Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Balance sheet by Class - AR by class not netting out correctly due to incorrect payment amounts being allocated

I create invoices with multiple classes and discounts, and when I receive payments against these invoices the amounts classified to the AR accounts do not balance and I end up with positive and negative amounts in my classes.

 

Eg. 

Tuition classed as Admissions $1,000

Sibling discount classed as Admissions ($50)

Daycare classed as ELC $100

When this invoice is created it will debit AR under each balance sheet class, but when the payment is received, the amount that QuickBooks is taking out of the AR accounts does not match the amounts invoiced above. There will be a positive difference left in the Admissions class and a negative difference left in the ELC class, or vice versa.

 

See attached.

Any help would be appreciated!

 

Solved
Best answer March 14, 2019

Best Answers
Moderator

Balance sheet by Class - AR by class not netting out correctly due to incorrect payment amounts being allocated

Welcome to the Community, Jven.

 

Thank you for providing me with so much detail and a screenshot. Knowing so will help us isolate the problem.

 

While I'm not sure why payment won't balance to the invoice, you can try drilling the transaction. This will let you see the transaction's breakdown.

 

Here's how:

  1. Open your Transactions by Account report.
  2. Double-click the invoice and the payment to open.
  3. Once done, please update the figures if needed.

Let me share this article for future references: Accounts Receivable workflows.

 

Let me know how that works for you. I'd like to make sure that you're able to resolve this concern, so please let me know how it goes by posting a comment below. Best regards. 

View solution in original post

2 Comments
Moderator

Balance sheet by Class - AR by class not netting out correctly due to incorrect payment amounts being allocated

Welcome to the Community, Jven.

 

Thank you for providing me with so much detail and a screenshot. Knowing so will help us isolate the problem.

 

While I'm not sure why payment won't balance to the invoice, you can try drilling the transaction. This will let you see the transaction's breakdown.

 

Here's how:

  1. Open your Transactions by Account report.
  2. Double-click the invoice and the payment to open.
  3. Once done, please update the figures if needed.

Let me share this article for future references: Accounts Receivable workflows.

 

Let me know how that works for you. I'd like to make sure that you're able to resolve this concern, so please let me know how it goes by posting a comment below. Best regards. 

View solution in original post

Level 1

Balance sheet by Class - AR by class not netting out correctly due to incorrect payment amounts being allocated

Hello,

Thank you for the quick response. I realized I had my discounts set up as services, so the information was not pulling correctly. Once i created discounts for the items I was wanting to deduct on the invoice the data pulled correctly

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

Need to get in touch?

Contact us