cancel
Showing results for 
Search instead for 
Did you mean: 
Tim10012
Level 1

How To Close out AR after the money has been collected

We are a small non profit soccer team and generally run the books on a cash basis.  Occasionally we we bill a school for soccer lessons.  The coach sends out a manual bill and I create an invoice to remind me when it is past due.  The invoice was issued on April 30 2018 for $4,340.  The money was collected on July 10 , 2018. I cant seem to close it out. I have attached the bank reconciliation that shows the $4,340 is still outstanding.  I have also attached my attempts to close out the transaction.  Thank you in advance for your help.

 

Tim

[removed]

1 Comment
qbteachmt
Level 15

How To Close out AR after the money has been collected

For this part: "The money was collected on July 10 , 2018. I cant seem to close it out."

 

You are supposed to process that as a Received Payment, to show it applies to that invoice. That's how you "close" it out = Apply it. This is not a Deposit and it is not income. It is the Payment for that invoice.

 

If you use banking download, you would Match to the open invoice. If you Added as a New Deposit, that would be the problem.

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up