Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28

Chapter 6

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Payment Items

There are payments and there are payments.  In Accounts Receivable, a payment is money that you receive.  Payments typically move through receivables and end up in a bank account.  The name of the payment item  XE "payment item" is often is  XE "item:payment" usually the same as the payment type, such as cash, check, visa.  Almost any name can be used at your convenience.  Earlier versions put all payments into Undeposited Funds, a Current Asset account.

Beginning with QuickBooks 4.0, a payment item may be set up to deposit the payment to a Bank account or Other Current Asset account, selected by clicking the down arrow, to see a list of all accounts that can be accepted here.  (Control-L also works, but lists all accounts, most of which cannot be entered here.)

Certain rare circumstances require connecting an account of a prohibited type to a payment item.  One situation, and the trick for dealing with it, are described near the end of Chapter 8, under the heading Advance Payments.

The usual accounting action of a payment item is an increase (debit) to some cash-type account, and a decrease (credit) in receivables.

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Last modified: May 21, 2004