QuickBooks Online Advanced Receivables And Payables Solution

This video will prepare you for sudden changes to the QuickBooks Online Interface as you use QuickBooks Online. The company is constantly updating the QuickBooks online software. If you do not see where to click on the screen, you must look around carefully to find where they moved the feature you are looking for.

You will learn how to use the new advanced search feature in QuickBooks Online. It can help you find any transaction but can no longer search for data fields in list items. You can edit transactions from the search result list

This Learn QuickBooks Online video will show you how to record a refund receipt in QuickBooks Online. A refund receipt is what you would make if you are refunding a prior sale that was made with a sales receipt. It will have the exact opposite effect as the sale receipt does in the chart of accounts.

This Learn QuickBooks Online video training tutorial will show you how you can record a credit memo to a customer in QuickBooks Online. This will reduce the customer’s balance and you can apply the customer’s credit to any open invoice or retain as a credit to apply later.

This Learn QuickBooks Online video training tutorial will show you how you can record a refund that you will pay to your customer for an invoice that has already been paid. You can not make a refund receipt. You must instead make a credit memo and then write a check to pay the negative balance of the customer

This Learn QuickBooks Online video training tutorial will show you how you can record “pre-payments” or “advanced payments” from customers. This is sometimes called a customer deposit or down payment

This Learn QuickBooks Online video training tutorial will show you how to you the invoice deposit feature. This is something that you can activate in the company account settings and it will appear in the invoice window. You can record in to QuickBooks online the customer’s advanced payment and put the amount in the deposit field at the bottom of the invoice. The balance of the invoice stays on the open invoice report and the invoice can be printed to request final payment.

This Learn QuickBooks Online video training tutorial will explain the difference between “early pay discounts” and “qualifying sales discounts”. It will focus on the later and show you how you can set up a discount account. The account type should be “income” because it is a “contra income” account. The discount on the invoice or sales receipt must be a discount item that you set up with the items list.

This Learn QuickBooks Online video training tutorial will show how to set up terms on the terms list. The terms for early pay discount are the rules for an agreement. If the customer pays before the discount date then they will receive the early pay discount. The account that records the early pay discount is a “contra income” account. The discount on the invoice or sales receipt must be a discount item that you set up with the items list.

This Learn QuickBooks Online video training tutorial will show how to give customers the early pay discount. If discount terms were on an invoice, then the QuickBooks professional recording the payment must check the discount date and the invoice date and compare it to the day we received the customer payment to decide if the customer will receive the early pay discount. The discount amount is listed in the terms and the QuickBooks online invoice window can calculate the amount of the discount if discounts have been activated in the company account settings.

This Learn QuickBooks Online video training tutorial will show how to manage a customers bounced check. Sometimes customers or clients give us a check to deposit and the bank will return it as “not sufficient funds” if there is not enough money in the customer’s account to cover the check amount. We must the send an invoice to the customer to request reimbursement of the N.S.F check they gave us. The invoice we send should include an additional service fee for processing the bounced N.S.F check as well as the original amount of the bad check. The fee we charge our client should be more then the bank charges us for the bounced, bad N.S.F returned check.

This Learn QuickBooks Online video training tutorial will show how to manage, print and send customer statements. This is a legal document that we send our customers and clients every month to make sure that we agree with the details of what is owed and what is paid. The format of the customer statement can be a transaction list, open invoices or balance forward. If the open invoice report agrees with the customer and the customer does not notify us, we assume that we agree. If the customer does complain, we must reconcile with the customers to make sure the customer records and the customer balances are correct. We can send the statement via email or print and send in snail mail.

This Learn QuickBooks Online video training tutorial will show how to reconcile your customer records and customer reports with your client’s records to ensure accuracy. You must make sure that you agree with your customers regarding the individual customer transactions as well as the balance forward for every open invoice and the total balance itself. You must carefully check every transaction 1-by-1. If you have a difference, then you must call the customer or their bookkeeper and read off the transactions until you find the difference. The recommended report to read off to the client over the phone would be the transaction list by customer. Then either you or they can fix the QuickBooks online mistakes and make the data match.

This Learn QuickBooks Online video training tutorial will show how to find and fix customer’s misapplied payments. All the other mistakes in the customer records and on the customer reports can be fixed by reconciling with the customers the usual way. Comparing each transaction on the customer’s statements, one by one, will not help you find the misapplied payment. You must use what you learn in this QuickBooks instructional video to be able to find and fix this particular issue.

In this QuickBooks Online Training tutorial, you will learn how to use the delayed charges feature. A delayed charge is an event where money is earned, but the event is not yet ready to be placed on an invoice for billing the customer later. The transaction list by customer is the only report that will show delayed charges in QuickBooks online. They are recorded on separate documents that do not affect customers or account balances. They will only appear in the side panel of an invoice when you make an invoice for the customer that has delayed charges.

In this QuickBooks Online Training tutorial, you will learn how to use delayed credits A delayed credit is exactly the opposite of a delayed charges. They are recorded like any other QuickBooks online document. They are not transactions. They will only show up on the transaction list by vendor report. QuickBooks Online delayed credits can not be added to credit memos. They lower the amount of the invoice and can make the invoice balance become a negative number. Just like delayed charges in QuickBooks online, they will appear in the right panel when you make an invoice with the customer who has the delayed credit.

In this QuickBooks Online Training tutorial, you will learn how to write off an uncollectible account. The account is uncollectible if you have been notified that the customer is unable to pay. Once you determine you're not getting paid, you have to record a decrease to both the customer's balance and the accounts receivable account in the chart of accounts. At the moment you write off the customer's balance, you have a new expense called bad debt expense. And the bad debt expense increases by the amount of the customer's account that you just wrote off. After placing the bad debt expense account on the chart of accounts, you could either use the journal entry method or the credit item method to make a credit that will show up in the open invoice report, then apply that credit to the invoices that are uncollectible.

This Learn QuickBooks Online video training tutorial will show how to attach files to a transaction in QuickBooks Online. You can use the paper clip icon to attach a file the same way you would with an email. The file will upload to QBO and be viewable when you open the original transaction. You can see, manage and download all the file attachments that you have ever uploaded in the “attachments list” that you can open from the cog wheel.

This Learn QuickBooks Online video training tutorial will show how to Print checks from QuickBooks online. You must order the checks from QuickBooks Intuit and keep them in check number order. As you record the check, you leave the “to be printed” box checked. You will assign the check numbers only at the moment the check will print from QuickBooks online. That is when you open the “print checks” window. You can print to a PDF or an actual printer and then mail the check via snail mail to your vendor.

This Learn QuickBooks Online video training tutorial will show how to pay a vendor’s bill when there is a payment fee or payment processing fee when transferring the money to the vendor. Some QBO bookkeepers will ad the processing fee to the bill. The correct way to enter this is to add the processing fee as a separate bill with the same vendor name. This way, QuickBooks online can make 1 payment for the bill and the processing fee and the fee gets recorded on the proper date.

This Learn QuickBooks Online video training tutorial will show how to record receiving a refund from vendors for a prior check expense or cash payment where the vendor’s service was received, and payment was made immediately. Receiving a cash refund for these types of vendor transactions requires using the deposits window. The most important thing to remember is including in the QBO deposit the expense account of the service you originally paid for. The effect in the QuickBooks online chart of accounts and the vendor records and reports will be the opposite of the original vendor payment

This Learn QuickBooks Online video training tutorial will show how to record receiving credits from vendors for past bills that were entered in to QuickBooks online. You can receive a vendor credit memo that you can keep in your vendor records. They will show on the unpaid bills report until they are used and applied to past or future vendor bills. You can apply the vendor’s credit at the moment you pay a vendor’s bill from the pay bills window. When you apply a credit, the field to put the amount of credit will only show the total credit available and not the individual credit memos. If you apply less then the full amount of credit, then QuickBooks online will apply a proportional amount of each separate vendor credit to the bill you chose to apply the credit to. That’s a big difference in behavior from the QuickBooks desktop version.

This Learn QuickBooks Online video training tutorial will show how to record receiving a refund from vendors for a past vendor bill that has already been recorded as paid in QuickBooks online. A refund from a paid bill requires that you first make a credit memo the way we learned in the prior QuickBooks online instructional video. We learned how to enter and apply a credit memo. This time, we cannot apply the credit memo to the bill because it’s already paid. Instead, we have to record a check that increases the vendor’s balance and then apply the vendor’s credit memo to the check we received from the vendor. That will fix everything on the unpaid bills report. First we record the vendor’s refund check in the deposit window. Then, we can apply it to the credit memo that offsets the expense or asset account from the original vendor’s bill.

This Learn QuickBooks Online video training tutorial will show how to set up QuickBooks Online to be able to record all kinds of vendor discounts. A vendor could give a discount for several reasons. We could receive an “early pay” discount that would involve using vendor terms from the terms list to calculate and apply the vendor discount to a bill at the moment we make the bill payment. We would only get this discount type if we paid the bill with the vendor terms by the discount date stated on the bill. We can track vendor discounts sin a separate account and see the result on the profit and loss statement.

In this QuickBooks Online Training tutorial, you will learn how to record pre-payments, advanced payments, down payments and advanced payments to vendors for products or services that we will receive after payment has been given to the vendor. You need to write a check and include accounts payable as the account category in the check. This will cause vendors balance to be negative until the service or product is received from the vendor. Then, when finally received, we enter a vendor’s bill in to QuickBooks online to offset the check for the advanced payment. We use the QuickBooks online unpaid bill report to see that the prepaid expense check has been applied to the vendors bill

In this QuickBooks Online Training tutorial, you will learn how to reconcile your vendor and account’s payable records with the monthly vendor statements that you receive from vendors. To prove your vendor and accounts payable records are accurate, you must match the transactions on the vendor report with the monthly statement that you receive rom the vendor. The 2 vendor and accounts payable reports that you will use to compare transactions with are: the “unpaid bills” report and the “transaction list by vendor” report. If you carefully reconcile on the phone comparing 1-by-1 each transaction, you will be mostly correct. To get accurate payable records, you also must make sure you do not have a misapplied bill payment. The only way to determine this is to compare the unpaid bill amounts from the vendor’s statement to the unpaid bills report. Once you find the payment that was applied to the wrong bill, you can fix it by opening each bill payment and reapplying the vendor payment to the correct unpaid bill.

In this QuickBooks Online Training tutorial, you will practice all the advanced accounts receivable, accounts payable transactions that you have learned in this QuickBooks Online Advanced Playlist. This will determine how much you understood and remembered about your advanced QuickBooks online playlist course. You should compare your results in your QuickBooks online account with the results I n the practice QuickBooks video to make sure you have the same money amounts both before and after the exercise practice set.

In this QuickBooks Online Training tutorial, you will see how to use prepare your QuickBooks Online account to be able to charge company expenses with the company credit card. You must first put in to the chart of accounts an account that is a “credit card type” of account. You must enter the charges as they happen and save the credit card slip that comes from the machine at the moment you charge. That’s the proper way to record credit card charges in QuickBooks Online. You should save the slip to help you reconcile your credit card account in the bank reconciliation coming later. You should not wait until you get your credit card statement to enter the charges from. That would be like asking the fox to guard the henhouse. You must sacrifice the time to enter them 1-by1 from the slips as you charge and then compare you company credit card records to the credit card statement when you do credit card reconciliation.

In this QuickBooks Online Training tutorial, you will learn how to record credit card transactions in to QuickBooks online. Credit card charges are entered in the “expense” window of QuickBooks online. Simply open the QuickBooks online expense tab and then choose the credit card account that you made the business-related charge with and record the rest of the credit card transaction in to QuickBooks online. Credit card payments have their own window in the QuickBooks online new transaction menu form the new plus sign in the top right. Credit card credits have their own window in the QuickBooks online own transaction menu. Credit card payments in QuickBooks online have their own credit card payment window to record transaction where the credit card balance is paid down.

This QuickBooks Online Crash Course Training Tutorial will show you how to use the register windows in QuickBooks Online. All “balance sheet” type of accounts account in the chart of accounts can be opened in a register window. The bookkeeper using QuickBooks online will be able to enter any transaction that you could record into the account as a direct entry to that account. It is mostly a short cut to the “make deposit window” and the “checks” or “expenses” window. It was designed to look like the old register checkbooks that people used to use to keep track of their bank and credit card balances. It makes entering bank transactions more manageable and gives you the ability to adjust the account balances from the same window that you can see the list of transactions in the account. You can see all the transaction that have been entered into an account as well as enter a transaction and see the running balance of the account, all from the same window.