Accounts Receivables are forms like invoices or bills. Still, they are used for a completely different purpose. Accountants use accounts receivables to record payments that are due to them. Once the time period for the A/P is complete, they collect the money from the debtor. Accounts receivables are treated as current assets while accounts payables are treated as current liabilities.
Chart of accounts is one of the most useful features of QB. This tool maps out all the asset, liabilities, income, expenditure and un-categorized accounts in QB. Through this tool, users can get to any account easily. You can search for a particular account and make reports for it. Thus by making reports, you can easily find all the forms and transactions linked to that particular account. You can even narrow down your search by using multiple filters.
QB automatically generates an accounts receivables account for all its users. This account automatically imports all the accounts receivables created in QB. Also, users can access this account via a chart of accounts. You can work with multiple accounts receivable accounts. It is easy to go wrong with accounts receivables. You need to take them into account while filing taxes. One can easily get the wrong numbers and attract hefty penalties by not generating accounts receivables.
Easiest workflow to follow while working with Accounts Receivables is as follows:
You have successfully worked with a complete Accounts Receivable. You can follow the entire workflow for creating and recording any other accounts payables. You can go to the chart of accounts and generate reports using the accounts receivable account. You can choose between creating a sales order and an estimate. Users don’t need to create both of these forms for generating and working with accounts receivables.
Hope this article helped. If you need any further info. you can directly get in touch with our Quickbooks proadvisors and get all the customized help you want.
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