I have some items in A/R that have been paid, how do I clear them? I have closed the accounts and these are dated before the closure date of 30/6/22?

I want to ensure you can clear your Accounts Receivables in QBO, TUSSU.

The most efficient way to clear accounts receivable in QuickBooks Online is to create a journal entry. Then, set the journal entry to reverse so it will offset the credits. 

Here's how:

1. Go to the Plus (+) icon, then select Journal entry under Other.
2. Enter the Journal Date.
3. Under the Account drop-down, choose the account affected by the transactions, then enter the amount in the Debit column.
4. On the second line, add the Accounts Receivable.
5. Select the customer's name in the drop-down.
6. Leave a reason in the Memo field.
7. Tap on Save or Save and close button to record the transaction.

After that, you can now reverse it by following the steps below: 

1. Click the Search icon in the upper right.
2. Find the journal entry you created and click to open it.
3. Choose Reverse.
4. Edit the Journal Date to one day after the original journal entry's Journal Date.
5. Click Save and Close.

On top of that, 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.

You can always access the Balance Sheet Report to review the balance in AR by going to the Reports tab. Then select the amount listed for the  Accounts Receivable account and customise it to show the specific details. 

If there's anything else I can help you with or additional questions about the process of clearing transactions from your accounts, just let me know. I'd be more than happy to assist you further.

Thank you for the quick reply, what date do I put in as these items occurred before I closed the accounts? I am assuming that choosing the account affected by the transaction is accounts receivable? (yes or no) 

What does it mean by "on the second line select the account receiveable?

Apolgies for all the questions

Noel

You're very much welcome, @TUSSU. I'll direct you to the relevant individual who can provide more assistance in determining which accounts to use while clearing the Accounts Receivable account.

It is advisable that you consult your accountant about this. This way, they can review the journal entry you're making and provide you suggestions or a better way of dealing with this. Also, this helps bring your account balance in order.

If you're all set, see this guide to resolve the difference between the bank and QuickBooks balances: Reconcile an account in QuickBooks Online.

Please keep in touch if you need extra help with handling A/R or QuickBooks generally. We'll do our best to respond as soon as possible. Don't overwork yourself and keep safe!

Hi,

thank you the reconciliation is perfect, I just want to take these items out as they show when I run the P&L, I will follow the instructions tomorrow and see how it goes.

Best Regards,

Noel