We are a private school that charges annual tuition. When we moved to QBO we lost are ability to create separate AR accounts for each fiscal year as well as different sources of income that we have (example, tuition, after school, athletics). QBO has just one AR account. We have different people managing collections depending upon the type of income and it's very difficult to prepare individual reports for the different sources of income. Any suggestions? This was available on the desktop version so I don't understand why QBO doesn't have this feature.
Yes and no. QBO allows you to create additional a/r or a/p accounts but does not allow the forms to use them, so it is kind of useless.
The names are treated as sub accounts of a/r, all transactions are segregated under the name, so there is really no reason for multiple a/r accounts (same concept for a/p. inventory asset, and sales tax payable)
a/r carries over year to year, and you can report on a/r by time period, so why would you need an a/r account by year?
I also have a similar issue and I tried creating each customer as a subaccount of the related A/R account. However, when I open my chart of accounts, the information does not show up there.
It sounds like you’re trying to run each year as a separate project so you can evaluate your budget spend against actual expenses . I think you may be interested in using the projects feature in QuickBooks Online.
Hi there. Not trying to do as the other user. I just have different revenue streams and for each I have an associated A/R that makes it easier for tracking and for various other purposes but it's looking like this is not something that QBO accommodates. Don't suppoe you know if the desktop version allows for this.
Yes in desktop you can use multiple a/r or a/p accounts as you wish
but using a/r to track revenue make me wonder why you want to do it that way?
Sales by item, will show revenue by what you sell, sales by customer for how much the customer buys, multiple sub income accounts can segregate income streams, classes if used allow for a P&L by class and in desktop a P&L and balance sheet by class.