I have a customer that has never paid full amounts for invoices over the past decade and has a considerable amount currently due and also significantly past due. However, the overdue amount is greater than the open invoices by almost $24k. What does that mean? I am trying to reconcile their account with their office and want to make sure that I am not creating additional problems by submitting my final amount due with accounting errors.
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Open includes all invoices even those that are not yet due, less any payments on these invoices. It's the balance on the account.
Overdue is just amounts that are past due.
I don't see how overdue can be greater than the Open amount.
edit: The overdue can be greater if there are unapplied credit memos
Welcome and thank you for joining the thread, @JillP34.
I'm here to help and share some ways to zeroed out the due amount on your open invoices in QuickBooks Online (QBO).
If you have an existing credit memo to your customer, you'll just need to apply it when creating invoices. Here's how:
To zeroed out the open balance, you need to create a payment.
That would allow you to zero out the overdue amount on your open invoices. Feel free to add a comment below if you have any other invoice concerns. Have a wonderful day!
How do you zero it out?
Create a zero Receive Payment, and check the credit against the debit. The date s/be the later date, I think. For the future you can go to Settings and revert back to the default to automatically apply credits
You can pull up your Accounts Receivable Aging Detail report. I can add more details about this and guide you how.
Your open balance is showing as 0 because you might have unapplied credit memos. Having unapplied credit memos decrease your open balance.
To view your balances correctly, you can pull up your Account Receivable aging Detail report.In this report, it'll show all your transactions and their balances.
You can follow these steps in pulling up the report:
If you have open credit memos, you can apply them to your invoices to mark them as paid.
Always know that you can get back to us if you have any other concerns.