Next under the ‘Item’ field in the invoice select the invoice item you created to make accounts receivable adjustments.ĥ. Select the customer’s account that you will be adjusting in the top left corner of the window with the ‘Customer Job’ drop down.Ĥ. On the top menu bar click ‘Customers’ and select ‘Create Invoices’ from the drop down.ģ. Begin by opening the ‘Create Invoices’ window. Before you begin write down the information for the customer account you will be adjusting and the amount you will need to debit from their receivable account.Ģ. Now you are ready to zero out customer over payments:ġ. Finally click ‘OK’ in the top right corner of the window to finish creating the invoice item. Select the account created in the previous step or the account that you would like to use.Ħ. Next choose the account this item will go against in the ‘Account’ drop down. Something like ‘Overpayment Adjustment’ is recommended.ĥ. Select ‘Other Charge’ as the item type in the ‘Type’ drop down menu.Ĥ. Right click in the window and select on ‘New’ to create a new invoice item.ģ. On the top menu bar click on ‘Customers’ and select ‘Item List’ from the drop down.Ģ. This is the item that we will use to adjust customer accounts:ġ. With your expense account created, make a new invoice item.
Finally click ‘Save & Close’ at the bottom of the window to finish creating the new account. It is recommended to use a specific name like ‘A/R Adjustments.’Ħ. You will use to write off the overpayments. Click ‘Continue’ in the bottom right corner of the window.ĥ. In the drop down next to this option select ‘Other Expense.’Ĥ. Select ‘Other Account Types’ at the bottom of the window. Right click in the window and select ‘New’ to create a new account.ģ. On the top menu bar click on ‘Accountant’ and select ‘Chart of Accounts’ from the drop down.Ģ. Begin by opening the ‘Chart of Accounts’ window. If you haven’t done so already create a new ‘Other Expense’ account:ġ. This way if an adjustment needs to be changed or deleted it can found easily. It is recommended that you create an ‘Other Expense’ account specifically for this.
The over payment will be written off into an expense account. We will be using an invoice to zero out over an payment in a customer’s receivable account.
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Here is how to use Quickbooks in Adjusting Accounts Receivable. In either case these receivables will stay on the books unless they are cleared out. If your business uses receivable accounts to track customer payments chances are you have a few customers that have over payed or refuse to pay for products or services. Quickbooks in Adjusting Accounts Receivable
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