QuickBooks Support Tips for Initializing Payment Setting

Customer CenterThis blog is attempting to describe QuickBooks Support tips for initializing payment setting offered by the robust bookkeeping tool to confer a factor of ease to its users. Let’s delve into details to get aware of respective fields of QuickBooks payment setting and how you fill them in:

Account No. :

At the time of customer creation, you can easily assign account numbers to each customer. When it’s your turn to become a customer, your vendors are authorized to return the favor by assigning the account number to your company. In case you are updating this field with the account number provided by your vendor, QuickBooks will automatically print the same number in the memo field that you are attempting to print.

Payment Terms:

Make an attempt to select the specific payment term that the vendor extends to the company. All entries under this drop-down list are from the Terms List, that’s why they are the same as for customers.

Print Name on Check as:

QuickBooks will automatically update this section when it found vendor’s Company Name tab available on the Address Info field. At the time, when you are willing to print checks, this accounting tool will update the payee field along with the content of the box. Thus, to print a different name, just edit what’s available in the box. Let’s understand this with the help of the following example,

Suppose you hire a subcontractor and want to update the “Company Name” section with the last name followed by the first name. You can easily do this task by “Print Name on Check as” entity for QuickBooks payment setting to present the payee name on your check as usual.

Credit Limit:

In case a vendor sets a specified credit limit for your company, then you need to update that value in the box. In this way, QuickBooks warns its users when they are attempting to make a purchase order beyond their preset credit limit balance.

Billing Rate Level:

If you are using QuickBooks Contractors, Accountant, or Professional Services, then billing rate level is the list that lets users organize custom billing rates for both employee and vendors. Billing rate level under its payment setting section let you price all those services that you are selling in the same way a Price Level helps in adjusting product prices that you sell. Let’s understand this concept with the help of the following example, conferred by our QuickBooks support professionals,

Suppose you are having three carpenters namely, Smith, Josh, Andrew. With billing rate level you are authorized to set each carpenter on the basis of their experience. When you are attempting to create an invoice in accordance with your carpenter’s billable time, this vigorous accounting tool will automatically attach correct rate to respective carpenter’s house.

 

 

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