One owner in a small condo is repeatedly delinquent in paying his monthly association fee. I'd like to place an "Item" called "Prior Balance" on the Invoice to remind him of what he owes.
I'm not sure what "Type" or "Account" to assign to "Prior Balance." If I use "Accounts Recievable", wouldn't it be accumulating the same past bill with each Invoice I write?
Please tell me how to handle delinquent payments properly. I'm new to QBs so please be patient. Thanks.
You need to run a statement for him rather than an invoice item.
I used statement charges instead of invoices when I was doing association billings, then what you enter on the statement charges ledger shows up on the monthly statement.
Look up in help on statement charges ... this should help you.
jayhay wrote:
You are correct in assuming that if you add a previous balance as a line item on an invoice, it will mess up your Accounts Receivable.
Using Memorized Statement Charges and Statements is a very good idea for this scenario.
If you still want to use invoices, then you can at least modify the invoice template to include "Customer Total Balance", which will help to remind your customer of his obligation.
It is surprising that QB does not offer the option of bringing forward any outstanding balance as the opening item on invoices.
Accounting purists seem wedded to keeping invoices and statements separate, but those of us who have to generate two documents when one would do very nicely thank you and then have to marry them before mailing and pay the extra printing costs at the end of the month in order to pander to the purists' sensibilities are unamused.
This is probably the most lamented missing feature in QB.
Ken
Invoices & statements are really two distinctly different cats. If you check in help on using the Statement Charge feature, you may be able to wed them.
Ken wrote:
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