Accounts receivable in QuickBooks, or A/R for short, records the quantity of money clients or 1/3 parties owe your business. You can easily set up A/R tracking, or an debts receivable account, in QuickBooks to maintain complete income and consumer reports by recording payments, including finance fees for specific clients or applying reimbursements to sales for person jobs. You need to create an opening stability declaration for each customer if performing only one job, as QuickBooks robotically inputs client stability records to the Accounts Receivable account.
Follow the Below Steps to Set up Accounts Receivable in QuickBooks:
Adding Customer Information:
- Launch QuickBooks and click the “Customer Center” button.
- Select “New Customer & Job” from the top of the Customer Center menu and choose “New Customer.”
- Enter the customer’s call in the “Customer Name” field.
- Enter the customer’s terrific stability, if any, in the “Opening Balance” and “As Of” fields. If tracking several jobs for a customer, do now not enter facts into the “Opening Balance” and “As Of” fields whilst adding the customer’s records. Instead, enter a separate customer stability while creating a new QuickBooks Job entry.
- Add any additional facts as needed, which includes address, contact facts and sales tax records, in the precise fields. Click “Next” to keep and enter extra customer statistics, or click “OK” to store and exit.
Adding an Accounts Receivable Account:
- Launch QuickBooks. Click the “Lists” menu alternative and select “Chart of Accounts.”
- Click “Account” at the lowest of the listing and choose “New.”
- Select the “Accounts Receivable A/R” choice and click “Continue.”
- Enter the name of the account in the “Account Name” field. Enter the account number, if available, in the “Number” field.
- Click “Next” to keep the account and create a new one, or click “OK” to store and exit.
Hopefully, this blog guided How to Set Up Accounts Receivable in QuickBooks. The process of setting up of accounts receivable in QuickBooks is little tricky so, if you ever stuck in performing any of the steps or to know more about set up accounts receivable in QuickBooks and other QuickBooks errors, contact the expert team at toll-free QuickBooks technical support number . The team members are available 24/7 to address all your issues and provide you the best resolution. In case, you unable to call, you even drop an email or QuickBooks live chat with a query and get better assistance.