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bkim_gitauto
March 21, 2024
Question

Re: Customer Balance initial upload and the resulted journals

  • March 21, 2024
  • 1 reply
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Yes, but I want to specifiy sales account when i make each invoice, rather than enter journal. For example 1) tax-exempt sales for export, 2) 16% taxed sales for domestic, 19% taxed sales for domestic. Because we have to report the accumulated amount of sales for each type. I can categorise specific account with bank feeds expenses, but with invoices transactions i can't. Neither in customer initial balance whicn makes invoices. 

 

Secondly, uploaded customer balances made each invoices but the transaction journal debits A/R-A, but I want debits A/R-B. Both A and B are user created A/R accounts.

 

Sorry, I no longer have screenshots, because i purged the company. 

 

 

 

 

 

 

 

    1 reply

    C
    ChristieAnn 11
    March 22, 2024

    I appreciate you coming back to the thread and clarifying your concerns, bkim. I've got insights into how accounts work in QuickBooks and ensure you can manage sales transactions and customer data efficiently.

     

    Please know that when adding an item in QuickBooks, you need to select an appropriate income account. You also then have the option to assign a particular sales tax so you can report the accumulated amount of sales for each type. I recommend making sure to choose a Sales account so you can use it when creating individual entries. You can refer to this article to see further details on how it works: Change product and service item types in QuickBooks Online.

     

    Then, once you have invoices on your end, you need to update each one and choose the precise item that is connected to a Sales account. This is done to make sure that the data goes to the correct account.

     

    On the other hand, there are default accounts automatically created when you set up your company in QBO. With this, the uploaded customer balances made on each invoice will typically debit the default A/R and credit the manually created Sales account that is associated with the item.

     

    To make the debit to an A/R-B, I suggest creating a journal entry in QuickBooks to transfer the data from A/R-A to A/R-B. I also recommend consulting an accountant before doing so for additional guidance. They can provide you with more suggestions on how to properly handle the transactions, particularly for customer financial entries in QBO.

     

    In case you need steps on how to run different reports in QBO that give you an overview of your customer data, you can read this article: Run reports in QuickBooks Online.

     

    You can add a comment below if you still have questions related to managing customer sales transactions or any related concern in QBO, bkim. I'm always here to assist you further. Have a good one!

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