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Quickbooks – Catching Up Customer Payments

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questionClient rang, saying they have just taken over as volunteer treasurer for the local cricket club.

While going through the books they discovered that the previous treasurer had been depositing the payments from the members, but not entering them into the program.

How can I give the members credit for past payments without altering the books?

Answer If you invoice your members, you match the payment on the bank statement to the invoice with receive payments, but if no invoices have been created and issued, you can still create an invoice and then use receive payments when the payment is received. If you don’t invoice your members, you just use a sales receipt which will deposit to the bank at the same time.

In both cases, you may want to consider depositing the payments to undeposited funds so that when you find deposits you can select the payments in the deposit. That way your deposits in QuickBooks will match the deposits on your bank statement. And the undeposited funds account will keep a record of any missed, but should clear out back to zero.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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