Accounts Receivable Clean-Up in QuickBooks Online

Keeping your Accounts Receivable balances clean, low and accurate is important to your bottom line. It is critical to know how much money your customers owe at any given time. Your accountant will schedule a phone or screen share meeting with you to discuss the details of the Accounts Receivable clean-up work that needs to be done in your QuickBooks Online account. Together you will identify outstanding balances that are not collectible that should either be written-off as bad debt or cleared due to manual data entry errors. When you have outstanding customer invoices where sales tax was charged, there is a different accounting process to follow for editing or writing off such account balances. This is especially relevant to businesses using the accrual accounting method, as they pay sales tax when a sale occurs and may be entitled to a sales tax credit for paying sales tax for an invoice that is being written off to bad debt as no longer collectible. Our firm specializes in Accounts Receivable clean-up that includes sales tax.

Your Accountant will Perform Contra-Accounting if Necessary

For this service, you will provide your accountant with a list of outstanding customer invoice balances that will not be paid with reasons. Your accountant may also need to perform Contra-Accounting with this service. This type of accounting is performed when a customer is also a vendor that is owed money by your company. Note that contra-accounting work is included with this service.Your accountant will send you a notification requesting the list of customer invoices to be edited or written off to bad debt that will show up on your client dashboard. You can select existing invoices from a list within the request and provide the details for each invoice into a form directly in the request on your client dashboard. You can also email or upload your list into a folder within your secure document upload portal. Once the accountant receives this information, they will clean-up your Accounts Receivable and upload a Detailed Transaction Report and new Accounts Receivable Aging Report into the From My Accountant folder located within your document upload portal.