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Chapter 13
Chapter 14
Chapter 15
Chapter 16
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Chapter 18
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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