accounts receivable

What really happened is a wire received in Oct was applied to the wrong invoice. How can I correct the mistake in Nov when the period is closed?

Thanks for the clarification and prompt reply, @ji.

I’d also appreciate you for adding additional details about this issue.

To get around this, you’ll want to re-open your books or create a Journal Entry (JE) as stated by my college MichelleBh above.

Before doing so, I highly recommend reaching out to your accountant in opening your closed books and making some changes in it. This way, you’ll be guided according and we’ll ensure your accounts are well accounted for.

Once open, locate the invoice transaction and unlink the deposit. Here’s how to do it in your QuickBooks Online (QBO) account:

1. Go to the Sales menu.
2. Select the Invoices tab.
3. Locate and select the invoice.
4. Click the 1 payment made link and then the date link. 
5. Uncheck the Invoice transaction link to the deposit and select the Clear Payment button to avoid available credits.
6. Then click Save and close.

Then link deposit to the correct invoice. You can refer to this article for the detailed steps: How to link a deposit to an invoice.

I’ve also collected this link that you can utilize in reconciling your accounts effectively in the future: Reconcile an account in QuickBooks Online.

I’ll be around if you have other concerns on managing your transactions in QBO. Post a reply and I’ll swing back into action. Keep safe.

So when we tried to fix this we actually deleted the invoice I believe, instead of making the journal entries you suggested below. Now I have a bank reconciliation issue, do you know how I can fix this?

It says changes were made to the reconciled transactions & the change was 'Deleted'. How can I fix this?

Thanks.

Thank you for getting back to us, @ji.

I can help fix your bank reconciliation issues so you can get back to working order.

When you delete an already reconciled transaction, this will change the ending balance of your last reconciliation, which impacts the beginning balance of the next one.

You'll want to follow these step by step process to fix your bank reconciliation issue:

1. Review the original opening balance.
2. Check your bank statement.
3. Match and categorize downloaded transactions.
4. Review any discrepancy reports.
5. Then, start reconciling.

I'm adding this article for the detailed steps and information on each step: Fix issues for accounts you've reconcile in the past QuickBooks Online.

You might also want to check out this article to learn more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.

Please feel free to keep in touch with me here on your progress with reconciling accounts. I want to make sure everything is flawless.

I think I'll need to re-create the transaction, or can I create an accounts receivable for same amount & customer then reverse the following month? Will that clear it up?

Thanks for coming back to the Community, JI.

I recognize the importance of having an accurate record for your business. From the details shared on this thread, you’ll no longer have to recreate the invoice or create an account receivable. I recommend following the solution shared by @MichelleBhas it will clear out the transaction that isn’t linking up.

Since your books were already closed, I recommend consulting with an accountant for further assistance. They can guide you on how to handle this type of scenario and make sure your records are in tiptop shape.

For future reference, here’s a guide that contains resources to help easily perform any tasks in QBO: Self-help articles.

If you have other questions or concerns, click the Reply button below and post a comment. I'll be right here to provide additional assistance. Have a lovely day!

Great response, @MichelleBh! Your reply has been helpful to many on this thread, so I'm going to go ahead and mark your response as accepted, so that it appears at the top of the thread. This will help others who may have similar questions. Thanks again!

Hi I'm new to quickbooks online and I need to know who do I get receivables from balance sheet to a profit and loss. I also need to move payroll from payroll liabilities to expense (wages). Thanks for all you do .  

Hey there, dmtaxx. I have some information on how accounting data flows in QuickBooks Online.

QuickBooks offers two accounting methods for your business reports. If you're using the Accrual accounting method, your financial report should show income and expenses for completed and pending transactions. On the other hand, if you're in the Cash accounting method, reports will only show income and expenses at the time you actually receive a payment or pay a bill. 

That means how Accounts receivable are reported depends on the accounting method you use. 

To change the method used on an individual report:

1. Go to Business overview and select Reports.
2. Select a report. For example, the Profit and Loss report.
3. Under Accounting method, select Cash or Accrual (you can also select the Customize button to open the Customize Report window and change the setting in the General section).
4. Select Run report.

Check out this link for more details: Choose between cash and accrual accounting methods in QuickBooks Online.

For the payroll wages, QuickBooks will set up a default account you can use when running payroll. If you want to use a different expense account for payroll wages, here's how to do it:

1. Go to the Gear icon at the upper right.
2. Under SETTINGS, choose Payroll settings.
3. Scrool-down and click the Edit  icon in the Accounting section.
4. To change the Wage expense account, hit Edit .
5. Then, choose your preferred answer to the question "Where do you track employee wages in your QuickBooks chart of accounts?", then select the expense account in the Wage Account drop-down.
6. Once done, hit Save.

This will change the payroll expense account mapping for future payroll transactions.

If you already have payroll transactions from your previous expense account, you can transfer them over by creating a Journal Entry. However, consult an accountant before making those journal entries. This way, we can ensure that your books remain accurate.

I've added these articles to learn more about the accounting terms and list of all the accounts that QuickBooks uses to track your financial information:

• Learn about the chart of accounts in QuickBooks Online
• Learn common accounting terms

Keep me posted if you have any follow-up questions or other concerns about reports and payroll. I'll be here to check on your response. Have a great day!

how to post sale of future accounts receivables in qb online

Good afternoon, @frostaiga. 

Thanks for chiming in on this thread. 

You can use a Jounral Entry to record this information. Here's how: 

1. Tap the +New button on the left-hand menu bar. 
2. Press the Journal Entry option. 
3. Enter all the required information. 
4. Click Save and New or Save and Close when done.

 I do recommend speaking with your accountant though to ensure that this would be the best route for your business. 

Keep us updated on how the conversation goes with your accountant. Have a wonderful day!