Tag Archives: accounts receivables

How to Write Off Uncollectible Accounts Receivables (Bad Debt Expense) in QuickBooks

There are different ways of handling the issue of writing off open Accounts Receivables due to customers not paying you for whatever reasons. This issue can also be resolved differently if you are an accrual or cash basis tax filer and also if the Accounts Receivables to be written off (to a Bad Debt Expense

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The Profit & Loss Value of Maintaining Accounts Receivables & Payables

When you process an overall company health financial statement such as the Profit & Loss or a Balance Sheet, you may find inaccurate balances due to the fact that your Accounts Receivables and Payables need attention. In my experience, it can be quite common to see a business owner disregard the value of each detailed

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Issue Overpayment Refund in QuickBooks Desktop

Here are instructions to receive a customer overpayment then issue a check refund for the resulting credit balance using QuickBooks Desktop. Note: This is not the same as creating a credit memo. Menu: Go to Customers>Receive Payments. Choose the customer in the “Received From” field. Fill in the Payment Amount. Be sure to choose an

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How to Apply Customer Credits to Open Invoices in QuickBooks Online

Note: This is assuming the customer deposit was already booked BEFORE the payment was actually applied to the customer’s open invoice. Be sure that the pre-existing customer deposit is actually booked correctly for this to work. Go to the customer deposit entry in QuickBooks Online and ensure two things here: The “Received From” field is

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Handling Accounts Receivables within Two Different Systems (at the same time)

My client, Amelia, owns an architecture design business and has hired AccuraBooks to do two things: Maintain the bank/credit card reconciliations on a monthly basis. Maintain the “back-office” Accounts Receivables. Amelia desires to always maintain the “front-office” Accounts Receivables by creating the invoices herself and submitting them to her clients, then later on she will

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Handling Accounts Receivables Bad Debt Issues

My client, Veronica, had some accounts receivables issues recently. One accounts receivable issue was a customer was many months past due on payment on her invoice, which was still completely outstanding. Veronica instructed me to go ahead and write off this invoice to Bad Debt expense in the chart of accounts, which is exactly what

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Factoring Bookkeeping

My client, Emma, has recently sold all of her accounts receivables to a lending institution in lieu of a business loan. Basically all of my client’s customers will now have to send in payment to this lending institution and, in turn, the lending institution will disburse these discounted funds to my client. Emma has hired

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