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Tracking Your Receivables: Ways to Find Out Who Owes You

Personal Tax

It can be nerve-wracking to keep track of all the financial details when running a business, regardless of size. Small businesses have to deal with numerous chores. For instance, it’s vital to stay updated with the current bills. Orders, estimates/quotes, and invoices require immediate processing. Moreover, companies have to ensure products are ready for viewership and selling. Besides, vendors and customers are always forwarding inquiries that require instant responses.

Nothing beats the importance of tracking your receivables. After all, your business requires timely customer payments to pay off vendors, partners, and operational costs. What type of payments do you accept? Do you accept credit cards, sales receipts, cash, checks, or bank transfers? Whatever the payment method, you must know which receivable owes you and how much.

Tracking Your Receivables with QuickBooks Online

Managing cash flow and ensuring timely payments from receivables (i.e., your debtors) is the top priority. QuickBooks Online comes with a range of perks to assist you in tracking your receivables and managing accurate records.

The software lets you learn which receivable has paid you, how much, and who’s behind on their payment using various features. Simply put, it helps you match your receivables against your payables to understand your current financial position.

It’s one of the key practices for any business, especially small-medium businesses, to determine whether they’re losing money, earning profits, or barely breaking even. Keep reading to learn how to use QuickBooks Online to track your receivables.

Walking Through a Few Steps as You Launch QuickBooks Online

Once you log onto the platform using your credentials, QuickBooks Online will give you a comprehensive review of your current financial situation and cash flow status. A two-sided Dashboard appears as you log in.

When you click on the Business Overview tab, you’ll see cash flow forecast. Note that the forecast will be lengthy as it will show the summary of the past 24 months. You’ll find different categories of relevant information, including:

  • Profit/Loss Graph
  • Expense Charts

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Three Types of Reports: Tracking Your Receivables

Three different report columns in the Owes You section:

  1. The Standard Reports list pre-formatted reports within QuickBooks Online.
  2. The Custom Reports show customized and previously saved reports by you.
  3. The Management Reports in the last show three sub-reports for different periods: Sales Performance, Expenses Performance, and Company Overview.

You can view, share, edit, and export all reports as Microsoft Word or PDF files. QuickBooks Online makes it easier to print the required reports through MS Word and PDF file formatting. So, you can generate five different types of reports under the Who Owes You tab.

How often should you be generating those reports regularly? It depends on the size of your business and the scale of operations. If the sales volume is huge, you’ll need a quick rundown of the invoice status, sales performance, and additional reports.

Overview of the A/R Aging Summary

You can quickly see the aging invoices and which receivables have current balances. The A/R Aging Summary shows your customers’ current overdue balances for 1-30, 31-60, 61-90, and 91+ days.

You can customize the summary using the option at the top of the screen, namely:

  • Aging Method
  • Days per Aging Period
  • Report Period

Click Customize, and a panel will slide out from the right to give you filter options so you can zero in on the data set that you actually want. The filter options include:

  • Aging
  • General
  • Columns/Rows
  • Header/Footer

You can use four additional reports to track your receivables and stay updated on who owes you and how much. These reports include:

  • Customer Balance Summary
  • Open Invoices
  • Unbilled Charges/Expenses
  • Unbilled Time

With these reports, you can easily glance at your current financial situation in terms of receivables. You can customize reports and get a clear picture of people who owe you money. Creating the reports

  • Sales Charts
  • Income Charts (Overdue and Open Invoice Summary)
  • Account Balances

You’ll find extensive resources and highly understandable charts to stay updated on your current financial position. When running a small business, you need instant and accurate information – QuickBooks Online brings that through helpful and broad data!

Quickly Checking the Status of Sales and Pending Invoices (Receivables)

If you require additional information on how well your business is doing in terms of sales, billable time and expenses, and invoice status, hover over the Sales Tab in the toolbar. There, you’ll find the All Sales option. Click on it.

It will present a horizontal bar at the top of your screen that displays transaction totals. The totals will represent the estimates of the following items for the last 30 days:

  • Unbilled activity (time and expenses)
  • Open Invoices
  • Overdue Invoices
  • Total Invoices

If you don’t want to see the total estimates for all items mentioned above, you can click on each to view it separately. The horizontal bar at the top will change and show dollar totals for the particular transaction sets you choose, such as overdue or open invoices.

The transactions table is interactive and easy to use. You can easily navigate from one column and row to the other. If you want to interact with a set of transactions listed in a row, move to the end of it. You’ll find an Action column at the end of each, click on it, and various options will appear.

You can choose any mix of options from the list based on the status of the chosen activity. You can perform various commands by clicking on:

  • Print packing slips
  • Send
  • Void
  • Send Reminder
  • Receive Payment

Generating Comprehensive Reports on Paid/Unpaid Receivables

You can find detailed information about your receivables on the Sales Transactions page compared to the Business Overview display. You’ll see more nuts and bolts over there. However, you’ll have to run reports to get more comprehensive, customizable, and in-depth reviews of your receivables.

You can easily prepare reports with QuickBooks Online. Simply move to the Reports section in the toolbar and click on the Who Owes You tab when it appears in the scroll-down menu.

mentioned above can help you create financial reports, such as Profit and Loss Statements, Balance Sheet, and Statement of Cash Flows.

A business needs a few critical financial statements to attract new investors, encourage existing/new shareholders, and request loans. Let us know if you want more detailed and comprehensive reports on your business’s current financial health!

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