How to Add in Accounts Receivable Tracking in QuickBooks
Accounts Receivable tracking, also known as A/R tracking, is a way of keeping tabs on the amounts you have billed customers which they have not yet paid. It is an asset account because it is money owed your company even though you cannot yet deposit it in your bank account. Adding in tracking for Accounts Receivable is simple in QuickBooks, and it keeps you abreast of how many products are going out and how quickly the payments for them are coming in. Entering an invoice automatically starts QuickBooks tracking Accounts Receivables.
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Instructions
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Click "Invoices" on the Customer menu. If there are existing sales orders or estimates for this customer, it may open a window asking you to associate with one of the sales orders. Click any that are appropriate. If none are, push the "Cancel" button to create the invoice from scratch.
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Choose a customer from the drop-down list at the top of the invoice form. Use the "Add a customer" option to enter the customer information if it does not show up in the list.
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Choose the item or service you are selling from the first drop-down list under the "item" column. Add the quantity to the quantity column. Add a discount if you need to or adjust the total amount in the amount column. Add a tax item in that column, if the item or customer applies to sales tax.
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Push the "Print" button at the top of the form if you want to send it to the customer. You also have the option of emailing it to them from there. Then, press the "Save & Close" button to save the invoice, if you are done entering invoices; press "Save & New" if you need to enter another new invoice.
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Tips & Warnings
If you have received payment for the item before you shipped it, enter a sales receipt with the payment record attached, rather than an invoice so it does not track as part of your Accounts Receivable tracking.
Click the "Add an account" drop-down menu in the Chart of Accounts to add more than one Accounts Receivable to track and edit each item in your item and service list to connect to the proper Accounts Receivable account.
References
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