Manage Accounts Receivables in QuickBooks Desktop by Using Financial Exchange

, ,

QuickBooks is the complete package to handle the entire accountancy management and become the best choice for all small and medium-sized businesses globally. Along with these all amazing features, QuickBooks Desktop permits you to manage and track the customer balances effectively. This new approach offers advanced-level attributes such as utilizing the financial exchange feature, creating and then paying invoices with just a few clicks or you can easily transfer the transaction in the QuickBooks Desktop financial. This blog is the complete discussion about the Manage Accounts Receivables in QuickBooks Desktop Using Financial Exchange.

Manage Accounts Receivables in QuickBooks Financial Exchange is the best way of sharing information in-between the two programs. Generally, you can do it anytime or you can finish this at the end of your day. It is introduced to make things easy to handle the information and to meet the accurate results.

How to Create an Invoice?

Before moving to pay an invoice, you have to create an invoice first. To create an invoice in the QuickBooks financial receipt under the QuickBooks Desktop Point of Sale charging the customer’s account, just go with the below steps:

🔷 The initial step is to open the “Make a Sale” option in the QuickBooks POS

🔷 Then, go to the list-menu and then choose the “Customer Name”

🔷 Now, you have to select the payment method and then click on the “Account”

🔷 Choose the “Charge to Account” to charge the account on automatic mode with the amount due

🔷 If you accept the first payment for the invoice, then you need to select another payment method and enter the amount

🔷 After this, you have to enter a credit limit and click on the Save button

🔷 Once you are done with the above steps, then run the Financial Exchange

To Ensure How Transactions Were Transferred to The QuickBooks Desktop Financial:

🔵 Go to your QuickBooks Desktop Point of Sale

🔵 Then, open the “Sales History” section

🔵 Now, you need to highlight the receipt

🔵 From the drop-menu options hit the click on the “Show Financial Detail”

🔵 After this, all options will appear on your screen and click on the “Open in QuickBooks”

How to Pay an Invoice?

Once you ensure about the created invoice, then perform the below guidelines to pay an invoice step-by-step:

🔁 Go to the QuickBooks Desktop Point of Sale, then choose the “Make a Sale option”

🔁 From the menu list, select the customer and then choose the Account as the payment method

🔁 Now, you have to choose the “Make Payment on account” and moving head for further processing

🔁 Enter the amount and hit the Save button

🔁 The next step is to run the financial exchange

🔁 Once you are done with the payment, then the payment required to be applied to different invoices depend on the due date

🔁 Go to the QuickBooks Desktop financial, choose the payment, and then apply it to the correct invoice

🔁 The final step is to hit the Save & Close button and you are all done

While Manage Accounts Receivables in QuickBooks Desktop Using Financial Exchange, Track Customer Balance

📛 Firstly, open the QuickBooks Desktop POS

📛 Hit the next click on the “Customer Menu” and then choose the Customer List

📛 Now, you have to choose the Customer list

📛 Go to that specified Customer and hit the Edit menu

📛 Unlock the QuickBooks options and then the options will appear on your screen

📛 Available Credit: Customer’s amount you can utilize to purchase merchandise

📛 Available Balance: The amount customers owes to the business

After Attempting all Steps, If Still, Customers Balance Doesn’t Match then Go with The Following Steps:

☸ The user might see the difference in the customer balance in the QuickBooks Desktop Sale and the QuickBooks Financial

☸ Most probably chances of created unpaid invoices in the QuickBooks Desktop Financial

☸ When the transactions (from the Point of sale) are sent to the incorrect QuickBooks Desktop Financial Company file

☸ The error might appear while processing the financial exchange

☸ Due to corrupted/damaged data

Related Article

Download QuickBooks Point of Sale Desktop 12.0

Point to be Noted: If Invoices were created in the QuickBooks Desktop Point of Sale might not be recorded, but it will reflect in the account accurately. The user has to pay the invoice in the QuickBooks Desktop financial to zero if it is required.

No Need to Worry, Just Go With The Below Guidelines:

How Can I Fix This Error Issue?

🔰 Go to the QuickBooks Point of Sale

🔰 Then, open the financial menu and hit the click on the “Financial Centre”

🔰 Go to the Review Activity section and then choose the “View Activity Log” option

Perform The Following Steps to Compare The Balances

☑ In the first step, you have to run the customer balance report in the QuickBooks Desktop financial

☑ Then, open the reports menu

☑ Choose the “Customers & Receivables” and click on the “Customer Balance Detail”

☑ Now, you filter the dates to all

☑ Then, you have to view the customer Balance in the QuickBooks Desktop point of sale

☑ Go to the Customers menu and open the Customer List

☑ Click on the “Show Details” and all options will appear on your screen

☑ Locate for QuickBooks options section and then view the Available Balance

☑ View and compare the difference in balances

☑ After this, pull up the “Open Invoice Report” in the QuickBooks Desktop financial

☑ Go to the Reports and click on the “Customers & Receivable”

☑ Now, you have to open the invoices and then go to the “Customer Sales”

☑ Open the report menu and then choose the Customers section

☑ HIt the click on the “Customer Sales” from the Point of Sale

Once you resolve this error, you have to check for unpaid invoices before associating the QuickBooks Desktop Point of Sale. User required to resend the transaction to the QuickBooks Desktop financial. Follow the below guidelines if some sales and invoices are not available in the QuickBooks Desktop Financial or if you utilize a new company file.

🔰 Firstly, open the QuickBooks Desktop Point of Sale

🔰 Then, choose the Financial menu and hit the click on the “Financial Centre” option

🔰 Click on the “Show Advanced” options to views the details

🔰 Hit the click on the “Recover Data Now” and then on the Continue button for further processing

🔰 After this, you have to enter all required details in the date of the transaction you require resend

🔰 Hit the YES button to give them a confirmation and the Continue button

🔰 If there is any issue appears related to the corrupted or damaged data, then fix the damage data on your company file or run the verified data utility

Conclusion

We hope the above-mentioned information is sufficient to resolve your queries related to the Manage Accounts Receivables in QuickBooks Desktop Using Financial Exchange. So it will help to know how QuickBooks makes things easy to manage the accounts via the financial exchange option. For more queries, get in touch with the QuickBooks Helpdesk.

📯 Frequently Asked Questions

Q1. How Can I Clean the Accounts Receivable in The QuickBooks Desktop?

Ans: Open the Company menu and then select the “Make Journal Entries” option. To create the journal entries, you have to change the date and then enter the entry number if it is required. Open the Account section and choose the customer menu from the drop-menu list.

Q2. Is it Possible to Add More Than One Accounts Receivable Account in QuickBooks?

Ans: Yes, you can create and add Accounts receivable accounts. The first A/R account created will be its default in managing the A/R balances. This is the only reason, users are unable to change the default A/R accounts assigned by QuickBooks.

Q3. Which Type of Account Defines Account Receivable in QuickBooks Desktop?

Ans: Accounts receivable are recorded as a current asset on a business’s balance sheet, it is a promised deal for payments for goods or services that you are given by your customer. The specific frequency at which you can send invoices shows the frequency at which you will receive the payments.

Leave a Comment

Phone

+1844-961-4654