Step 3: Get Paid and Record Income

Overview

After you’ve set up your business, connected your accounts, you are ready to get paid.

Whether you issue invoices, sales receipts, or simply need to record income received as business, Quicken Business & Personal has tools to help you quickly get paid and manage your business income.

When you finish this step, you will:

• Identify how your business usually gets paid

• Set up the billing tools you need

• Record one real example

You don’t need to set up every client or payment situation. Start with the way your business gets paid most often.

Before you begin: Add your business and connect or add at least one account used by your business. If you haven’t completed these tasks, return to Steps 1 and 2.

1. Choose How You Bill or Record Income

Quicken Business & Personal gives you several ways to bill customers and record income. The right method depends on what records you need.

Identify the method your business uses most often. You will use that method to record one real sale or payment later in this step.

Examples

• Invoice: Jordan finishes a $900 design project and sends the client an invoice. The invoice stays open until Jordan records the client’s payment.

• Sales receipt: Jordan leads a workshop and collects $75 from a participant at the time of registration. Jordan records the sale with a sales receipt.

• Payment on an invoice: The client pays Jordan’s $900 invoice by check. Jordan records the payment against that invoice so its balance is updated.

• Categorized deposit: Jordan receives a $200 referral payment directly into a business account and doesn’t need to create an invoice or sales receipt. Jordan categorizes the deposited transaction as business income and assigns it to the business.

For more information, see Estimates, Invoices, and Sales Receipts: What’s the Difference?.

2. Set Up the Tools You Need

Quicken Business & Personal tools make it easier for you to get paid faster.

• Add your Clients to simplify invoicing and ensure accurate tracking.

• Adding Products & Services saves time on invoicing, ensures standard terminology on sales forms, and generates accurate financial and inventory reports.

• Use Stripe integration to allow your clients to pay you directly from an invoice.

Try it in Quicken Business & Personal

Add one current client if you send estimates, invoices, or sales receipts. If you regularly bill for the same work or items, add one product or service. Integrate Stripe if you want your clients to be able to pay their invoices online.

Add a Client

Add a client if you create estimates, invoices, or sales receipts for individual customers.

1. Select Clients & Projects from the left panel.

2. Select + Client.

3. Enter the client’s name and company information.

4. Add an email address, phone number, mailing address, or private notes as needed.

5. Select Create.

Tip: Start with one current or frequently billed client. You can add the others later.

For more information, see Managing Clients

Add a Product or Service

Add a product or service if you regularly bill for the same work or items. Saving this information lets you reuse the description, price, and income category instead of entering them each time.

1. Open Products & Services.

2. Select + Create.

3. Enter the name, description, and standard rate.

4. Choose Product or Service.

5. Select the appropriate business-income category and indicate whether the item is taxable.

6. Select Save.

Tip: Begin with the product or service you bill most often.

For more information, see Products & Services

Set Up Stripe (Optional)

Connect Stripe if you want customers to pay invoices online using a credit card, debit card, or bank transfer. When a qualifying payment is completed through Stripe, Quicken records the payment, applies it to the invoice, and marks the invoice as paid.

For more information, see Online Payments with Stripe

3. Record a Sale or Payment

Record one real sale or payment using the method that best matches how your business gets paid. If you don’t have current activity to record, review the method that applies to your business and return when you do.

Create an Invoice

Use an invoice when work has been completed and the client will pay you later.

1. Open Sales & Billing and select Invoices.

2. Select + Create.

3. Choose the client.

4. Add the products or services and confirm the amount and due date.

5. Preview the invoice.

6. Send it by email, or select Mark as Sent (No Email) to save or print it.

If the invoice includes taxable items, confirm the applicable tax rate before sending it.

For more information, see Creating and Managing Invoices

Create a Sales Receipt

Use a sales receipt when the customer pays at the time of the sale and no invoice is required.

1. Open Sales & Billing and select Sales Receipts.

2. Select + Create.

3. Choose the customer and add the products or services provided.

4. Enter the payment method and select the account where the payment will be deposited.

5. Email or print the receipt if needed.

6. Save the sales receipt.

Choose Undeposited Funds if you received the payment but plan to include it in a later bank deposit.

For more information, see Using Sales Receipts and Using the Undeposited Funds account

Record a Payment for an Invoice

When a customer pays an invoice, apply the payment to the invoice so that Quicken can update the remaining balance and mark the invoice as paid.

1. Open Sales & Billing and select Invoices.

2. Locate the customer’s invoice.

3. Select the option to record or apply a payment.

4. Enter the payment date, amount, payment method, and deposit account.

5. Save the payment.

If the customer pays through the Stripe payment link included with the invoice, Quicken records and applies the qualifying payment for you.

For more information, see Applying & Recording Payments

Categorize a Payment as Business Income

If you received business income and no invoice or sales receipt is needed, categorize the downloaded deposit transaction as business income.

1. From the left menu, select Transactions.

2. Locate the payment transaction.

3. Assign the appropriate business-income category.

4. Confirm that the transaction is assigned to the correct business.

5. Save the changes.

If you regularly receive similar payments from the same source, you can create a rule to categorize future transactions automatically.

For more information, see Categories

Before You Move On

You are done when you have created an invoice, issued a sales receipt, recorded an invoice payment, or categorized a deposited payment as business income.

Up Next: Step 4 - Run Your First Business Report

Now that you’ve recorded your business income, in Step 4: Run Your First Business Report, you’ll see where business income shows up in business reports and the insights it provides.