Customer and Partner Accounts with QuickBooks These instructions guide you through the procedures for setting up and managing customer and partner accounts using QuickBooks accounting software. This guide covers setting up client accounts, creating client invoices, and recording client payments. This guide also covers setting up partner accounts, recording partner invoices (also called bills), and recording payments made to partner invoices. Knowledge of QuickBooks is not necessary; however, you should be comfortable navigating a Windows environment. All procedures in this guide can be accessed from the QuickBooks toolbar, shown below. Setting Up Client Accounts Client accounts are created when a client first makes a payment to Cultural Embrace, typically the program application fee. You will use the QuickBooks Customer Center to create these accounts. 1. On the toolbar, click Customer Center. 2. Click New Customer & Job > New Customer.

2 3. Type the client s name first/last in the Customer Name field. 4. Type in address, phone, and other contact information as available. 5. Click OK. The client now appears in the Customers & Jobs list. Creating Client Invoices Client invoices are created in order to track services purchased from Cultural Embrace. These services include application fees, program fees, and additional traveler s insurance. You will use the QuickBooks Customer Center to create these invoices. 1. On the toolbar, click Invoice. 2. In the Customer: Job field, start typing the client s name as it appears in the Customer Name list. 3. When the client s name appears in the Customer: Job field, click Tab. The client s address information will appear in the Bill To field. 4. In the Date field, enter the date the client s application fee was received. 5. On the first line under Item, select the appropriate item from the drop down list. 6. If the item is a program, type the program description from the price list into the Description field. 7. Enter the price in the Rate field. 8. Add any other items, such as a TEFL course or additional traveller s insurance.

3 Note: If the item quantity is 1, you do not need to enter anything in the Quantity field. 9. At the bottom of the window, make sure To be printed and To be ed are deselected. 10. Click Save & Close. Recording Client Payments Client payments are recorded as they are received and then applied to client invoices. You will use the QuickBooks Customer Center to record and apply client payments. 1. On the toolbar, click Customer Center. 2. In the Customers & Jobs list, highlight the customer s name. 3. Click New Transactions > Receive Payments. Make sure the name in the Received From field is correct. 4. Enter the amount received. Note: If the payment was made using PayPal, enter the full amount sent. Do not subtract PayPal service charges. 5. Enter the date the payment was received. 6. Select a payment method from the drop down menu in the Pmt. Method field. 7. Enter one of the following numbers in the Reference # field: Check number PayPal transaction number Wire transfer number 8. Apply the payment to the appropriate invoice by clicking in the check-mark column. Check that the amount in the Payment column is correct. 9. Click Save & Close.

4 Setting Up Partner Accounts Partner accounts are set up only when Cultural Embrace has not done business with the partner in the past. When a new partner account does need to be set up, it is usually done once the partner and Cultural Embrace have entered into a business agreement. If you have questions regarding whether an account needs to be set up, ask another rep or Emlyn. You will use the QuickBooks Vendor Center to set up partner accounts. 1. On the toolbar, click Vendor Center. 2. Click New Vendor > New Vendor. 3. Type in the partner s name, address, phone, and other contact information as available. 4. Click OK. The partner now appears in the Vendors list. Recording Partner Invoices (Bills) Partner invoices, or bills, are recorded in QuickBooks in order to track expenses related to the services Cultural Embrace provides to its clients. Partner invoices are recorded as they are received. You will use the QuickBooks Vendor Center to record partner invoices. 1. On the toolbar, click Bill.

5 2. In the Bill portion of the Enter Bills window, enter the following information: Partner name Date which appears on the bill Reference number which appears on the bill. This is often called the invoice number or statement number. The amount due. If the amount is in a foreign currency, use the exchange calculator at to estimate the amount in US dollars. If you know the due date, enter it. Note: Information in this window can be edited later. You can return to this window to update the amount due or change or add a due date. 3. On the Expenses tab, select the appropriate Account from the drop down list. Caution: You must be sure to select a customer-related account. Several expense accounts have similar names, such as Insurance and Client Insurance, or Airfare and Client Airfare. If you are not sure which account to use, ask another rep or Emlyn. 4. If the amount has not auto-filled on the Expenses tab, enter it now. 5. Enter the client s name in the Customer: Job field. 6. Make sure the Billable column is checked. 7. Click Save & Close.

6 Recording Payments Made to Partner Invoices (Bills) Actual payments to partners are made using check, credit card, or wire transfer. Payments are recorded in QuickBooks when they are made in order to track expenses related to the services Cultural Embrace provides to its clients. You will use the QuickBooks Vendor Center to record payments made to partner invoices. 1. On the toolbar, click Vendor Center. 2. Click New Transactions > Pay Bills. 3. Select the bill to be paid by clicking the check box next to the bill. 4. Verify that the amount in the Amt. To Pay column is correct. 5. Enter the date payment was made. 6. Select the method of payment. If payment was made by wire transfer, select Check. 7. Select Assign check number. 8. Click Pay Selected Bills. Caution: In order to accurately track payments, pay close attention to the account name and check number entered in the next two steps. 9. Use the Account drop down menu to select the appropriate account. 10. If payment was made by check or wire transfer, the Assign Check Numbers window appears. In the Assign Check Numbers window, enter the check number. If payment was made by wire, enter the wire transfer number. Click OK. 11. If payment was made by credit card, the Payment Summary window appears. Click Done.