Accounts Receivable and QBO

Hello, Linda Artesani, Artesani Bookkeeping. I wanted to do a brief video on how to navigate accounts receivable in QuickBooks Online in reference to getting the flow in perfectly so that you show exactly what people owe you and that you also match up with your bank feed. A lot of people just go into their bank feed and just download transactions And what happens is, is they maybe duplicate their income or they attach their bank feed to the wrong transaction. So I'm going to start with this transaction here. So as you come through, you might want to just sort your bank feed by the category or match. So here I've got them, the green ones on the top, and green usually means go, but you do have to look at them. So you've got Cool Cars, it's a payment, you just want to take a peek and the The bank detail doesn't really tell you anything, but it does match a payment, so I'm going to match that one. And you can pretty much go through these fairly quickly. Sales receipt has matched to Dylan, so we can do that one. This one's matched to an invoice. Now, I don't really want to show it matching to an invoice. I want to show it matching to a payment. I'll also come down here and I'll see that it's matching to an open balance. You definitely don't want to do that. It's matching to an invoice and it's an open balance. But I know this is the person— Freeman's Sporting Goods is who paid me that $50. So let me go over to the customer screen. I'm going to just open a link in a new tab, which is what I love about QuickBooks Online. I can have several windows open at once. So let's come down to Freeman's. It was actually not the parent account, it was the subaccounts. It was the 55 Twin Lane. And I see that it's here and it's overdue, but I know he paid me. He paid me on the 22nd. So I get out my records and see that yes, in fact, he did pay, and I actually scanned that check and put it in the bank by itself with the little app on my phone. So I want to record it as such. I'm going to come over here and receive the payment. I went into the bank on 4/23. He paid me by check. Check 1, 2, 3, 4. And it was for $50. So I'm going to save and close that. I'm going to come back to my Bank Feed window. Do have to refresh the page because I was in the other page. That's the most up-to-date page. So you just refresh. And now I should look and see that it's now matched to payments. So that is correct. So sometimes I also see that people bring a group of checks. They may get their mail all week long and then do their banking on Friday. So, they're not putting the checks in individually, they're actually grouping them and taking the trip to the bank. So, how can I show that properly? Well, the best way to show that income is to go to the customer screen, receive the payment. So, I'm going to pretend that he's now paid me this Duke's Basketball Camp, and it's Monday and I got one check and I'm not going to run to the bank for one check, but I'm going to put his check in here. I'm going to record it. I'm going to put the details in, and I'm going to record it on Monday and hit Save and Close. I'm going to go to the next person, and I'm going to say Bill's Windshop paid me. So the proper way to enter this is to do this, put the details in, and then make sure it goes into Undeposited Funds. So I'm not selecting directly to the checking account because I want this check to go into this kind of like a holding place. It's where you would like— if you could imagine that being your desk drawer and you're just putting the checks in on the desk drawer. So now it's Friday and I've got these 2 payments and now I want to put them into the bank. So I'm going to come over here and come to Bank Deposit. And I know that it was Freeman's and it was also Bill's Windsurf Shop. So I'm going to hit Save and Close. And what this is doing is, as you can see, as I clicked it, it's adding the $387 to the $85 and that was my deposit and I deposited it on the on the last day of the week, save and close. So then on Monday when I come into work, I come in and populate the screen for the banking. I come in, I want to clear out my screen, I can come over here and sort by the, by the category or the match, and I can come in here and then relink the transactions because by Monday the bank should have sent the coding into QuickBooks. With that deposit that I just made. So those are the steps to how to connect to the bank feed and to enter your customer transactions and to match them. You can match payments, you can match sales receipts because those are a direct one-time, you know, the person— you're collecting the money at the time of the sale, so those are okay to match. And match up to your bank feed. So that's the steps basically and the flow of accounts receivable. I'll put a little bit more detail in the blog post itself so it's not confusing. I hope that's helpful. If you want a future video on any subject, please reach out to me on Facebook. I'll provide a link in the blog as well. Thank you for watching. Bye now. Bye.