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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! Go to Solution.
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:
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!
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:
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!
Thank You, what "account type" will a "BAD DEBT" is recommended?
Never mind, I just found it in your original response.
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.
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:
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:
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!
I'm going to hop into this thread for a variation.
I have a number of invoices that are unpaid, but are not bad debts in the usual sense of the word.
Like the original poster, I picked up from where someone else had also never sent statements.
I have a couple of customers who were told (incorrectly) that they were paid in full and now that I'm doing statements, I'm getting pushback (rightly so) from customers who were told they were cleared.
In my head, I'd always equated bad debt with errors/issues on the customer end (bankruptcy, refusal to pay, collections, etc.) rather than errors on our part.
Should these invoices also just be written off to bad debt or should they be separated in some way?
The issue with bad debts of course, is that they show on the P&L as an expense and show us in the red.
Hi dLearned!
Thanks for joining this thread. Let me assist you with these invoices.
Ideally, these invoices of your customers are considered bad debts since you're unable to collect payments from them. However, you'll want to consult with your accountant to see if there's a better way to handle these transactions without affecting your P&L.
I added this link if you need help in writing off bad debt in QuickBooks Desktop: Write off bad debt in QuickBooks Desktop.
Also, here's the article if you need help in tracking customer transactions: Get started with customer transaction workflows in QuickBooks Desktop.
Comment again here if you need more assistance with this. I'll help you!
Why can No one at QB tell us how to do this? It is obviously not that abnormal. The person that was doing the AP/AR before I got here was just accepting retention payments and no applying them to the invoices, so I have tons of invoices that show "Past due" when they are in fact paid.
There has to be a way to credit the invoice so it zeros out.
Hello there, @akraemer.
Thanks for posting here in the Community. While I understand the confusion, I'm happy to help. The steps provided above by my colleague are an alternative to the first steps provided earlier in the thread, what I would recommend is to reach out to our support team if you're having trouble with your income being understated as they can dive into your specific account with you in a private 1-on-1 setting to determine exactly what's going on.
To reach them, follow these steps:
Thank you for your time and I hope you have a lovely day.
I need to know if I can void an invoice in a previously closed month without effecting the books. We found that the invoice is incorrect and we will be creating a new invoice in the current month. Should I void or issue a credit against the invoice?
Thanks
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