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You've come to the right place for answers, @accounting536.
I'm happy to help you manage your client's transaction that hasn't been paid for five years in QuickBooks Online. This will keep your receivables and net income up to date.
The best way to handle your uncollectible transactions is to write a bad debt. This method will require you to issue a credit note to correct your customer reports.
To begin, let's launch the Accounts Receivable Ageing Detail report. Then customise it to verify all uncollectible invoices from your customer.
Here's how:
After that, set up a bad debt expense account to personalise the data. Please follow the steps below:
Afterward, you'll need to create a non-inventory item to balance the accounting. Let me show you how:
Next is to generate a credit note on all unpaid invoices to write off the transactions. Follow the instructions underneath:
Once done, you can now link the credit to the unpaid invoices. Let me guide you how:
Once everything is recorded, I'd recommend running the quick report to check all the receivables you tagged as bad debt. You can go to your Chart of Accounts and click Run report.
Additionally, check out this article to learn how to personalise your chart of accounts and handle customer transactions in QuickBooks:
Feel free to mention me in this thread if you have additional questions about your account. I'm happy to help you. Keep safe, @accounting536.
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