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jliem064
Level 1

Accounts receivables - Multiple accounts receivable accounts, some in USD and some in CAD

HI there,

 

I have a business with multiple bank accounts, a primary business and holding companies.  I have them all under the same business company as I transfer money between the companies depending where it is needed.

 

I have created several bank accounts - Canadian and US dollar accounts - as I have US and Canadian customers.

 

My question is related to the Accounts receivables.  When I created my first invoice, payment and deposit, I accidentally assigned the CLASS to the company that I was invoicing.  

Now, every time I write an invoice, payment and deposit, in the Accounts receivable SPLIT section, it assigns it to this class (which is the name of a customer). 

As well, all my US paying customers are going into this class as well - and messing up my reports.

I have tried to delete this class, by deleting everything from this first company in invoices, payments and deposits.  But it still seems to be associated with this Accounts receivable.

 

Questions:

 

1) Can I have multiple accounts receivables?  which would then show up on my reports differently when there is a deposit?  I do need one for CAD and one for USD at least --- and I could separate it out by Customer job depending on the customer.

 

2)  How do I correct my current problem as I cannot seem to get rid of this class that was created because it is associated with the initial invoice, payment, deposit that I have.

 

I am just starting out on Quickbooks, and this is frustrating.  I could just restart the whole company again with a new file --- but then I do not want to have the same problem with where the Accounts receivable records my deposits.

 

thanks

 

Joel

3 Comments
LauraAB
QuickBooks Team

Accounts receivables - Multiple accounts receivable accounts, some in USD and some in CAD

Hi again, Joel,

 

Thanks for the details of what's going on. I can certainly see how this would be frustrating and I want to make sure you're able to organize your transactions and company file the way that works best for your business. I'm here to help.

 

I'll start with the Accounts Receivables. When you configure multicurrency for your company file, QuickBooks Desktop intuitively creates the related foreign currency receivable accounts as soon as your create a transaction. For instance, the first time creating a USD transaction, the program should have created an account called Accounts Receivable - USD. You can verify this by going to the Chart of Accounts through the Company menu, or use the shortcut to bring it up: CTRL + A. Feel free to check out the Accounts Receivable workflows in QuickBooks Desktop article to learn more about these kinds of accounts.

 

Next, let's take a look at the class tracking. In QuickBooks Desktop Pro, which you mentioned you were using last time you posted in community, classes can only be assigned to transactions. That being said, the classes don't stick with the customer and shouldn't be populating next time you bring them up to create a new transaction.

 

Assigning class to a customer, account, or item is available in QuickBooks Desktop Enterprise, however. If that's what you're using this time around rather than Pro like you mentioned last time, here's how you can find what you're assigning classes to.

 

  1. Select Edit from the top menu.
  2. Choose Preferences.
  3. Click the Accounting option from the left menu.
  4. Select the Company Preferences tab.
  5. Review what you've chosen in the Assign class to drop-down menu.

Once you know what you're assigning classes to, you can go change it. Since you mention that you think you've assigned the class to a customer, I'll go over that option. Here's how to find and change or remove that class.

 

  1. Go to the Customers menu.
  2. Choose Customer Centre.
  3. Double-click the name of a customer to bring up the Edit Customer window.
  4. Select the Additional Info tab.
  5. Change or remove the class from the Class field (Note: To remove, use backspace or highlight the text and delete it).
  6. Click OK to save.

Going forward, your transactions should be good to go and not record with a class unless you specifically assign it using the Class field on the transaction.

 

Whether you're using QuickBooks Desktop Pro or Enterprise, feel free to contact our support team for additional help. An agent can use a tool called a screen share session to see what you're seeing and work with you to figure out why your transactions are recording with classes you don't want. Review our Intuit QuickBooks Desktop software support policies article for more details about contacting us.

 

We've got your back!

jliem064
Level 1

Accounts receivables - Multiple accounts receivable accounts, some in USD and some in CAD

Thank you for your response Laura!

 

I do have quickbooks Premier professional. I do not think I have the Enterprise.

 

I do see the Accounts Receivable - USD.  Thank you.

 

When I go to the customer centre - under the Additional info, there is no option for class listed. It just says customer type, rep and customer fields. At the bottom it says Bank feeds Alias management.

Perhaps this is because I do not have enterprise?

 

But question regarding the Accounts Receivable CAD vs USD, even when I select the correct one when making the payment, once I deposit, they both get listed under the same class (which as mentioned in previous email, was the company name -- which I cannot delete because quickbooks says it is being used in transaction list).

 

When I do my report - I can see it listed under the company, and when I click on the line item, it puts it under a different chart of account.

 

Maybe I am asking the wrong question:  By accident, I called the class by the name of the company (say A), but I also called a chart of account A.  But when I create an invoice for Company B, payment and Deposit, in the chart of account A - that is where it deposits. It does not deposit into company B.  

 

So I am not sure if this is a "class" associated with that invoice and payment, or if it is the "chart of account" associated with that invoice and payment -- so not sure how to fix.

 

When I look at the actual line item/deposit page to pay the accounts receivable and deposit the money, there is no option for me to change which chart of account to put that money into -- it automatically puts it in Company A chart of account.

 

Sorry if this is confusing!

 

Joel

LauraAB
QuickBooks Team

Accounts receivables - Multiple accounts receivable accounts, some in USD and some in CAD

Not to worry! I think I'm getting a bit of a better idea of what's happening now. Since you're using Premier, it would mean you're not assigning a class to a customer since that's not an option in that version of the program. Rather, it sounds like the confusion is coming from where the funds are being deposited to. If that's the case, I can show you what field to look at when on the Make Deposit screen.

 

Take a look at my screenshot below to see where you can see which account your funds are being deposited to.

 

 

The program automatically knows which A/R needs to be affected by the transaction based on the currency used. If it's USD, the A/R associated with the transaction will by default be the Accounts Receivable - USD account I mentioned earlier.

 

If you have funds that were deposited into the incorrect bank account before, you can consider using the Transfer Funds feature in the Banking menu to move the amount needed to the proper account. Otherwise, you can delete the deposits going to the incorrect accounts and then redeposit them where they need to go. Just keep in mind about adjusting the dates to what you want them when redepositing them.

 

To delete the deposit transaction, double-click it from the account register and then go to the Edit menu, then Delete Deposit. This will put it back in the Record Deposits are for you to re-record.

 

If that's still not quite what you're looking for, please give our tech support team a call to look over your situation with an agent. I'm confident a screen share session will get everyone on the same page and get you back to work more quickly.

 

Have a great rest of your day!

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