Accrual Accounting
After reading about accrual accounting, you'll be able to record customer returns and refunds, manage unpaid invoices with credit memos and collection tools, and navigate less-frequent transactions that occur in a typical business month. The chapter covers how to use Credit Memos to handle product returns while preserving historical records, Refund Receipts to return money to customers by check or credit card, and Receive Payment forms to apply credits strategically to outstanding invoices. You'll also learn to work with features like delayed charges, customer statements, payment reminders, and the processing of bounced checks and sales tax payments.
In this chapter
- 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