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How To Run Accounts Receiveable Aging Reports In QuickBooks Online 2016 - YouTube
Channel: FitSmallBusiness
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welcome to the fit small business
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quickbooks online training course in
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this lesson we're going to cover how to
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run an accounts receivable aging report
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in quickbooks online to follow along
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with me login to your quickbooks online
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account now or click the link below for
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a free 30-day trial of QuickBooks Online
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you can also click this link to access
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our full QuickBooks Online course and
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other helpful resources let's get
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started the AR aging report provides a
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list of all of the unpaid customer
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invoices and the number of days they
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have been outstanding in order for this
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report to be useful you must set invoice
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terms for all of your customers if you
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have not set up invoice terms in the
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customer profile then QuickBooks will
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not be able to provide you with reminder
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when your customers and voices are
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coming due in addition the AR aging
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report will not be able to track the
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number of days the invoices have been
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outstanding there are a couple of ways
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to set up invoice terms the simplest
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option is to set up default invoice
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terms for all customers this option
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works best if the majority of the
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customers have the same invoice terms
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for example net 30 and the how to set up
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invoices sales receipts an estimates
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lesson we walk you through step by step
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how to set this up click here to watch
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this video tutorial if you offer
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different terms to many of your
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customers then click here to watch our
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how to set up customers tutorial the AR
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aging report can help you to stay on top
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of customer invoices that are past due
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so that you can follow up with your
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customers about payment the longer an
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invoice remains past you the higher the
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likelihood that you may not get paid
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without some type of follow up with your
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customers not getting paid can impact
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your business's cash flow so it's
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important to keep on top of your unpaid
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invoices using an AR aging report to
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help demonstrate the components of the
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AR aging report we will take a look at
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the eight our aging report for a
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fictitious company Paul's plumbing here
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you will find the AR aging summary
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report as of September 30 of 2016 for
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Paul's plumbing similar to the balance
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sheet report this report is as of a
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specific date click here to watch our
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video tutorial on how to run a balance
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sheet report
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box number two shows the aging
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categories this report is organized by
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customer and then by five different
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aging buckets starting with current one
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to 30 days 31 to 60 days 61 to 90 days
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and 91 and over the current column
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indicates invoices that are not yet due
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no action is required for invoices that
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appear in this column the 1 to 30 day
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column indicates invoices that are 1 to
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30 days past due certainly you don't
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want to contact a customer who is just a
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couple of days past due however for any
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invoices that are 7 days past due I
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would recommend that you send the
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customer a friendly reminder either by
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telephone or email if you send an email
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I would include a copy of the invoice as
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well the 31 to 60 day column indicates
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invoices that are 31 to 60 days past due
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by this point you should have sent at
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least one or more reminders to your
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customer to pay their outstanding
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balance if you still have not received a
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response then I suggest that you send
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them a letter on letterhead that
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includes a verb it's similar to in order
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to avoid any additional late fees or
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penalties please remit payment
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immediately the 61 to 90 day column
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indicates invoices that are 61 to 90
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days overdue
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unless you have spoken with your
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customer and provided them with
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additional time to pay their outstanding
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balance more than likely you will not be
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getting paid at this point you may want
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to look into sending this to a
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collection agency or possibly writing it
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off as bad debt the 91 and over day
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column indicates invoices that are 91
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days past deal similar to what I
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mentioned for anything in the 61 to 90
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day column you should likely be sending
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this to a collection agency or writing
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it off as bad debt expense at the bottom
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in box three shows the totals by each
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group or category a good rule of thumb
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is to make sure that the majority of
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your outstanding receivables is within
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the first three columns it should be a
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rare occasion that you have something
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creeping to the 61 in over categories if
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you do be sure to address it quickly you
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can run an eight-hour aging report
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pretty quickly
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in QuickBooks so let's go ahead and
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navigate that now on the left hand menu
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bar you want to click reports and then
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once you do that make sure you're on the
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recommended tab and your AR aging
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summary report will be right here go
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ahead and click on that
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from this screen we have several options
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starting with the reporting period you
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can select the report period that you
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would like to run the report for from
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the drop down here so you can select any
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of these periods or you can actually
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type the date into this field this show
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non zero or active only option here
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allows you to show only active customers
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all customers or customers that have a
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balance other than zero and same with
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the columns you've got those same exact
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choices here days per aging period so
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currently our categories have 30 days
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within each bucket so one two thirty
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thirty one is sixty sixty one and ninety
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etcetera so you have the option to
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change that to whatever you like best
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practice typically is 30 days and then
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you also have the option to control the
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number of periods that you have and so
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again we've got the four periods here
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one to thirty thirty one is sixty sixty
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one to ninety ninety one and over and
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you can change that to whatever your
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preference is for your business after
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you make your selections you can run the
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report and it will appear down here
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below you have the option to email the
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report so for example if you need to
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send it to a CPA or tax professional you
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can do that you have the option to print
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the report from this icon here and then
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you also have the option to download the
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report into an Excel format or a PDF
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format in order to get the invoice
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details for the summary report you want
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to go ahead and click on any of the
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numbers within the report and notice
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that there will be a hyperlink once you
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click on that hyperlink you can see the
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details of what makes up the customer
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balance so for this particular customer
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they have one outstanding invoice that
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makes up the outs
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any balance of six twenty nine ten by
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now you have a good idea of how the
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eight are aging summary report can help
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you to stay on top of unpaid invoices so
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that you can get paid from your
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customers in a timely manner here are a
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few things that you should implement as
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soon as possible first be sure you
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create an invoice for all credit sales
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as they occur make sure that you set up
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payment terms for all customers
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establish a follow-up plan for invoices
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that become past due for example what
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action will you take when they are in
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each of the buckets one to thirty days
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thirty one to sixty days etc review the
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AR aging report on a weekly basis if
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possible for more tips check out our
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article on setting the best invoice
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terms for your customers and getting
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paid faster click here to access these
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articles that wraps up the lesson on how
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to run an accounts receivable aging
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report in QuickBooks Online to access
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our full QuickBooks Online course or any
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of the other lessons in this series
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click this link you can also find a link
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below this video for a free 30-day trial
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of QuickBooks Online if you have
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