Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
At year end I accrued revenue and set up several customer receivables. On Jan 1st I reversed those journal entries. How do I get rid of those transactions in accounts receivable? I found an answer to a similar question but it was only relevant to QuickBooks online. I need to know the steps for this same exercise when using QuickBooks desktop 2020.
By following these instructions, we can get rid of those entries with ease, @kgenz.
In QuickBooks Desktop, there are ways to remove the amounts. You have the option to create a general Journal Entry to write off the value. Before that, make sure to consult your accountant for proper recording.
First, you’ll want to create an appropriate journal entry. Here are the steps:
For a customer with an overpayment:
a. Select the Account field and select Accounts Receivable from the dropdown list.
b. Enter the amount under the Debit column, then select the customer.
c. Select the offset account and enter the amount under the Credit column.
For customers with an underpayment:
a. Select the Account field and select Accounts Receivable.
b. Under the Credit column, enter the amount, then select the customer name.
c. In the next line, select the offset account and enter the amount under the Debit column.
3. Click Save & Close.
Once done, you’ll need to apply the general Journal Entry to the existing Credit/Debit. Let me show you how:
Kindly update me if you need further guidance. I'm always here to lend a hand. Have a great day!
MadelynC,
The second part of your response is the process I needed to clear those transactions from A/R . The first part was not relevant to my specific question and will most likely be confusing to non-accountants.
Thanks for your response,
Krista
Hi there, Krista.
Thank you for your feedback and I'm happy to know that the steps provided by my colleague MadelynC work in clearing transactions from Accounts Receivable (A/R).
In case you need additional resources while managing QuickBooks and A/R transactions, I also recommend checking out these links:
Please know that our doors are always open here on the Community page. If you have any other QuickBooks questions in the future, feel free to leave a comment below. I want to make sure everything is taken care of for you. Cheers!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here