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skyemb
May 19, 2022
Question

Accounts Receivable is all Messed Up

  • May 19, 2022
  • 5 replies
  • 91 views

Hi everyone.

I started working for an established business that already had QB going about a year ago. The last couple months we have been trying to get things cleaned up and in order.

The accounts receivable has proven to be a problem. The balance shows as a negative of quite a bit, and I know we don't have that much money out. I've searched and searched online but I feel like my question is too broad. 

How do I fix this? I feel like I'm needing to match paid invoices with deposits, or maybe payments with invoices, but most invoices are paid through QB payments so I'm usually unsure of what's what, and some available to match are from before I even started here.

Suggestions? How can I get things cleaned up?

5 replies

ZackE_Moderator
Moderator
May 19, 2022

Thanks for joining the Community, skyemb.

 

I've done some research in other threads and can confirm some users with negative Accounts Receivable balances have identified it as being caused by overpayments and credits on customer profiles.

 

I'd recommend checking this in your books.

 

Here's how:

  1. In the left navigation bar, go to Sales, then Customers.
  2. Find a customer you want to check and click their display name.
  3. On their profile, review your Open balance. If they have overpayments/credits, you'll see a negative amount.

 

If this is what's causing the negative balance in your A/R account, you'll want to handle their overpayment(s) and credit(s) appropriately.

 

Before taking any steps to fix the negative balance, I'd recommend working with an accounting professional to identify what's causing it. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

 

If there's any questions, I'm just a post away. Have a great day!

    skyembAuthor
    May 19, 2022

    Thank you!
    It appears so... but the largest culprit is a customer titled "Unmatched," with a negative opening balance of more than the negative number in A/R...

    Not really sure what to do with that either! Agh!

    Rubielyn_J
    Rubielyn_J
    Level 8
    May 19, 2022

    No worries, @skyemb. I've got your back to help handle with your customer showing a negative opening balance.

     

    There are two ways to remove the customer's negative balance in QuickBooks Online. You can either issue a refund or show there is a Sale to which it is applied.

     

    Here's how to show a sale:

     

    1. Log in to your QBO account.
    2. Select + New in the left panel and click Receive payment.
    3. Choose a customer, then select the invoice and the credit.
    4. Lastly, click Save and Close.

     

    To know more about the detailed process and how overpayment works in QuickBooks Online, please review this resource: Handle a customer credit or overpayment in QuickBooks Online.

     

    You may also read this reference that'll allow you to share a document showing all business activities made by a certain customer: Create and Send Customer Statements in QuickBooks Online.

     

    If there's anything else that I can help you with aside from understanding the negative balance of your customer, please let me know the comments below. I'll be here ready to lend a helping hand. Have a good one!

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