How to Use Bill Pay for Accounts Receivable in QuickBooks Enterprise

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Recap
Jena from Fourlane discussed various accounts receivable and customer invoice payment options in QuickBooks, including automatically applying payments to the oldest outstanding invoices, setting up online payments through a merchant account, handling prepayments, and configuring payment reminders for overdue invoices. She also explained the process of setting up payment types, applying discounts and credits, and using a liability account to track customer prepayments, emphasizing the importance of efficient accounts receivable management and the availability of tools like "fix unapplied" to help clean up any outstanding issues.

Key points
1. QuickBooks can be set to automatically apply payments to the oldest outstanding invoices.
2. Payment types can be set up in the Customer and Vendor Profile List, which helps track how customers are paying.
3. Credit memos can be used to provide refunds or credits to customers, but care must be taken to avoid impacting inventory.
4. Discounts can be applied as a line item or at the time of payment, with different accounting implications.
5. The recommended process for handling prepayments is to use a Customer Deposits liability account, rather than leaving the prepayment unapplied.
6. The "Fix Unapplied" tool in QuickBooks can help clean up any issues with connecting payments to invoices.
7. Tracking payment types allows identifying opportunities to improve payment methods and speed up cash flow.
8. Inputting a prepayment as an invoice using the Customer Deposits item keeps the prepaid amount separate from revenue and inventory.
9. When fulfilling a prepaid order, the prepaid amount is deducted from the final invoice using the Customer Deposits item.
10. Reconciling the Customer Deposits account ensures prepaid amounts are properly tracked and fulfilled.

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