Accounts Receivable and Quickbooks Help

Whether you are a bookkeeper or own a business, having a good accounting program to keep track of your finances is a must. With all of the financial and legal requirements in today's business world Quickbooks allows you to provide timely and accurate reports. As tax time approaches, having your business in order financially is crucial. When using many of the accounting applications out there today, you will likely need assistance to ensure all accounting is done correctly and Quickbooks help will certainly come in handy.

The accounts receivable part of your Quickbooks file is a common place for errors to occur. These errors are not only frustration but also can be quite costly. A mistake in this area can cause your business to lose money and possibly may result in you overpaying taxes. Paying too much tax to the government is certainly not an effective way to handle your business funds. Don't risk overpaying the government when help is available. Using Quickbooks help will provide an expert checkup of your files and may find mistakes you aren't even aware you are making.

Does your accounts receivable look incorrect? When you look at your accounts receivable balance and can tell that it is not right but can't tell why, this is no doubt an error in your Quickbooks files. When your list of customers and what they owe is displayed and yet the balance is incorrect, this usually leads to hours of frustration and looking over and over the data trying to figure out where you went wrong. If you have stared at your Quickbooks long enough and can't seem to find the needle in the haystack, it's probably time to call in some assistance.

One error occurs is when you see customer balances when you know their account is really paid. If someone has indeed paid their account in full, but it still shows a balance, this can distort their profit or loss number. The balance in your Quickbooks accounts receivable must be correct to reflect correct financial statements. When a customer shows a negative balance in their Accounts Receivable, this means the customer has a credit balance and has overpaid their account. If this is not the case, then the balance in the customer's account is incorrect. This happens when an invoice is not created and recorded, but the payment is recorded. You may have sent the invoice, and received the payment but if the invoice was not recorded in your Quickbooks file, your accounts receivable total will be incorrect. Also a payment may not be applied against the correct invoice or even the correct customer.

Mistakes made in Quickbooks can be as simple as one letter and can cause issues in your entire file if recording errors are made. For example, if you have a client called "Al's Home Repair" in your file you must be sure to make all entries spelled the same way. Should you record an invoice under "Al's Home Repair" and record a payment under "Al's Home Repairs" Quickbooks sees this as two separate accounts. Simply adding an "s" at the end of the client name can wreak havoc in your bookkeeping records.

Quickbooks is an application that makes your bookkeeping a much easier task to organize. Keeping accurate records in your business finances is a big task and must be done carefully. It is wise to hire a professional to assist you in reviewing your Quickbooks file to be sure that you are setting your company up for success.