LUTZ BUSINESS INSIGHTS
Customers Behind On Payments? How to Create Statements
JIMMY BURGESS, SENIOR ACCOUNTANT
Sending an invoice for products or services is one of your more pleasant accounting tasks. If only your customers were as eager to pay them.
There are numerous ways to improve the income element of your cash flow equation. One of the easiest is the regular use of statements, reports you send to customers who have past-due balances. QuickBooks simplifies this task; it contains a statement template you can customize to meet your needs.
A Simple Process
Click Statements on the home page or open the Customers menu and select Create Statements. Everything you need is displayed in the window that opens.
First, verify the Statement Date is correct. Next, select from two options to define the Statement Period. Do you want it to cover a specific date range? Or, would you rather the statements go only to customers who currently have unpaid balances? You can specify the cutoff (for example, 30 days past the original due date).
Who should receive a statement?
- All customers who fit the criteria you just defined?
- Only one customer or several you select from the list provided?
- Customers of a certain type (like residential or commercial)?
- Customers who have a preferred method of receiving communications from you?
The latter two are less common.
If you want to see a list of the customers who will receive a statement, click View Selected Customers.
The entries in the vertical pane on the right help you shape the actual content of your statements. First is the option to change your template. QuickBooks comes equipped with the Intuit Standard Statement, but you can modify both its fields and its layout and add your company’s logo by clicking the Customize button. If you haven’t worked with customized forms in QuickBooks, let us help.
By default, QuickBooks prepares one statement per customer. If you’d like to change to one job per customer, click on the drop-down list in the next line.
There are several other options in this pane you can turn on or off by clicking in the box next to each. For example, you can indicate you don’t want statements created for customers who have a zero balance or a balance of less than a dollar amount you enter.
Clicking on Preview opens a new page to display every statement that will go out, each labeled with the recipient’s name, address, and activity for the specified period. Navigation buttons help you move through the documents quickly if there’s more than one.
There’s another button here that you can ignore unless you’ve set up finance charges in QuickBooks, which we recommend you don’t take on without assistance. As QuickBooks experts, we would be happy to help with that tool or any other element of your company’s accounting. So, contact us at your convenience.
ABOUT THE AUTHOR
JIMMY BURGESS + SENIOR ACCOUNTANT
Jimmy Burgess is a Senior Accountant at Lutz with over four years of relevant experience. His primary focus is to provide outsourced accounting to clients with a focus on QuickBooks, tax and payroll compliance, small business consulting, as well as software implementation training.
AREAS OF FOCUS
- Outsourced Accounting Services
- Tax & Payroll Compliance
- Small Business Consulting
- Software Implementation & Training
- Construction Industry
AFFILIATIONS AND CREDENTIALS
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- BS in Business Administration and Accounting, University of Wyoming, Laramie, WY
- Youth Sports Coach, Volunteer
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