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BREF
Level 2

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

Hello,

 

I started working in this small company about 2 months ago. I noticed that we are not using the monthly statements (for our customers) because we can't... we have to do some clean up first...I believe... we have a little over 300 invoices with either unpaid balances  and/or partial payments.... i mean the invoices are dated 2001 - 2019... what can I do? is it safe to deleted or void without affecting the transactions from closed periods.

 

In the mean time I am saving a copy of this invoices just in case, we need to go back to it later. Please advice

Solved
Best answer September 24, 2020

Best Answers
GraceC
QuickBooks Team

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

Hello there, @BREF.

 

Allow me to provide a few information about deleting old transactions in QBO.

 

There are times when an invoice becomes non-collectible and you need to write it off and declare it as a bad debt so you can clear the invoice.

 

In the meantime, the option to delete or void old transactions will work. Just remember that this action isn't always advisable for old or reconciled transactions because it will trigger discrepancies on the bank balance.

 

To get started, you can create an account for Bad Debt in Chart of Accounts and be sure to select Expense as the account type.

 

Then, follow the detailed steps below in writing off bad debt for an invoice:

  1. Go to the Customers tab, then click Receive payments.
  2. Select the name of the customer who hasn’t paid you.
  3. Leave the amount field at 0.00.
  4. If you like, enter a memo at the bottom of the window that you’re writing off bad debt. The memo appears in the customer’s register and prints on statements.
  5. Click the Payment column for the invoice that hasn’t been paid.
  6. Select the Discount Info button.
  7. In the window that drops down, enter the amount of the bad debt in the Discount field and the name of your bad debt expense account in the Discount Account field.
  8. Hit OK to record the bad debt.

I've attached these articles to help you after doing the corrections from previously reconciled periods:

Also, I suggest consulting an accounting professional since it involves data from previous Fiscal years.

 

Let me know if you have follow-up questions about this or anything else. I'm always here to help you. Have a nice day!

View solution in original post

5 Comments
GraceC
QuickBooks Team

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

Hello there, @BREF.

 

Allow me to provide a few information about deleting old transactions in QBO.

 

There are times when an invoice becomes non-collectible and you need to write it off and declare it as a bad debt so you can clear the invoice.

 

In the meantime, the option to delete or void old transactions will work. Just remember that this action isn't always advisable for old or reconciled transactions because it will trigger discrepancies on the bank balance.

 

To get started, you can create an account for Bad Debt in Chart of Accounts and be sure to select Expense as the account type.

 

Then, follow the detailed steps below in writing off bad debt for an invoice:

  1. Go to the Customers tab, then click Receive payments.
  2. Select the name of the customer who hasn’t paid you.
  3. Leave the amount field at 0.00.
  4. If you like, enter a memo at the bottom of the window that you’re writing off bad debt. The memo appears in the customer’s register and prints on statements.
  5. Click the Payment column for the invoice that hasn’t been paid.
  6. Select the Discount Info button.
  7. In the window that drops down, enter the amount of the bad debt in the Discount field and the name of your bad debt expense account in the Discount Account field.
  8. Hit OK to record the bad debt.

I've attached these articles to help you after doing the corrections from previously reconciled periods:

Also, I suggest consulting an accounting professional since it involves data from previous Fiscal years.

 

Let me know if you have follow-up questions about this or anything else. I'm always here to help you. Have a nice day!

View solution in original post

BREF
Level 2

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

Thank You, what "account type" will a "BAD DEBT"  is recommended?

BREF
Level 2

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

Never mind, I just found it in your original response.

ColB1
Level 1

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

I have several old invoices in QBO that were paid, but the invoices weren't cleared. How do I get rid of old invoices in QBO - they are not bad debts.  

Jen_D
Moderator

old , old invoices, with no payments received. What happens if I delete or void, will this affect transactions from closed periods?

It's great to see you here, @ColB1,

 

I can help you get this sorted out so the report shows the accurate sales data.

 

Paid invoices that are showing as outstanding happens when the payment is not linked properly to the transaction. To check this, open the payment and see if it is correctly applied to the sales entry.

 

Successful payments should display a Paid watermark on the invoice. If you see this yet still shows unpaid, follow the steps below to resolve it:

 

  1. On the invoice, click the payment link below the Payment Status.
  2. Select the payment date to open the Receive Payment window.
  3. Refresh the payment by removing the check mark beside the Invoice Number and adding it again before saving.
  4. Deleting and recreating the payment will also work. Just click More then Delete.
  5. Press Yes to confirm the action.

 

Now, if you recorded the income manually as a bank deposit, this process will only affect the register but remove the Accounts Receivables balance. You must use the Receive Payment option to tie the transactions and offset the outstanding amount.

 

To apply the deposit entry as an invoice payment, follow the steps below:

 

  1. Press + New then Receive Payment.
  2. Add the client's name to see all open invoices and credits.
  3. Update the Payment date, then select the invoice from the Outstanding Transactions section.
  4. Under Credits, select the Deposit entry.
  5. When you're done, hit Save and Close.

 

If none of this solution work, it's likely possible that there is a performance issue in the system caused by the piled data in the cache. Fix it by clearing the site history or trying a different browser.

 

Let me know how it goes. I want to make sure this invoice issue is resolved and I'm here if you need anything else. Have a good day!

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