The feature of financial exchange is among the most vital aspects of the QuickBooks desktop version. With QuickBooks desktop, you can track and effectively manage QuickBooks accounts receivable. With the feature financial exchange, it is possible to make and pay a QuickBooks Desktop Point of Sale invoice and transfer transactions in the QuickBooks Desktop Financial.
Let’s effectively manage QuickBooks accounts receivable for Desktop QuickBooks with financial exchange with an accurate QuickBooks accounts receivable report.
Make An Invoice
For making a QuickBooks Desktop financial invoice, the first step is to make a Desktop QuickBooks Point of Sale receipt while charging the customer’s account.
- Visit the Make a Sale section in Quick Desktop Books Point of Sale.
- Note down all the items vital, and select the customer’s name
- Select account for payment method
- Select Charge to Account. The charge amount automatically populates with the due amount.
Note: After accepting the initial invoice payment, you can select another payment method and type the amount.
- Specify the credit limit and choose Save
- Run Finance Exchange
For checking the process to transfer the QuickBooks accounts receivable transactions in Desktop QuickBooks financial:
- Visit QuickBooks Desktop Point of Sales and proceed to the Sales History option. Now highlight receipt
- Select I want to and select Financial Detail
- Choose Open in QuickBooks
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Pay Invoice
- In Desktop QuickBooks Point of Sale, Choose the option Make a sale.
- Now choose the customer, and at the payment method section, choose the Account option.
- Now choose the option on account Make Payment and enter the specific amount.
- Now choose the Save option
- Try the option Financial Exchange
Note: After financial Exchange, payment applies for different invoices depending on the payment due date.
- In Desktop QuickBooks financial, choose the payment method and use it in the right QuickBooks accounts receivable invoice.
- Choose the Save and Close option.
Track Customer Balance
- After navigating to QuickBooks Desktop Point of Sale, navigate the Customer menu and choose the option Customer List.
- Select customer and choose Edit
- In the section QuickBooks Options, you’ll notice these options:
Available Credit – the amount that the customer uses for buying merchandise
Available Balance – Amount owed to the business.
Customer Balance Doesn’t Match.
Differences can be visible in customer QuickBooks accounts receivable balances for QuickBooks Desktop Financial and QuickBooks Desktop Point of Sale when:
- Any unpaid invoices are there for QuickBooks Desktop financial
- Point of Sale Transactions from the Point of Sale is there in the incorrect QuickBooks Desktop finance company file
- If any error is present in Financial Exchange
- Any data damage is present in QuickBooks accounts receivable
Important: When invoices are directly created on QuickBooks Desktop, Point of Sale doesn’t have a record, but it correctly reflects the balance. Choose an invoice for QuickBooks Desktop Financial for zero-out when needed.
You can follow the below-mentioned steps in the assigned order to fix this problem.
Check for QuickBooks accounts receivable Financial Logs to error send transactions.
- In the Point of Sale, choose the Financial menu and select Financial Center.
- In the section, Review Activity, choose the Activity Log option.
Note: When an error occurs in QuickBooks accounts receivable Financial Exchange, you should check Troubleshoot 3000 code errors status in a financial exchange.
Compare Balances
- Run the Customer Balance Report on QuickBooks Desktop Financial.
- Visit the menu Reports.
- Choose the option Customers and Receivables and Customer Balance Detail.
- Now filter all dates and choose the All option.
- In Desktop QuickBooks Point of Sale, navigate to The Customer Balance
- Scroll to the Customer List in the Customer menu
- Choose the option Show Details
- Under the section QuickBooks Options, see the Available Balance.
- Now notice the balance differences
- In the Quickbooks Desktop financial, pull up the option “Open Invoice Report” (Reports > Customers and Receivables > Open Invoices) and the Customer Sales Report (Reports > Customers > Customer Sales) in the Point of Sale.
- Look for any unpaid QuickBooks accounts receivable invoices that should link QuickBooks Desktop and the Point of Sale.
Resend The Transactions In Quickbooks Desktop Financial
Make sure to follow these steps when there are invoices and sales presence in the QuickBooks Desktop Financial. It also applies if you’re using a new file of the company.
- In the QuickBooks Desktop Point of Sale, choose the financial menu and choose the Financial Center.
- Choose the advanced options and choose the option Recover Data Now.
- Now click the option Continue you see in the open dialog box.
- Enter the QuickBooks accounts receivable transactions date that you have to resend.
- Confirm by typing “Yes,” and then click on Continue.
- See the Run Verify Data Utility and the Resolve data Damage on the Company file to look for any data damage possibility.
Conclusion
With these steps, you can easily manage QuickBooks accounts receivable through Financial Exchange. With the professional consultancy of Wireitsolutions , businesses get a quick fix for accounting software worries and issues on the device. QuickBooks users get Desktop, Payroll, and Online subscription-based plans. This article will help fix QuickBooks accounts receivable errors.
Frequently Asked Questions
Before writing off QuickBooks accounts receivable, you must know what is accounts receivable in Quickbooks. By QuickBooks accounts receivable, we mean the amount that the customers own for services or goods sold on credit. Other common terms for such credit sales are trade receivables or extending customer trade credit.
Let’s say that you instantly offer services and goods to the customers. However, you also get payments for these services and goods after some days.
In QuickBooks, all credit-based sales to customers are recorded as QuickBooks accounts receivable. Businesses write Accounts Receivable in Quickbooks or Trade Debtors in books.
The best way to clear QuickBooks accounts receivable is to make an accounts receivable journal entry QuickBooks and reverse it. Enter a date at the time’s end, and set it for reversing on the day. Consult your accountant.
- Navigate to the Plus (+) icon and choose Journal entry under the section other.
- Enter journal date for accounts receivable journal entry QuickBooks
- Under Account drop-down, select the affected account by transactions, then enter the amount in the Debit column.
- Add Accounts Receivable on the second line
- Choose the customer’s name in the drop-down menu
- Have some reason in the Memo field
- Tap the Save and close or Save button for recording the transaction.
Reverse it after following these steps:
- Choose the Search icon on the toolbar.
- Search for the journal entry you made and open it.
- Elect the Reverse
- Change the Journal Date to one day after the original journal entry’s Date.
- Tap on the option Save and Close
Now you can use the JE for the current balance. You can access the Balance Sheet Report for reviewing AR balance in the Reports tab. Choose the Accounts Receivable listed account and customize it for the specific details.
When a QuickBooks accounts receivable becomes a bad debt, it’s time to write it off. In Quickbooks, you should follow the below steps for this process.
Step 1: Check On Old Accounts Receivable?
- Review receivables and invoices that you can consider bad debts with the report for Accounts Receivable Aging Detail.
- Choose Reports
- Find open and Accounts Receivable Aging Detail report
- Check the outstanding QuickBooks accounts receivable that you need to write off
Step 2: Make An Expense Account For Bad Debts
- Choose settings and have a Charge of accounts.
- At the upper right, choose New for creating a new bad debt account
- In the drop-down Account Type, select Expenses
- On the option Detail Type, go to Bad debts
- Choose Save and Close
Step 3: Make An Item For Bad Debt
When you didn’t make a non-inventory item as a placeholder for bad debt, it isn’t a real item, and it’s to balance accounting.
- Choose settings and have Products and Services
- At the upper right, choose New and Non-inventory
- In the field Name, enter the “Bad debts.”
- On the drop-down Income Account, choose the Bad debts
- Choose Save and Close
Step 4: Make A Bad Debt Credit Note
- Choose + New
- Select the Credit note
- Choose Customer from the drop-down Customer
- In the space of Product/Service, select the option Bad Debts
- In the column Amount, enter the total amount you can write off.
- Enter “Bad Debt” in the box message on the statement.
- Select the option Save and Close.
Step 5: Add A Credit Note On The Invoice
- Click on + New
- Under Customers, select Receive payment
- From the Customer drop-down, choose the customer
- From the Outstanding Transactions section, choose invoice
- From the section Credits, choose a credit note
- Choose the option Save and Close
Uncollectible QuickBooks accounts receivable are now on the report Profit and Loss under the expense account Bad Debts.
Step 6: Run The Report For Bad Debts
Run Account QuickReport to check on the receivables tagged as bad debt. For this reason:
- Choose Settings and choose Chart of accounts
- In the column Action, click on Run report.
Note: It’s possible to tell the entity has bad debt besides other customers after adding a not to the name:
- Choose sales and choose Customers
- Select the customer’s name
- At the upper right, choose the option Edit
- In the field, Display Name, enter the “No Credit” or “Bad Debt” after the customer’s name.
Choose Save.
