Accounts Receivable Report - Showing only current year

Hopefully maybe someone has a better answer here, but AR is a balance sheet account, which means that the account balance rolls forward year to year from the start of business, so it seems highly unlikely that you could run an AR report without prior year amounts, since normally you would not ever want to do that since you would lose track of who owes you money.  I would think you need to match up payments to invoices to mark them as paid, like normally done in accounting, but hoping for you, someone will want to correct me.

I just had a client who had to do that for a few years back also.  That is what happens with no bookkeeper or accountant reviewing client's work when they decide to try to do their own or hire someone in experienced.

Hi @GolfNut72,

I'm here to take care of your query about your client's A/R errors.

For your first question, I suggest running the Open Invoices report. Be advised, this will show all open invoice transactions. With that said, you have the option to change the date range since you mentioned some of it goes back to 2013.

Here's how:

1. Click the Reports tab.
2. On the search box, type in Open Invoices.
3. Edit the date range as necessary.

You can then follow the steps listed in this article: How to link a deposit to an invoice. Here you'll find the steps to take care of your deposits. It can walk you through on how to link a specific payment to its intended invoice. 

You can also keep this article for reference: How to Record Bank Deposits: Invoices & Sales Receipts. It's a short clip that shows how to record bank deposits in QuickBooks Online (QBO). 

If you need further assistance, post a comment below. I'll be sure to get back to you. 

Ryan -

Thank you for the details for the running the Open Invoices but I could not determine how to run a report between two specific dates (i.e. 01/01/2020 and 6/18/2020).  I have created the open invoices report for the entire timeline and will move it to Excel and extract the current year information.

I am also very familiar with matching invoices and deposits.  What I am trying to do is speed the process up (client's wishes), because according to the client over 90% of the outstanding invoices between 2013 and 2019 have been collected.  The tax returns for these years have been filed and this is a small business without any outstanding loans so they don't have to report the information to a 3rd party.

I have instructed the client how to process open invoices moving forward, and anything this year will be easy enough to correct, but going back to 2013 is more than the client wants to do, or have me do.  The other issue is most deposits are made up of more than one invoice, so being able to match them would be difficult.

I will probably have to address the issue with his CPA and determine how he wants the A/R adjusted so it doesn't affect this year.

One other issue that I have observed, on some of the older entries, there have been journal entries made to zero out the open invoice, but in the open invoice report, it still shows both the open invoice and the journal entry.  How can I close the invoice, so it doesn't show in the open invoice report?

Thanks

EJ

Good Afternoon,

Thanks for replying back. I found some information to help. Essentially, invoices show as Paid once the payment is linked to it. A Closed status, on the other hand, appears on payments applied to sales transactions. Below are the invoice statuses and their meaning:

• Open: Invoice not sent.
• Open (Sent): Invoices has been sent.
• Open (Viewed): Customer viewed the invoice.
• Paid: Customer already paid the invoice.
• Overdue: Not yet paid and already past due.
• Overdue (Viewed): Customer viewed the transaction but did not pay the invoice and is already past due.
• Overdue (Reminded): Has sent reminder to customer for invoice already past due.

This article goes into more detail on how to mark an invoice as closed: Close an invoice. I'm here to assist if you have any questions. Let me know by replying below.