cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 4

Clearing old accounts receivable activity

No, the payments come in over the 12 months following the month the pledge is made. Some people write a check right then but most do not. Since all the detail is in the donation tracking software and not in Quickbooks, all we really need do is post to the general ledger.  When we begin our next fiscal year in July, I want to purchase the interface between the donation tracking software and Quickbooks which posts to QB's A/R system so I am stuck posting to the QB A/R system manually for a few months.  That is OK as it helps me learn the quirks of both softwares.
Highlighted
Level 15

Clearing old accounts receivable activity

"Or, I could post a journal entry for month's pledge income, cash payments on pledges, and the difference reflects the change in A/R."

Let's review: if you use JE, you have nearly no Functional reporting; you just bypassed the use of items, cash vs accrual basis, etc.

"LOL, these are my Accounts Receivable.....NOT my Other Assets."

"AR" specifically is a "Type" of account in QB that represents Other Asset activities. It is a Functional aspect, in that it allows you to use Sales forms and requires names for the data flow to be matching. Just like "Bank Type" is a functional aspect of the program that has specific Tools to work with it. Not Debits and Credit, but Checks and Deposits.

AR = credit memos, receive payment and invoices.

Other Asset activity does not require that a Name be attached to every friggin' entry in and out of that Account Type.


Other Asset simply allows data to flow freely and generically; that seems to be what you keep telling us you need.
Highlighted
Level 4

Clearing old accounts receivable activity

LOLOLOL I am loving this.  "you have no functional reporting".  I have no functional reporting from QB anyway.  I am netting 30-40 pledges a month and an equal number of remittances into one entry using a single  dummy customer account.  "AR is a type of account"-that is true but it impacts how my balance sheet looks. a) it is tough enough to explain the balance sheet to the Board as it is without messing with the categories and b) in July I plan to implement the interface program and it will post to A/R.  I would be moving it to Other Assets for 6 months and then back again.  

I think I am giving your knowledge a workout. Thanks
Highlighted
Level 15

Clearing old accounts receivable activity

"I have no functional reporting from QB anyway."

I don't know what this means; I have been diving deep into functions to answer your questions, and every answer I give will provide Lots of details for great reporting.

"I am netting 30-40 pledges a month and an equal number of remittances into one entry using a single  dummy customer account.  "AR is a type of account"-that is true but it impacts how my balance sheet looks."

You are getting lost in the weeds.

"a) it is tough enough to explain the balance sheet to the Board as it is without messing with the categories and b) in July I plan to implement the interface program and it will post to A/R.  I would be moving it to Other Assets for 6 months and then back again."

Fine.


Highlighted
Level 15

Clearing old accounts receivable activity

"it is tough enough to explain the balance sheet to the Board as it is"

I have a handout for this; it is attached.


Highlighted
Level 1

Clearing old accounts receivable activity

When you say the ". . .Accountant Edition" are you referring to the assign user or is that a different version of QB Online?
Highlighted
Level 15

Clearing old accounts receivable activity

While your Username include "QB Online" this Topic is identified as Desktop. You are participating in a specific topic, where the subject matter of managing Not For Profit accounting activities might be a nice general discussion, but as a QB Peer user forum, this topic is a Desktop program topic.
Highlighted
Level 1

Clearing old accounts receivable activity

Thank you. I'm using the online version. I will try to locate the right user group. I hope they are as helpful has you all have been.
Highlighted
Level 15

Clearing old accounts receivable activity

There is only this one Intuit forum; the trick is, at the top, you see the Product icon. Many times, the issue is general enough that a review of what is supposed to flow for the data, answers the question. When someone needs guidance for specific menu or key strokes, that is when the Product selection is important.

It is one peer user community; thanks for being a part of it.
Highlighted
Level 3

Clearing old accounts receivable activity

Hello,

I am using QBO and I want to find the best method to apply payments without duplicating it in the GL.

 

For example, I have a bunch of open payments in my AR aging summary because they were never matched. This is due to checks received and were included with other checks to be deposited. Instead of matching it to the open pledge/invoice, it was matched to the bank deposit.

 

How can I un-apply some of the deposits and properly apply it to an open pledge/invoice to lower my AR aging?

 

Thanks

Rosa

Highlighted
Moderator

Clearing old accounts receivable activity

Good day, Rbueno.

 

Thanks for joining us in this thread. Let me help you link your deposits to an open pledges/invoices.

 

You can apply deposits by categorizing them to Accounts Receivable and add them to your open pledges/invoices. To do this, please follow these steps:

  1. Open the deposit transaction and change the account to Accounts Receivable.
  2. Click on Save and close
  3. Open the outstanding pledge/invoice and click on the Receive payment button.
  4. Mark to select the deposit to link them.
  5. Click on Save and close.

I've attached some screenshots below, so you'll know what I'm referring to.

 

1.PNG

 

2.PNG

 

3.PNG

 

As a reference, I'm attaching an article about linking a deposit to an invoice.

 

That's it. You should be able to apply payments without duplicating them on your General Ledger.

 

Please let me know if you have further questions. I'm always glad to help. Take care.

Highlighted
Level 3

Clearing old accounts receivable activity

Thank you very much for your help!

Highlighted
Level 3

Clearing old accounts receivable activity

I have another question, if you can help me with it.

 

I am reviewing the AP aging summary and there are few items outstanding and are showing as negative amounts. When I investigate these items, I see they were paid by credit card, rather than through our checking account. How can I remove these items from AP with out deleting the transactions?

Thanks!

 

Highlighted
QuickBooks Team

Clearing old accounts receivable activity

Hello again, @Rbueno.

 

We encourage customers to ask more questions, and I'm happy you're back! I can help you remove the items from the Accounts Payable report.

 

All transactions attached to the A/P account are automatically added on the A/P Aging Summary. To remove them, you can create an expense transaction and not bill. Let's delete the outstanding bill first to avoid duplicates:

  1. Click the Amount link on the report.
  2. On the Bill screen, click More at the bottom part.
  3. Choose Delete.
    1.PNG
  4. Select Yes.

Next, follow the steps below on how to add an expense transaction:

  1. On the top menu, click the Plus icon.
  2. Choose Expense.
  3. Select the Payee.
  4. Choose the Payment Account and Payment Method.
  5. Go to the Item details section and fill out the necessary fields.
  6. Click Save and close.
    2.PNG

That should avoid the expense transaction from showing on the A/P aging report, Rbueno. For additional reference, here's an article about creating expense transactions in QBO.

 

Keep me updated on how it goes by leaving a comment below. I'll be around to help you more if you have follow-up questions. Have a great day!

Highlighted
Level 1

Clearing old accounts receivable activity

Hello,

I am new to the user community.  I tried using the suggestions in this post to solve my problem but it hasn't worked (yet).

I have multiple pledges set up for the same donor (in order to track different due dates).  Many historical payments were posted to the account but, perhaps not to the specific pledge receivable.  So I have a large negative "Over 90" and a large current balance due.

When I do a journal entry into the clearing account, I can't figure out how to apply my debit to the "Over 90 portion" of the pledge receivable.  Is there a way to choose which of the donor's receivables to change when doing a journal entry?   Is there another way to "apply the Over 90 credits" to the current receivables?

Thank you!

Highlighted
QuickBooks Team

Clearing old accounts receivable activity

Welcome to the Community, @Hazer.


Thanks for posting your concern on our page. Allow me to help you fix it.


You’ll want to open those payments and apply them to the correct pledges. Doing this will fix the balance due and the over 90 credits you have. 


Let me share this link that has account management topics: Help Articles. It also contains payments set up and processing. I’m sure you’ll find it helpful.


You can always visit us if you have questions about QuickBooks. I'll jump right back in to assist further.

Highlighted
Level 1

Clearing old accounts receivable activity

Thank you @MadelynC .  I've tried modifying the payments.  My guess is that there is another issue going on.  Note that I am relatively new and some of these transactions are two years old.  Probably the biggest problem is that the bank account from back then has been deleted in QuickBooks.  When I try to edit the payment, it gives me a warning:  "The transaction you are trying to void is linked to an account that is inactive. Please make the account active and try again."  

Should I try to open back up the old bank account and try again?  Also, assuming that works, is it the "Ref No." field that I change to the proper pledge number?

 

(Thanks, I've tried reading the help files but I think my problem involves too many issues.)

Highlighted
QuickBooks Team

Clearing old accounts receivable activity

You got it right, @Hazer.

 

You'll want to reactivate the account to be able to change the pledge number. And yes, its the Ref No. field you need to change to the proper pledge number. Let me show how to do it in your QuickBooks Online (QBO) account.

 

To activate the account in your QBO:

  1. Go to the Gear ⚙️ icon.
  2. Select Chart of Accounts.
  3. Click the Gear icon in the Chart of Accounts and select the Include inactive checkbox. 2.PNG
  4. Locate the account to restore in the list and select Make Active in the Action column.

Here's an article you can read for more details: Error: This transaction will cause a deleted account named (name of account) (deleted) to have non-z....

 

Once done, open those transactions and apply them to the correct pledge number.

 

Additionally, I got you this article that you can use for future reference. This link can guide you in reconciling your accounts correctly: Reconcile an account in QuickBooks Online.

 

You can always get back to me whenever you have other questions. I'm always here to answer them. Keep safe and stay healthy.

Highlighted
Level 1

Clearing old accounts receivable activity

Thanks @JasroV .  I finally got it to work, but I needed to use a clearing account as well.  Whew.  Thanks for your responsiveness!

Highlighted
QuickBooks Team

Clearing old accounts receivable activity

You're welcome, @Hazer.

 

I'm happy I was able to help you resolve this. Nonetheless, to create a clearing account, you'll want to go to your Chart of Accounts and create the account from there. Let me guide you how to do it.

 

In your QuickBooks Online (QBO) account:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. On the Chart of Accounts screen, click the New tab.
  4. Choose Bank for the Account Type.
  5. You can choose any detail type you want for your clearing account.
  6. Type in the Name for the clearing account.
  7. Ensure you do not type in any amount on the balance before clicking Save and Close2.PNG

Also, I encourage checking our Reports and accounting page for future reference. There, you can learn some best practices in managing your accounts.

 

Know that you're always welcome to post here anytime you need help. I'll be around to help you. Have a great day and take care!

Need to get in touch?

Contact us