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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

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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.

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