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accounts receivable

Forum|Forum|5 years ago
November 16, 2020
2 replies
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How do I clear out an accounts receivable that isn't linking up? It's up & down the same amount but won't clear against each other?

QuickBooks Online

Best answer by MichelleBh

Hi there, @ji11.

Let me share with you some information about clearing account Accounts Receivable.

The most efficient way to clear any accounts receivable in QuickBooks Online is to create Journal Entry (JE) and then reverse it. Please, enter a date of the end of the time period, and set it to reverse on the following day. But before doing this, it would still be best to consult with your accountant to make sure what's best for you and your business.

Here's how:

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

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

Select the Search icon on the toolbar.
Find the journal entry you created and open it.
Elect Reverse.
Change the Journal Date to one day after the original journal entry's Journal Date.
Tap Save and Close.

Now you can apply the JE to the existing balance. For detailed information, check out this article: Resolve A/R or A/P balances on a cash basis Balance Sheet.

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 customize it to show the specific details.

I'd add an article about handling customer's transactions, payments, and other related topics.

Help Articles

Feel free to leave a comment below if you have additional questions. I'd be happy to answer them for you. Have a good one.

MichelleBhAnswer

Hi there, @ji11.

Let me share with you some information about clearing account Accounts Receivable.

The most efficient way to clear any accounts receivable in QuickBooks Online is to create Journal Entry (JE) and then reverse it. Please, enter a date of the end of the time period, and set it to reverse on the following day. But before doing this, it would still be best to consult with your accountant to make sure what's best for you and your business.

Here's how:

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

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

Select the Search icon on the toolbar.
Find the journal entry you created and open it.
Elect Reverse.
Change the Journal Date to one day after the original journal entry's Journal Date.
Tap Save and Close.

Now you can apply the JE to the existing balance. For detailed information, check out this article: Resolve A/R or A/P balances on a cash basis Balance Sheet.

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 customize it to show the specific details.

I'd add an article about handling customer's transactions, payments, and other related topics.

Help Articles

Feel free to leave a comment below if you have additional questions. I'd be happy to answer them for you. Have a good one.

J

JI 12Author

What really happened is a wire received in Oct was applied to the wrong invoice. How can I correct the mistake in Nov when the period is closed?

JasroV

Thanks for the clarification and prompt reply, @ji11.

I’d also appreciate you for adding additional details about this issue.

To get around this, you’ll want to re-open your books or create a Journal Entry (JE) as stated by my college MichelleBh above.

Before doing so, I highly recommend reaching out to your accountant in opening your closed books and making some changes in it. This way, you’ll be guided according and we’ll ensure your accounts are well accounted for.

Once open, locate the invoice transaction and unlink the deposit. Here’s how to do it in your QuickBooks Online (QBO) account:

Go to the Sales menu.
Select the Invoices tab.
Locate and select the invoice.
Click the 1 payment made link and then the date link.
Uncheck the Invoice transaction link to the deposit and select the Clear Payment button to avoid available credits.
Then click Save and close.

Then link deposit to the correct invoice. You can refer to this article for the detailed steps: How to link a deposit to an invoice.

I’ve also collected this link that you can utilize in reconciling your accounts effectively in the future: Reconcile an account in QuickBooks Online.

I’ll be around if you have other concerns on managing your transactions in QBO. Post a reply and I’ll swing back into action. Keep safe.

F

frostaiga

how to post sale of future accounts receivables in qb online

Candice C

Good afternoon, @frostaiga.

Thanks for chiming in on this thread.

You can use a Jounral Entry to record this information. Here's how:

Tap the +New button on the left-hand menu bar.
Press the Journal Entry option.
Enter all the required information.
Click Save and New or Save and Close when done.

I do recommend speaking with your accountant though to ensure that this would be the best route for your business.

Keep us updated on how the conversation goes with your accountant. Have a wonderful day!

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