Topic: General Posts

Subject: A Quickbooks Question: AR from Journal Entry to Invoice
Gary Xiao
Member: 2017
Posts:1
Submitted on 04-10-19 3:28 pm
Message:

I just started a new job as the Controller. The company has been booking AR and customer payments using Journal Entries in Quickbooks. As a result, there is no way to tell which invoices are paid and which aren't. I'm tasked to change that so the owners can see which invoices are paid. The only way to track AR of course is to create an invoice, and then apply the payment to a particular invoice. However the challenge is Quickbooks considers all the AR booked in the past as open invoices, and all the payments booked in the past as credit, and it requires me to apply every credit to the old AR, one by one. Did any of you have any suggestions on how to solve the problem?

 
1  
Replies
Joe Moynihan
Member: 2002
Posts: 4

Subject: Re:A Quickbooks Question: AR from Journal Entry to Invoice

Submitted on 04-21-19 4:33 pm.
Message:

Hi Gary: you detail a blueprint for why using journal entries to book ARs or APs in QuickBooks is anything but a best practice. One remedy I use is to set up a cash account called cash clearing where I record the "cash receipts" or "cash disbursements". The only possible glitch is that the transaction might have to be greater than zero. This cash clearing account is useful when needing to book bartering transactions or writing off. Good Luck- Joe Moynihan

 
Joseph Alouf
Member: 2016
Posts: 1

Subject: Re:A Quickbooks Question: AR from Journal Entry to Invoice

Submitted on 05-14-19 5:16 pm.
Message:

Hi Gary,


I am a QB Certified Pro and I will be delighted to try and help here.  Reach out to me directly if you have any issues.


 


Joe 


alouf@CFOs2Go.com

 
1  

OUR SPONSORS:

cfo