#QuickBooks Online #QBO – How to handle zero balances in accounts receivable aging

You have two ways to handle this issue in QBO:

  • Manual Setting
  • Automatic Setting (auto-mode)

You will need to select the one which is right for your business situation. When you create a new company file in QBO, normally this auto-mode is already ON as a default setting.

1zero ar aging

Manual method is commonly used when you have several customers open invoices and need to apply issued credit and received payment against a specific invoice. The credit memo may directly be related to certain specific project or a product return.
For example, you issued several product invoices to a customer. They returned one product and you had to issue a credit memo. They paid that invoice and also deducted for product return. For your business, you want to make sure, transactions (payment and credit) for that invoice is handled correctly. You would want to manually select that invoice; enter receive payment; apply credit and clear that invoice in A/R Aging.

To clear zero balance in A/R Aging:
From the home page screen > left navigation bar > customers > customer page > go to customer invoice > select “Receive Payment” under “Action” column
It will take you to “Receive Payment” screen. “Amount Received” should show zero because clearing “outstanding” and “credit” are for the same amount. Choose Save and Close. It should clear (disappear) zero balance in A/R Aging. Now, on customer page, status should indicate paid (instead of partial) and closed (instead of unapplied).

Click on the screenshots below to enlarge them
2customer page

3clear ar

4clear customer page status

Automatic method (default setting in QBO)
You can also choose “automatically apply credit” setting in QBO. By turning this setting ON, it will automatically apply credits to the next invoice you create for the same customer. General service-based companies (or non-project oriented companies) prefer turn on this setting. They do not deal with product returns. Invoices they issue are not sensitive to any specific project.

To turn on this automatic setting in QBO:
From the home page screen > company gear (upper right corner) > settings > company settings > advanced > automation > Automatically apply credits ON > save

5automatically apply credit setting

Once this automation setting is on, it is automatically take care of payment and credit. You will not see zero balances in Accounts Receivable Aging.


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How to import a QuickBooks desktop backup company file to QuickBooks Online?

It’s not possible to import a QuickBooks desktop backup file directly into QuickBooks Online.

If you only have a backup and don’t have QuickBooks desktop installed on your computer, you will first need to install a trial version of QuickBooks on your computer.

Follow the steps below:

  1. Download and install a QuickBooks Trial:

Windows Desktop Trial Link: http://http-download.intuit.com/http.intuit/Downloads/2012/Latest/Setup_QuickBooksPro2012.exe (License # 7482-8847-2621-492 / Product # 204-992)

Mac Desktop Trial Link: http://http-download.intuit.com/http.intuit/Downloads/2014/Latest/QuickBooksProMac2014Trial.dmg

  1. Skip (or exit) the “getting started” interview.

  2. In the QuickBooks trial, choose File > Open or Restore Company to open the backup file. (File > Open Company in Mac)

  3. After it’s restored, take these two steps (also read related articles below)

  • STEP 1 > In QuickBooks for Windows, choose Help > Update QuickBooks.
  • STEP 2 > After the update is complete, restart QuickBooks, choose Company > Export Company File to QuickBooks Online.

Click on the screenshot below to enlarge it
steps to import your data

Then, follow the rest of import instructions:

replace or new

 

Related articles:
Import into QuickBooks Online from QuickBooks Desktop for Windows

Survival Guide – Import to QuickBooks Online from QuickBooks Desktop

Import into QuickBooks Online from QuickBooks Desktop for Mac

 

#QuickBooks Online

 

How to turn off the “Terms” so it won’t show on an Invoice at all?

Removing the “terms” completely from your invoice is a part of “Custom Form Styles” under Settings. You will need to disable the “Terms” setting just once.

 

Here’s how to do it:

  • Click on your Company Gear in the top right corner
  • Click Custom Form Styles under the Settings tab
  • Select form name you would like to take the Terms off of
  • Click edit under action column (far right)
  • Select your form style and click Next
  • Click on Header on the left side
  • Uncheck the box next to “Terms” under Customer
  • Click Save

Now when you invoice your customers using this customized template (under customize at the bottom),  there will be no terms of payment listed.

Click on the screenshots below to enlarge them
turn off terms

turn off terms invoice

 

#QuickBooks Online

 

How to run customized Sales Report by Sales Rep in new QuickBooks Online?

There is no built-in business report available by Sales Rep in new QBO at this time. By using available custom field on the sales forms (invoice and sales receipt), you can easily get the information by selecting and customizing standard built-in “SALES BY CUSTOMER SUMMARY” report.

This quick and easy tutorial video shows you how to customize sales report by sales rep for tracking sales and manually computing sales commissions in the new QuickBooks Online (QBO).

Here is another top-rated tutorial video by VPController for newqbo.net. We encourage you to watch the entire video.. You do not want to miss a step!

Sign up QuickBooks subscription for new company. Or add additional company subscription for using the same user ID (choose “Already have an Intuit user ID?”)

How do I “Close the books” for a given month so no further transactions can be posted in new QuickBooks Online?

Accounting Close Date Setup
Accounting Close Date Setup

From the Home page screen

  • Click the Company gear in the upper right of your Home screen
  • Choose Company Settings from the dropdown
  • Click Advanced on the left
  • Click in the Accounting section (it’s at the top of the page)
  • Check the box for Close the books
  • Enter a Closing date
  • They offer 2 selections from the dropdown selector

a) Allow changes after viewing a warning
b) Allow changes after viewing a warning and entering password

  • Select One based on your accounting security need. Selection with password will protect more since password is assigned here by the admin.
  • Click Save
  • Click Done
Accounting Close Date Warning
Accounting Close Date Warning
Accounting Close Date Warning with Password
Accounting Close Date Warning with Password

New QuickBooks Online Plus – How to enter various expenses in new QBO?

QuickBooks Online (QBO) Tutorial – Customer Invoice, Sales Receipt, Receive Payment, Bank Deposit

 

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We need to pay Sales Commissions based on Sales Invoices paid date. How to run a Customer Sales report that will tell me exactly what invoices were paid in a specific date? 

To do this job, you can run “Sales by Customer Summary” report.
You will need to customize the report to show daily sales and change to cash basis.
If you are using custom fields for sales rep on the Invoice, you can match the sales by Sales Rep as well.
See attached screenshot photo1, photo2 and photo3 for reference.

qboe-customize-sales-summary-by-days1
qboe-customize-sales-summary-by-days2
qboe-customize-sales-summary-by-days3