Accounts Receivable & Accounts Payable
After reading this chapter, you'll be able to handle common but infrequent accounts receivable and payable transactions such as issuing credit memos, processing refunds, recording bounced checks, and collecting overdue payments. You'll learn how to use QuickBooks Online's Credit Memo and Refund Receipt forms to manage customer returns and refunds, control the Automatically Apply Credits automation to manually apply payments to specific invoices, and generate customer statements and payment reminders for collections. The chapter also covers vendor credits, delayed charges, and sales tax payment workflows to give you a complete picture of accrual-basis accounting in QuickBooks Online.
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
- One-time Setup Steps
- Invoicing and Receiving the Replacement Payment
- Writing Off Bad Debts
- Recording and Applying Vendor Credits
- Applying Vendor Credits
- Creating Vendor Refunds
- What To Do If Your Check Bounces
- Paying Sales Tax
- Transferring Funds Between Accounts
- Do It Yourself
- Do It Yourself: Accounts Receivable and Payable