The Three Steps To Manage Accounts Receivable
1. Use the Quick Start (+) and select Customers>Invoice
Complete the following items:
Email address if you’re going to email the invoice
2. Save and close your invoice.
Receive Payment from Customers
- Use the Quick Start(+) and select Customers>Receive Payment.
- Select the customer, enter the amount of payment, the method of payment, and apply it to an outstanding invoice.
- Determine what account the funds will be deposited to.
- Deposit to Undeposited Funds if checks or credit card charges will be combined into one deposit at the bank.
- Alternatively, select to deposit the funds directly into a bank account if no other transactions are being combined with it.
- Save and Close
Once the payment has been received, your balance sheet will no longer reflect any Accounts Receivable for that customer.
Deposit the Payment
- Use the Quick Start(+) and select Others>Bank Deposit.
- Select the payments to be included in the deposit. The total of the deposit MUST agree with the bank statement.
- Once the deposit has been entered, the balance sheet will now reflect an increase in the Cash Account and undeposited funds will decrease.