Welcome to the Fit Small Business QuickBooks Online training course! In this lesson, we’re going to cover how to set up statements in QuickBooks Online.
To complete this lesson, you can either watch the video below, read through the step-by-step instructions, or do both. Let’s begin!
Before we get started with the lesson, it’s worth mentioning that there are affordable virtual bookkeepers that can set-up and manage your QuickBooks for you. They will even help you get caught up if you are behind. For example, SmartBooks offers help with cash flow management, monthly financial statements, payroll processing and more starting at $250/month. Get a free consultation to learn more.
Why is it Important to Set Up Statements?
Statements are a great way to provide a recap of the products and/or services that were billed to a customer and payments received from a customer over a period of time, typically one month.
If you prefer to send invoices to your customers then there is no need to send them a statement.
However, I do recommend sending a statement over an invoice if you have customers who you bill on a monthly, quarterly or annual basis.
How Do I Set Up Statements?
You have 3 options to choose from when you set up statements. It all depends on how much detailed information you want to provide to your customers on their purchase:
- List each transaction as a single line as indicated below:
- List each transaction including all detail lines as indicated below. Notice in this example that we see the invoice details (Rock Fountain=$275, Sprinkler Pipes=$16.00)
- Show aging table at the bottom of the statement – this view provides a list of charges billed categorized by how long they have been outstanding, (i.e. 1-30 days, 31-60 days)
Once you have made your selections, be sure to save your changes.
That wraps up the lesson on Setting Up Statements. The next lesson in our QuickBooks Online Training Course will be How to Set Up Expenses. In this lesson, we will show you how to track your expenses and manage your accounts payable.
To access this lesson or any of the others in the series, click here.
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