accounts receivable

Hi there,

Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

Based on what you've descried, you could go back into your register and record the transactions correctly. If this means deleting the deposit since the invoice was already paid, here's how to delete it: click on Accounting from the left menu > Chart of Accounts > click the account with the deposit > click on the deposit > More > Delete. 

I also recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help.

I actually just started this company and while reviewing AR I came to know about this. If we go back a delete it then I'm afraid there will be integrity issue, also tax period for 2018 is already closed. There were 2 invoices issued, but payment was received for both at once, therefore QBO couldn't match it by amount and the previous team just added as income.

Hi,

I wanted to enter monthly accounts receivable total instead of entering individual invoices in QBO. I don't track AR aging in QBO, therefore, want to enter the total for the month to save time. what is the best way of doing it?

Also, how can I apply  payment when the customer pays later? Right now I'm entering invoices for each customer which is time-consuming. Please share your knowledge.

Hello Mileage, 

Thanks for being a part of the QuickBooks Community. I hear what you're saying about saving time. Luckily, QuickBooks Online is designed to make basic bookkeeping tasks easy so that you can get back to doing what you love. Let me help you out with your Accounts Receivable transactions as well as applying customer payments.

When it comes to adjusting the balance of your Accounts Receivable without entering individual invoices for your customers, the best method would be to enter a Journal Entry. Here's a great resource on how to Create a journal entry in QuickBooks Online. Create a customer to represent your monthly sales that you can use in the Name column, and ensure that you select the correct tax codes. While this method will be effective in moving money from one account to the other, when it comes to these transactions it is always best to consult an accountant. 

If you're already working with an accountant, why not invite them to work on your books? Navigate to the My Accountant tab in QuickBooks Online, fill in their email address, then hit Invite. If don't have an accountant yet, the Find a pro to help button will point you in the direction of lots of great QuickBooks savvy accountants that are happy to assist you in making the best bookkeeping decisions for your business. 

Next up - applying customer payments! When your customer is paying you later, the best way to record the transaction is by entering an Invoice as you've been doing, then following up with Receive payment once you've gotten their payment. You can do this from the + New button or from the Sales tab. If you would prefer to enter these two steps in one transaction, you can opt to use a Sales receipt. A sales receipt is typically used when a customer pays you on the spot, but it does save you a step in the bookkeeping process. If you'd prefer to just enter the payment from your customer, this might work for you. 

Don't hesitate to reach out if there's anything else you need support with. Have a great day!