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SH042924
June 22, 2024
Question

Can I link an AR invoice's data to two different Receivable GL? Same for an AP bill to two payable GL?

  • June 22, 2024
  • 1 reply
  • 0 views

I understand how to create an item in the item list and have the item to link to one revenue GL account and one COGS GL expense account.

 

However, this feature in item list only allows the item to link to one receivable GL account, which is QB's default account receivable GL account. Is there any way that I can have one of the items set up in item list to reflect the receivable amount in other receivable GL account besides the default receivable GL account?

 

For instance, I want to post a 100% work completed AR invoice, AR invoice is $60,000, and the customer is going to hold 10% of it until the inspection is done and passed, so I'd like to record it as $54,000 net receivable and $6,000 retention receivable.

1 reply

E
ErwinQ
June 22, 2024

Hello there, SH042924. I'm here to provide information about your Accounts Receivable in QuickBooks Desktop (QBDT).

 

In QuickBooks Desktop, you can't select 2 ARs in one invoice. You have the option to create two or split invoices assigned to different AR accounts.

 

Here's how:

 

  1. Open your QuickBooks Desktop account.
  2. Navigate to the Customer section.
  3. Input the necessary information.
  4. Assign the first invoice to the default Account Receivable, and the other one to Retention Receivable.

 

I'll add screenshots for better reference:

 

 

In the Account section, you'll see the other account by clicking the dropdown arrow.

 

 

You can also create JE and select the AR accounts (This won't show as invoices. This will show as JE) to the customer's transaction. Ensure to select debit as Account receivable and credit income.

 

 

 

I recommend to reach out to your accountant so your report will reflect accurate data.

 

Moreover, Here's an article for your guide to personalizing any reports: Customize reports in QuickBooks Desktop.


If you have more questions regarding your accounts, don't hesitate to reply to this thread. We're always available.

S
SH042924Author
June 25, 2024

Hi Erwin,

 

Thank you for your reply. I took a look at your screen shot, and I am a bit confused because my invoice screen shows "CLASS" instead of "ACCOUNT" in the middle. Please kindly see the attached file to see my screen shot

 

The QB product I am using is QuickBooks Desktop Enterprise 2024. How can I have the same AR invoice screen as yours?

 

 

 

 

R
Rea_M
June 25, 2024

I'm here to ease your confusion, SH042924.

 

QuickBooks will only display the Account field in your invoice screen once you have more than one A/R account. If you haven't created another one to link invoice data to two different receivable GLs, let's go to your Chart of Accounts to do so.

 

  1. Select Chart of Accounts from the Lists menu.
  2. From the Account dropdown, select New.
  4. Complete the account details.
  5. Select Save & Close.

 

After that, relaunch your invoice screen. It should now include the Account field in the middle. 

 

 

Furthermore, you can easily keep track of your sales and expenses using predefined customer, job, and sales reports in QuickBooks Desktop (QBDT). If you need a reference on how to do so, check out this article: Customize customer, job, and sales reports in QuickBooks Desktop.

 

If you have additional questions about managing sales and expenses in QBDT, let me know in the comment section below. We're here to provide the guidance and assistance you need.

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