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Rshoemaker15
Level 1

Clearing aged accounts receivable

Hello community!

 

I have a client that has not consistently reconciled his accounts receivable over a 3 year period.  He has several invoices that are unpaid in QBO but he has received payment, he makes random deposits and is too hard to go bank and compare his banking transactions to process payment in the A/R side.  He went through his aged A/R summary and knows who has paid and who has not.  We wrote the nonpayment to bad debt but I don’t k is what to do with the invoices that were paid but I can’t match up.  He is currently set up as accrual but hasn’t filed taxes in a couple years.  He wants to sell his business, I am looking for help on the best way to move forward as his balance sheet is not correct with the current A/R reporting.  

1 Comment 1
Rustler
Level 15

Clearing aged accounts receivable

IF, if the payment was recorded as income, then you can delete the outstanding invoice, though that will remove the customer order history too.

 

If you go this route, pay attention to the items on the to be deleted invoice, if they are inventory they will have to be adjusted lower to COGS after the deletion.  QB returns those items to inventory when an invoice is deleted

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