Step by Step Instructions for Accounts Receivable in QuickBooks
By Avery Martin
The proper use of your Accounts Receivable register provides a way to track customer payments and illustrate your company's overall financial picture using color-coded graphs and reports. Recording your invoices and statement charges into the Accounts Receivable register ensures that your graphs include all related business income. Reports provide a useful tool for meeting with business partners, clients or potential sponsors. You can enter transactions in two main ways -- through statement charges or invoices. Use statement charges when you want to apply customer payments to a single charge. Use invoices to track individual payments or accept payments over time.
Enter Statement Charges
Click the "Lists" menu and select "Chart of Accounts."
Double-click "Accounts Receivable" and uncheck the "1-Line" box.
Enter the date for your invoice or statement charge by clicking the "Date" column in an empty row.
Input a number in the Number column and select the "Customer" drop-down list to choose the customer.
Choose the "Item" drop-down list and select the item you want to charge for.
Provide any advanced information such as the quantity, rate, amount charged, paid or another available option and click the "Record" button.
Record Invoice Payments
Click the "Customers" menu and select "Receive Payments."
Click the "Received From" drop-down menu and choose a customer from the list.
Complete the Amount, PMT Method, Date and Check # fields, if applicable.
Click "Save & Close" to record the payment to Accounts Receivable.
Click the "Reports" menu and select "Customers & Receivables." Then, select the "A/R Aging Summary," "A/R Aging Detail" or the general "Accounts Receivable" option depending on the graph you want to create.
Click the "Dates" button and select the date range you want to display.
Click the "Print" button to send the report to your printer. You can select to print the report in landscape or portrait mode. When ready to print, click the "Print" button.
QuickBooks provides options to use either a cash-based or accrual accounting method. The cash-basis method works well for businesses that accept payment at the time goods get delivered, most commonly used in retail and food industries. Accrual method accounting makes sense for businesses that work in the financial sector or charge customers based on the stage of completion for a project.
Information in this article applies to QuickBooks Premiere and Enterprise 2013. It may vary slightly or significantly with other versions or products.
Avery Martin holds a Bachelor of Music in opera performance and a Bachelor of Arts in East Asian studies. As a professional writer, she has written for Education.com, Samsung and IBM. Martin contributed English translations for a collection of Japanese poems by Misuzu Kaneko. She has worked as an educator in Japan, and she runs a private voice studio out of her home. She writes about education, music and travel.