View Full Version : Receiving Invoices, Checks

02-26-2011, 08:47 PM
I am rather new to the business and want to start out correctly, When receiving checks and invoices do you make a copy of the checks before you deposit them into your bank. also how do the small or solo company's do the payable accounts and receivable accounts/Like when invoices come in, how or what do you do to show on your records that the person paid.

Thanks for any input or comments

02-26-2011, 09:30 PM
i use quickbooks online to do my books..its easy to do and doesn't take much time. take a look at the site for the features.

02-26-2011, 09:48 PM
I agree with SDelPrete -- get QuickBooks to manage your finances. You can easily develop your invoices, accept payments, track expenses (whether by cash, check, debit, credit card), balance a checking account, reconcile the credit card account.

Your post was pretty vague, but it sounds like you are on Square #1, and need to get set up properly for managing all the financial parts of your business. QB will do that for you.

02-27-2011, 12:28 PM
When I make a deposit I have the totalled deposit slip at the top and photocopy all checks associated with it. This is a quick way to investigate missing payments.

Use an accounting software, Quickbooks works for me.

02-27-2011, 01:33 PM
when you go to recieve payments there is a space for check number associated with the customer invoice

02-27-2011, 03:16 PM
When I make a deposit I have the totalled deposit slip at the top and photocopy all checks associated with it. This is a quick way to investigate missing payments.

Use an accounting software, Quickbooks works for me.

I do the same thing with quickbooks works great, covers all your bases just incase theres a problems with checks

Johnny test
02-27-2011, 06:14 PM
Quickbooks contractor 2008 here.

02-28-2011, 11:33 PM
Copy EVERYTHING! Save all your sent invoices, recieved payments (copy checks,) check stubs and all your bills/receipts as well too.

Certainly enough you'll find a customer that has become late with payments and you'll have to prove that payments weren't made. You'll have to match their payments with your invoices and do a "show-n-tell." Commercial account checks will almost always have your invoice number on their check stub.

If you can't prove an invoice wasn't paid then you look unprofessional to the client and of course you might not expect to get paid in-whole. The client(s) arn't willing to do a bunch of bookkeeping to make sure you get yours.

As mentioned, use a good bookkeeping program, it'll help.

BTW, if you ever have to go to court and win, then you'll have their bank and bank account # to put a lien on.

03-01-2011, 12:27 AM
Thanks every body for your input and help

03-01-2011, 09:52 AM
I use to copy all the checks, but it ended up being more paper work, and half the time I was on my way out the door. What I do is, on the deposit slips....clearly write the persons name, and house number for reference. I number all my deposit slips....1,2,3 ....since they all come from the same book. I then use my phone to take a pic of each check and the deposit slip. My bank scans the slip, which is pretty clear, I can acess it online at any time. The picture is a back up. Most importantly, enter into your computer system the payments before taking them to the bank. I use SAP which allows me to do it mobile. So I just do it all in my truck before while I'm in line
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04-14-2011, 03:06 PM
Yes, make a copy of the checks you have received. Then, batch up the checks for deposit. Deposit the checks. Get a deposit receipt from the bank. Attach the check copies to the deposit receipt and give it to your bookkeeper. If you do your own books, record the deposit into your system. File the deposit slip and check copy package in your monthly bank file. Youíll need it for the account reconciliation at the end of the month.

Kelly's Landscaping
04-14-2011, 11:53 PM
Copying the checks has saved us getting screwed on payments at least a dozen times. We get this I already paid that bill ok umm when did you pay it we photo copy all our checks so perhaps we miss-allocated it so when did you send the check so I know where to look. This drives them nuts cause any chance to worm out of paying just left town. Were like 12 for 12 every time it was the customers mistake and we could prove it. I highly recommend copying all checks.