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Billing statement of account sample for R&D

QuickBooks Online accounts receivable tutorial hey everybody this is Matt holtquist with the QuickBooks University and I have done these accounts receivable tutorials in QuickBooks desktop and I wanted to go through it in QuickBooks Online get a lot of people uh whether they are members or just people on YouTube that have questions my clients have questions and they just really don't understand what accounts receivable are okay so I'm going to walk through this and show you how they come about in QuickBooks and why you have them and how you can track them and and everything that goes along with it so well let's start with the basics so a couch receivable just means money that customers owe you okay so very simple you know that you have this term accounts receivable it just means again money that customers owe you so the only time that you're going to have accounts receivable in QuickBooks Online is when you issue an invoice to a customer because if you do a sales receipt you know if somebody pays you immediately or you know let's say you have a retail store in general you're not going to have accounts receivable you will have accounts receivable in service type businesses where you are sending an invoice to a customer or uh it could be you know maybe you something construction things like that you're going to be issuing invoices to customers that's when you're going to have accounts receivable so first of all let me show you where this shows up I'm going to the reports and I'm going to the balance sheet now on the balance sheet you can see accounts receivable 5 281.50 52 cents so if we click this it's not going to show you a whole lot it's going to show you an ongoing register of of people paying and invoices issued and so on and so forth so it's very hard to read but when you are looking at a balance sheet then you see accounts receivable that's what that means so as of February 19th 2023 uh customers owe Craig's design and landscaping services five thousand two hundred eighty one dollars and 52 cents now again the only way that this is going to increase is when you issue an invoice in QuickBooks Online if you don't know how to do an invoice then I would suggest you go to my channel and look up the videos on uh issuing an invoice and QuickBooks online and you'll see how this increases now the way that this decreases is when a customer pays you okay so if we go up here and we say new we say customers you see invoice right there or receive payments so when we apply a payment towards an invoice that a customer pays us they send us a check they go online do bill pay whatever it is this accounts receivable is going to decrease all right so it goes up and down based on what customers owe you now there's a very very important report that I want to show you on here that every business owner or bookkeeper or whoever should be looking at periodically to make sure you're tracking your account receivable you'll see it here it says accounts receivable aging summary and it's also down here under sales and customers let's see what you owe expenses employees of if they have it on this sample file let's see what you owe and I don't see it in this list here it is who owes you I was right there accounts receivable aging detail which is going to show you all the detail of each customer invoices and payments accounts receivable aging summary all right and then of course you can pull a collections Report customer balance details summary Etc all right so there's all sorts of detail now this is the important one here that you want to be looking at I we personally and we tell our clients look at these once a month now what this shows is the current invoices that people owe you so 3756. invoices that are 1 to 30 days past due okay so or between 1 and 30 days oh so current is immediate one to Thirty Days means that depends on the setup so you can change the setup and how you want to view this so it can mean if it's one to Thirty days past due or within one to Thirty Days of owed 31 to 60 is 31 to 60 days past the invoice date 61.90 and 91 and over so you need to be looking at these periodically I say monthly to make sure so for example 55 twin Lane the Freeman Sporting Goods they've got a pretty old accounts receivable you want to make sure that you collect this money and be sending your statements calling clients customers sending them emails to make sure that you get paid because if you don't track your accounts receivable it can get out of hand real quick we have had many many clients where we've had to go in and really get collections because they let them go past too so being in business and running business not all about just selling it's also about making sure that you get paid for the work that you do so I want to make sure that you understand this this report here accounts receivable aging summary is very very important to be looking at at least on a monthly basis then also sometimes you're going to have some weird stuff in here you may show some credits to some customers and I've got other videos explaining how to clean that up so those are the basics of accounts receivable and understanding QuickBooks Online accounts receivable how it works what makes it increase what makes it decrease if you have any questions any comments please feel free to leave those below I appreciate you watching if this video was helpful please give it a like a thumbs up and subscribe