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Resolve opening balance equity account in QuickBooks

QuickBooks is one of the double entry online accounting software programs marketed by Intuit. QuickBooks proffers immense financial tools pertaining to small businessmen and caters to millions of users worldwide. While using the software, most of the users confront some common mistakes in QuickBooks in Accounts Receivable section or open credits.

Some of the common errors users are facing:

  • Credit issued and not applied to an invoice
  • Payment is not applied to an invoice
  • Small balances need to be written off

Symptoms

  • In the accounts Receivable section, you will notice a summary of old balances and lines with zero or small amounts in the total column.
  • Even in the open balance equity account shows a balance.

Open Invoices reports have many credits or small balances.

In the client data review feature, you have a fix unapplied customer payments and credits tool. In this tab match the open invoices with the Customer Payments that have been received, but these invoices are not applied to a single invoice. To apply these connections, choose a name from the Customers tab and press on the Invoices and Charges tab and choose a payment to apply to an invoice by placing a check in the checkbox. You can now choose Auto Apply All to apply all of the payments or each Payment and Invoice can be chosen individually. If you confront any type of issue, then don’t go in vain just simply dial a toll-free QuickBooks customer support number and get quality solutions to open invoice reports systematically.

Quickbooks-Opening-Balance-Solution

Manually Cleaning Up Open Items without CDR

For manually cleaning the open items clean up a data file is often needed without the support of the tools in CDR. Also, in case a Journal Entry was entered into Accounts Receivable, the CDR tool will not support this. If deposits are entered directly to Accounts Receivable section on the deposits and not in an income account, then CDR tool will not solve the issues. Accounting support for Quickbooks

To manually clean open items to invoices, use the following procedures:

  • Choose Receive Payments and select the right customer.
  • Leave the amount as zero and tap on Discounts and Credits.
  • In the Open Invoices report, simply double click on the invoice with the open balance section.
  • Tap on the History link at the top of the invoice to open the Transaction History dialog box.
  • Finally from the transaction history dialog, tap on go to button to open the Customer Payment window.

This CDR tool allows you to clean a group of specified invoices to be written off quickly. For more relevant solutions visit the official website of QuickBooks and get more details.

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