Accrual Accounting
After reading this chapter, you'll be able to record and manage less-frequent but essential accrual accounting transactions such as customer returns, refunds, and bounced checks. You'll learn how to use Credit Memos to document returns and account for them properly, create Refund Receipts for both check and credit card refunds, and leverage Delayed Charges to accumulate service costs throughout a billing period before invoicing customers. The chapter also covers applying credits to invoices, generating customer statements, and handling collections activities like payment reminders and late fees.
In this chapter
- Controlling the Automation
- Recording and Applying Credit Memos
- Creating Customer Refunds
- Delayed Charges and Delayed Credits
- Generating Customer Statements
- Sending Payment Reminders
- Adding Late Fees
- Handling Bounced Checks
- Recording and Applying Vendor Credits
- Creating Vendor Refunds
- What To Do If Your Check Bounces
- Paying Sales Tax