Mind Your Books

Understanding Invoices

QuickBooks™ Online Invoices update your Income accounts by virtue of the configuration of the Products/Services you select.   To change which Income account is updated you have to go to the Product configuration.  Within the configuration you can select whether to apply the change to historical Invoices as well

Another important concept to understand is that Invoices update Accounts Receivable when created.  Your checking/cash account is updated only when you “Receive Payment” against the Invoice.

Invoice and product explained

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.