Sunday, July 29, 2012

QuickBooks: Troubleshooting Cash Basis Accounts Receivable

Accounts Receivable should not appear on your cash basis Balance Sheet report but in some cases in QuickBooks, it will.

To clear the cash basis Accounts Receivable start by running a filtered report to find out which transactions QuickBooks was unable to convert and then adjust, correct, or simply note them.

Here's the step-by-step instructions for identifying the transactions in your cash basis Accounts Receivable:

1. Double-click on “Accounts Receivable” on your cash basis Balance Sheet report
2. Click the “Modify Report” button at the top left of the report
3. Remove the date in the “From” field and keep the date in the "To" field
4. Click on the “Advanced” button at the bottom left and set the “Open Balance/Aging” to” Report Date”
5. Click “OK”
6. Click on the “Filters” tab at the top of the Modify Report window
7. On the left, chose the Filter “Paid Status”
8. Set the "Paid Status" filter to “Open” in the middle of window
9. Click “OK” to run the report


Cynthia Huber, CQP said...

In today's webinar I discussed the troubleshooting aspect and said there were several causes. Here are some of the causes: (1) if the sales tax preference is set to "As of invoice date (which is accrual basis) then an open invoice will show on a cash basis balance sheet; (2) a check to a customer not linked to a credit memo; (3) a Journal Entry debiting AR as a target account; (4) a payment from a customer not directly applied to an invoice; (5) if there is an invoice with some date in the future but the payment is received before that invoice date, then the payment will show as a balance in AR; (6) a deposit not linked to an invoice or a payment; and (7) a credit memo to a customer not linked to an invoice or a refund check.

Freight Bill Factoring said...

Thanks for the step-by-step guidelines for determining the dealings in your money base Accounts Receivable.

Cynthia Huber, CQP said...

My pleasure. Have a great week!

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