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Level 1

A/R shows old balance but customer has zero balance and invoice is marked as paid

I have a customer whose last invoice was in a previous year and was paid with credits accumulated from years prior to that (they always overpaid a little each month).  The invoice is marked paid and all credits have been applied.  The customer balance is zero.  For some reason the A/R shows the amount of this invoice still years later.  How do I clear this up without messing up prior year financials?  We are on cash basis but use invoices to keep track of our customers.

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QuickBooks Team

A/R shows old balance but customer has zero balance and invoice is marked as paid

Good job for making sure that our customer balances are correct, sandraq. 

 

We can a QuickReport for our Acccounts Receivable accounts to see if there are invoices that are unpaid an payments that are still unapplied. Let me show you how:

  1. Go to the Lists menu and click Chart of Accounts.
  2. In the Look for account name or number field, type Accounts Receivable
  3. Click Search
  4. From the result list, select the account and right-click on it. 
  5. Select QuickReport
  6. To add the Paid status, click the Customize Report button. 
  7. In the Display tab, select the Report Date Range to All.
  8. Enter in the Search Columns field, Paid
  9. Go to the Filters tab and enter in the Choose Filter field type Paid Status.
  10. Select Open to view all unpaid invoices. 
  11. Click OK

From there, we can double-click on the transaction to see if it's a duplicate or it still needs to be paid. I also suggest reaching out to an accountant before we delete or pay them just not to mess up our books. 

 

If you need help, you can always mention me. Thanks!

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Level 1

A/R shows old balance but customer has zero balance and invoice is marked as paid

Thank you, that helps.  Can I go back and apply all unapplied payments and credits in prior years or will that mess up the financials for prior year reporting?

QuickBooks Team

A/R shows old balance but customer has zero balance and invoice is marked as paid

Hey there, @sandraq

 

Thanks for following up with us. 

 

Going back and applying all the unapplied payments could alter the previous financials. It would be best to ask an accountant as they can help with that portion specifically while making sure all your information is categorized as it should be. 

 

If you do not have an accountant, you can find one here in the Community for free. To do this, open the home page of Community and scroll down to the Resources section and choose Find an Expert

 

Please don't hesitate to let us know if you have further questions or concerns. You can always reach out to us here in the Community anytime you find you need help. Take care and have a great day ahead. You deserve it! 

 

 

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Level 1

A/R shows old balance but customer has zero balance and invoice is marked as paid

Well, the accountants we have use in the past are the ones that created all the journal entries that messed everything up so.....not sure I want to go that route.  I really would like to do it myself if I can find someone to help me.

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