Did you know you can pay bills and receive payment against invoices directly in the Quickbooks Online bank feed? This is a huge time saver because it eliminates the step of creating the invoice payment receipt and bill pay entry.
Using the bank feed to pay bills works only if you do not need to print checks. In other words, you have already paid by credit card or through your bank and the transaction is downloaded into the QBO bank feed for matching. Once it appears in your review list, click “match” and select the bills that the transaction paid. Quickbooks automatically records the bill payment once you accept the match.
The same process works for receiving payment against open invoices. Make the check, cash, or credit card deposit into your bank account. Once the transaction downloads into QBO, click “match” and select the invoices that correspond with the deposit. Quickbooks will automatically record the payment receipt against the invoice.