Lowes Invoices - How to Close them out Properly

Video Guide: How to Record Payment Against a Lowes Invoice

Apply Payment in ServiceMinder

Open the job in ServiceMinder. Navigate to the payment section of the invoice. Click Pay. Select Lowe’s as the payment method. Enter the full gross invoice amount (e.g., $5,000). Do not subtract Lowe’s fees. Do not edit or reduce the invoice total. If available, enter the Lowe’s reference number from the Lowe’s portal for reconciliation purposes. Save the payment.

Result:

The job is marked Paid in Full in ServiceMinder. The job is officially closed out in ServiceMinder.

Handle Lowe’s Fees in QuickBooks

Open QuickBooks. Locate the corresponding payment or deposit. Record the Lowe’s fee as a merchant fee expense. Fees are not handled in ServiceMinder. Fees are only handled in QuickBooks. Save and reconcile as normal.

1. In QBO, post a payment on the customer account against the invoice for the received amount directed towards Undeposited Funds. The date of the transaction should match the date it was received. 

2. Credit the remainder of the invoice in QBO (Lowes fee amount) to close the invoice and have the credit hit the Merchant Fees account as a finance charge. 

3. Once the invoice is closed on both sides, the payment received amount should be sitting in Undeposited Funds to be deposited into your business bank account. The deposit recording this payment should match the date the payment settled into your bank account and include any other transactions included in the settlement amount (found in your merchant reports from your credit card processor).