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QuickBooks Tips Blog

Accounts Receivable - What A Mess!

Posted by Joe Mazur on Oct 9, 2013 7:00:00 AM

"My Profit & Loss report tells me that I'm making a lot of money, but where is it?"  This is a common question we get asked frequently.  I usually tell that person to open their Accounts Receivable report.  Accounts Receivable is one of those reports that can be scary the first time
it's opened.  This shows the amount of money that the company has invoiced its customers for whom have not paid yet.  In accrual based reporting, these amounts show up on the Profit & Loss and have a major impact on the bottom line.  Streamlining your invoicing process can eliminate having a wrong AR report.  Also, streamlining the process in which your customers pay your company can reduce your AR balance and make your cash flow much more predictable. 

 

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Topics: Cash Flow Management, Bookkeeping Processes, Accounts Receivable, credit card quickbooks, Accrual Accounting

QuickBooks Tip: How to Enter a Credit Card

Posted by Alex Viau on Mar 18, 2013 7:30:00 AM

Credit Cards in QuickBooks is a commonly misused function. I see many different ways a credit card is recorded. Some take the total amount due and
divvy out the expenses when they write a check to pay down the card. Other's enter a bill to the credit card company and break down the expenses via the bill. Now, the above aren't 'wrong' per-se but they certainly aren't 100% correct nor are they the most practical. We'll break down all the aspects from entering the account into your Chart of Accounts, recording charges made, the subsequent payment on these charges, and recording any other miscellaneous transactions such as rewards dollars, interest, and bank fees.

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Topics: QuickBooks efficiency, Learning QuickBooks, QuickBooks Tips, importing qbo, Using QuickBooks effectively, credit card quickbooks