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Level 3

Open Invoices

I have a couple of open invoices that received final payment in this year and the payments were done electronically to my bank account. So how do I deal with those? I did not use last year's company file.

I decided to start from scratch with my new QB, but it's things like these open invoices that are giving me a hard time. Any help will be greatly appreciated.

 

Todd

Solved
Best answer 01-30-2019

Accepted Solutions
Level 15

Re: Open Invoices

Your existing File would have been fine to use. Either the program worked or it didn't, and you know it worked.

 

If you are a Cash Basis entity, you can use Sales Receipt with the real info on it, when you know that the prior Invoice had income and perhaps Sales Taxes. You cannot use Equity for something never reported for taxes in the prior year. And you would not need to use Opening Balance Equity, if it was equity; you would use Real Equity.

 

If you are an Accrual Basis or Cash Basis entity, then you can still use the Real Info on an invoice dated Historically. The Payment now creates the data flow you would need for Cash Basis reporting.

 

The point is, using Equity pretty much bypasses the real info needed under either condition. So, the Accrual Process would be used with the Historic Date. The Cash Basis events are based on the Payment date, so that can be Sales Receipt, instead.

View solution in original post

9 Comments
Level 15

Re: Open Invoices

First I would suggest you edit and reword your admission of guilt, intuit has little to no sense of humor

 

Create a service item named opening balance, and select the opening balance equity account on the item screen
Create an invoice for a generic customer you create, use that item and the amount.  Then receive the payment

Level 15

Re: Open Invoices

Your existing File would have been fine to use. Either the program worked or it didn't, and you know it worked.

 

If you are a Cash Basis entity, you can use Sales Receipt with the real info on it, when you know that the prior Invoice had income and perhaps Sales Taxes. You cannot use Equity for something never reported for taxes in the prior year. And you would not need to use Opening Balance Equity, if it was equity; you would use Real Equity.

 

If you are an Accrual Basis or Cash Basis entity, then you can still use the Real Info on an invoice dated Historically. The Payment now creates the data flow you would need for Cash Basis reporting.

 

The point is, using Equity pretty much bypasses the real info needed under either condition. So, the Accrual Process would be used with the Historic Date. The Cash Basis events are based on the Payment date, so that can be Sales Receipt, instead.

View solution in original post

Level 3

Re: Open Invoices

Thank you so much!

Level 3

Re: Open Invoices

Thanks for the help and tip. I edited

Level 1

Re: Open Invoices

I also have open invoices.  My invoices are from a previous years and after audits.  I need to get them off the books.  Our financials reflect these open invoices. Some where paid and the payment was never applied to the invoice and some were never paid.  I am using a non-profit QB.  How can i accomplish this without messing up past and present financials?

Moderator

Re: Open Invoices

Thank you for joining into this thread, @Marshacash!

 

You have the option to write off all your customer's open invoices. It'll be my pleasure to help you accomplish this so you can remove them from your books.

 

But you'll have to consult first your accountant if the following steps below best applies in handling your customer's open invoices. He/she can also help and guide you further.

 

Nevertheless, writing off your customer's open invoices will need you to create a new expense account. This account will be used to write off all your open invoices.

 

That being said, here's how to create your new expense account:

  1. Go to Lists.
  2. Select Chart of Accounts.
  3. Click Account.
  4. Choose New.
  5. Select Expense.
  6. Hit  Continue.
  7. Enter Bad Debt in the Account Name field.
  8. Click Save & Close.

From there, let me show you how you can write off your customer's open invoices:

  1. Go to Customers.
  2. Select Receive Payments.
  3. Choose your customer whom you want to write off the open invoices.
  4. Click Discounts and Credits.
  5. Select Discount.
  6. From the Amount of Discount field, enter the amount of the open invoice.
  7. Under Discount Account, select your Bad Debt account.
  8. Select Done.
  9. Click Save & Close.

Once completed, I'm confident you can handle all your customer's open invoices without messing your financial accounts and your books.

 

In addition, here's an article you can read to learn more about writing off your customer's open invoices:Write Off Bad Debt.

 

Please let me know in the comment section down below if you have any other questions. I'll be always around here in the Community ready to help.

Level 1

Re: Open Invoices

my account is not operating  properly

Level 1

Re: Open Invoices

my invoices not opening

QuickBooks Team

Re: Open Invoices

I'll help ensure you'll be able to open your invoices and work with QuickBooks seamlessly, @dilworth.

 

First, I suggest updating QuickBooks to the latest release to resolve issues while working with QuickBooks Desktop (QBDT). For the steps, you can check it here: Update to the latest release of QuickBooks Desktop.

 

If the problem continues, I suggest repairing QuickBooks.

 

  1. Restart your computer to close unnecessary programs interfering with QuickBooks.
  2. Back up your QuickBooks company file.
  3. Select Start and then Control Panel. (In Windows 8/8.1: From the Start menu, open Search and type Control Panel. From the results, select Control Panel.)
  4. Select Programs and Features. If necessary, choose Uninstall a program. (If you don't see these options, select Programs, then Program Features.)
  5. Select QuickBooks in the list of programs and choose Uninstall/Change.
  6. Select Continue, then Next.
  7. Select Repair then Next. Wait for the repair to complete.
  8. Choose Finish. Restart your computer if prompted.

You may also check these articles to resolve QuickBooks issues in the future:

 

Let me know if you have any other questions. I'll be right here to help however I can!

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