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Sales Receipts is treated as open balance by QuickBooks?

Accounting software programs are a wonderful device to make accounting jobs easy. But, sometimes, things become irritating as the software treats some entries and transactions in a different way. So, users of the accounting software program needs to understand how entries are treated by the machine. For many people, there is hardly any difference between an Invoice and a Sales Receipt in QuickBooks.  Now the question is if Intuit understands the difference. Before checking how the accounting software from Intuit treats Sales Receipt, have a quick look at the simple difference between an Invoice and a Sales Receipt in QB. QuickBooksHelpSupport.Com

Quickbooks-Sales-Reciept

  • When something sold on an Invoice, it means you have a receivable and the total amount is due. This way, it is an “open” balance and it is assumed that customer will pay this amount. Remember: You have not received payment yet.
  • On the other hand, when something is sold on a Sales Receipt, it shows that you have been paid fully at the time of the sale. This way, this amount is not treated as an open balance. As you have already received the payment from the customer at the time of the sale, you just have to deposit it. Sales tax accounting support for Quickbooks

Generally, users inform that they use Sales Receipts when they get paid at the time of the sale. This way users get freedom from doing an additional receive payments transaction.

While using older versions of QuickBooks, it is likely that the accounting software represent Sales Receipt as a sale for which the seller has already been paid for. Now, the most irritating part of the game is why the software is showing the transaction as open and why it is “aged”? Obviously, this doesn’t make sense because the screen displays the “open balance” and “aging” for a Sales Receipt which is really misleading and annoying as well. Proadvisor support for Quickbooks

If users can understand the things properly, they will find that there are some filters that can be used to alter this situation. Simply, select open invoices and charges because it is hidden. By adding filters to the customer information option, you can easily correct this problem. If the same option is used, it will always display things correctly and will not show Sales Receipt an open balance at any time.

It is said that this issue occurs with older versions, like QuickBooks 2012 and new versions hide the Aging value. Remember: It shows an open balance if it is unfiltered.

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