quick-books

Question

is it possible to setup, that accounts receivable in the JLS database, to be Linked– to quick-books that the amounts show up in QuickBooks as accounts receivable?

Comments

Don't exactly understand. We integrate with the deposit screen. We enter the income account that you choose. Your income account can be as Account Receivables.

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I’ll explain;

The correct way for tuition income to be recorded is as follows:

Tuition income is supposed to be recorded in QB when the billing occurs. The entry to be made for the billing of tuition would be to debit (increase) accounts receivable and credit (increase) tuition revenue (income account)  for the amount of the billing.

When a payment is received the way, it is supposed to be recorded would be to credit (reduce) accounts receivable and debit (increase) the bank account (cash) for the amount of the payment, at this step revenue should not be touched.

 

 

The numbers from the tuition revenue (income account) appear on the income statement.

The numbers from the accounts receivable appear only on the balance sheet.

 

 

Currently, the revenue that’s coming over from JLS into the income account  is only revenue that has been collected. Leaving out all revenue that was not collected. Which is not showing on the balance sheet, therefore, my question was is it possible to integrate that the unpaid bills in jls database (account receivable) should be seen in QuickBooks in the accounts receivable account?

Answer 1

No. We do not have the option (and are not planning on adding) of transferring all invoices to QB. You take the balance sheet from our software. And only Collected Income goes to QB.

Comments

please let me explain, and take the time to understand, it may be helpful  to  yeshivos that are  interested ,  that their quickbooks show the real story. 

 

1. The first rule of accounting is that revenue is recorded at the time of the sale (or in the case of Mosdos - when billed) not when you receive payment from the costumer, billing and payments are recorded between the accounts receivable and Bank (cash) account, revenue account is not touched. ( as i wrote before)

2. i am not looking to see in quick-books the invoices, rather to see;  A.  the full amount billed  in the income account , B.  the outstanding amount should appear in the accounts receivable account, C. when payment is made the accounts receivable should be decreased , and the cash account should be increased. 

This way quickbooks are is sync with the real company.

thank you, for taking the time to understand my request.

 

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Understood. We are not planning on adding this as this can be seen easily on our report.