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QuickBooks Support Accounts Receivable

Monday we did a QuickBooks support and training due to an issue with accounts receivable that an educational consultant client discovered in his books. This training was a good reminder of the accounts receivable process and how important it is to follow the workflow in QuickBooks.

The client was invoicing his clients and receiving payment which cleared the client’s balance. However, failed to complete the last step and make Deposit to the check register. Since the deposits weren’t showing up in his check register, he added a new deposit and booked it to Sales. He missed a critical step. 

Good rule of thumb in QuickBooks if you are invoicing your clients:

  • RECEIVE payment against the client and deposit to your checking account in QuickBooks. All done.
  • If you have multiple checks to deposit or need to record bank fees, or cash back, receive payment to UNDEPOSITED FUNDS.
  • Make Deposit, select invoice, enter adjustments, and then make DEPOSIT to the checking account to put it into your checking register.

In reviewing your QuickBooks, this to look for:

  • Your income account in QuickBooks should have the transaction type Invoice, Sales Receipt, or Credit.
  • If you see the word deposit, open it and make sure the deposit is made up of invoices from undeposited funds.
  • If you see the word deposit, and it is booked to Sales/Services or another income account, it is wrong and you are potentially overstating sales. We don’t like to pay taxes on stuff that isn’t real.
  • If you see the word check, this could be a refunds booked against sales. This is OKAY.

If you need a second pair of eyes to review your books or you’re not sure your QuickBooks is reporting correctly, please feel free to contact our office for a free consultation.

Call or email today for a free consultation and
see if we’re a good match to work together.

907-222-3019 | Office@DBCAK.com




A Simple Start to Managing Your Business Finances

This is a short presentation that I did back in 2009 for the Made In Alaska participants.

It is a Simple Start to Managing Your Business Finances. This is a great guide for those starting out in business and want to use a QuickBooks Essentials or QuickBooks Pro product.

The following topics are covered:

  • Introduction to Financial Management
  • Why Accounts are Important
  • Using Reports Using Reports
  • Managing Essential Tasks: Practice Session Practice Session
  • Tips and Resources
  • Appendix: Additional Appendix: Additional Concepts & Terms

Here is the link to the presentation

https://www.commerce.alaska.gov/web/portals/6/pub/mia/SimpleStartClass.pdf

If you are starting a business or need help with running and growing your business, please contact us for a free consultation. 907-222-3019  or Office@dbcak.com




QuickBooks Cafe – Nov 21st 1-3pm

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Join me Saturday, November 21st at 1-3 pm for QuickBooks Cafe.

Find out what you need to know to get your QuickBooks up and the fastest way to get your QuickBooks up to date. This is a 2 hours open work time. I will be on hand to answer any questions related to your QuickBooks transactions and bookkeeping to assist you in getting your books started or caught up.

Please bring your own laptop and QuickBooks file or Online Login information along with, any paperwork you want to work on for your business.

2 hour QuickBooks Cafe is $75
Payment Method: Cash or Credit Card

Space is limited to 10 people.

http://www.anchoragebookkeeper.com/events

To RSVP, please call 907-222-3019 or email Office@DBCAK.com




Request A Free Consultation for Bookkeeping Services

Schedule a free consult with LeAnn. Call 907-306-1828 | Cell 907-616-0308 or email us to schedule your free consultation today.

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