16 Nov Customers and Accounts Receivable
Customers and Accounts Receivable
In QuickBooks, the Accounts Receivable function is one of the most powerful features. In addition to tracking estimates submitted (Pro and higher only) and balances owed by each customer, there are countless variations of reports that can be created to analyze what is being sold, who is buying it, or who is selling it, etc.
The system is flexible to handle product based businesses as well as service type businesses. Data can be entered directly onto the invoicing form, or can be automated by linking other forms such as bills, time sheets, checks, etc.
There are primarily two options when recording sales to a customer. The first is to create an invoice and then subsequently receive a payment. The second method is to record a cash sales receipt that records the sale and receipt of payment on one form. To record a return and/or refund, the credit memo form should be used.
New with QuickBooks Premier 2003 and higher is a sales order feature for tracking back orders.
The time spent investigating the alternatives available, considering consequences of decisions, evaluating add-on solutions, etc. is definitely time well spent prior to sitting down to enter the transactional information.