The Three Steps To Manage Accounts Receivable

1. Use the Quick Start (+) and select Customers>Invoice

Complete the following items:

Customer name,

item,

Quantity needed

Payment Terms

Email address if you’re going to email the invoice

2. Save and close your invoice.

Receive Payment from Customers

1. Use the Quick Start(+) and select Customers>Receive Payment.
2. Select the customer, enter the amount of payment, the method of payment, and apply it to an outstanding invoice.
3. Determine what account the funds will be deposited to.
4. Deposit to Undeposited Funds if checks or credit card charges will be combined into one deposit at the bank.
5. Alternatively, select to deposit the funds directly into a bank account if no other transactions are being combined with it.
6. 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

1. Use the Quick Start(+) and select Others>Bank Deposit.
2. Select the payments to be included in the deposit. The total of the deposit MUST agree with the bank statement.
3. Once the deposit has been entered, the balance sheet will now reflect an increase in the Cash Account and undeposited funds will decrease.