Accounts Receivable is a form stating the amount that an organization is entitled to from a client or customer. They are created for keeping track of due payments. Accounts receivables are usually created for a short period of time. You can easily manage accounts receivables in QuickBooks. In fact, most accounting forms can be created in QB and organized easily.
For keeping track of A/R, you would need to uses the chart of accounts. All accounts receivables can be tracked through the accounts receivables account present under chart of accounts. In fact, chart of accounts can link you to all the accounts present for a particular company file. Accounts Receivable accounts are created automatically by QuickBooks for all company files. It is recommended that you don’t create multiple account receivable accounts as this may hamper the reporting feature present in QB.
For creating accurate reports, record these forms with clinical precision. Also, ascertain the accounting basis that is used by your organization. In cash basis, transactions aren’t recorded until amount against them is received. On the other hand, in accrual basis, transactions are recorded despite the status of payment.
For adjusting accounts receivable in QuickBooks, follow the steps given below:
Once you create an invoice, without applying any payment to it, QB will start recognizing it as an A/R. Once you receive the payment against this invoice, you can easily apply it. You can create a report for searching through invoice. By creating a report and applying filters, you can substantially narrow down your search.
By following the aforementioned steps, you will be able to adjust accounts receivables easily in QB. Also, make sure to reconcile the transactions before applying payments to the invoice. This will help in maintaining accuracy.
Reconciliation statements are created after tallying transactions from a particular account with the transactions mentioned on the bank statement. Through reconciliation statement, you can even identify fraudulent cases such as that of money laundering. It delineates a clear picture of the flow of money and helps organizations in their journey towards success.
In any case, if you encounter a problem while adjusting account receivables in Quickbooks then feel free to contact us.
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