In this article, we will discuss how to create Statements in QuickBooks Online. The assertion is a report that you send to your customers. It contains all of the transactions made by the customer over a specific time period. Read the entire article to learn about the significance, and process of setting up, and customizing the assertion. Go through the article and get all of your questions answered. This article provided simple steps for setting up statements in QB. For more information, like the New features of QuickBooks Online and QuickBooks payroll login just check these links and please contact our QuickBooks team.
Importance of Setting up Statements
The assertion provides you with detailed information about customer billing and payments received over a specified time period, typically one month.
A statement generally involves two types of transactions
- You have made credit memos, invoices, and sales receipts.
- The customer made the payment.
If you want to send the customer an invoice, there is no compelling reason to send them an assertion.
Furthermore, you are encouraged to send an assertion to the customer regarding the invoice. As it gives more itemized information to the customer who you are billing month to month, Quarterly, or Annually.
Set Up The Company Information In QuickBooks Online
Set up instructions for the basic company information. The data includes the company name, logo, address, email, website, and legal element information. This data will be used in reports, customer invoices, and tax returns.
Why It Is Important To Set Up Company Information?
It is critical to provide complete company information because what you provide in this section will influence the contact information that appears on the invoices, sales receipts, and gauges that you send to your customers. If you do not finish the Company set up by then, you will most likely encounter problems.
For example, if you send invoices to customers who intend to mail you a check but haven’t set up your contact information in Company Settings, your invoice won’t include your mailing address and your customers won’t know where to mail payments to. There will most likely be a payment delay, resulting in an income problem for you.
Now, we will let you know the steps to set up the statement:
There are three choices to pick from when setting up a proclamation. It relies upon what amount of definite information you need to give to your customer.
- Sign in to your QuickBooks account and then navigate to the Gear Icon>Account and Settings>Company settings.
- Select the Sales option from the menu on the left.
- Scroll down to the statement option, and you’ll see three options.
- The first option is to List each transaction as a single line.
- The second option is to list each transaction with all details on a separate line.
- The third option is to include an aging table at the bottom of the statement. This option displays a list of billed charges, organized by how long they have been outstanding. To enable this option, check the box.
- After you’ve made your changes, click the Save button.
Creating a statement from the customer’s page
- Click on the customer in the navigation bar (or, depending on what you’re seeing, click invoicing > Customers or Sales > Customers).
- Find the customer from the rows for which to create a statement.
- Select Create Statement by clicking the arrow next to the ACTION column.
- When the Statement page appears. Select the statement type you want to create from the Statement drop-down menu. You have three types of statements from which to choose.
- Balance Forward: This statement contains a list of invoices and payments that have a balance for the date range selected.
- This statement contains a list of open and unpaid invoices for the previous 365 days.
- After filling in the date fields, click on Apply.
- Finally, select Save, Save and Close, Save and Send, and Print or Preview.
Customize your statement
After you’ve created the customer articulation, you can later customize the assertion. To change the statements, follow the instructions below.
- The term “electronic commerce” refers to the sale of electronic goods.
- Then, select the Company Settings option from the Settings menu.
- Open the Sales tab here, then scroll down until you see the Customer Statements option.
- Then, click the Edit button.
- Select any one of the following:
- Each transaction should be listed as a single line.
- Include all detail lines in each transaction.
- Then, at the bottom of the statement, check the box that says show aging table.
- Choose Save.
- Balance Forward: This statement contains a list of invoices and payments that have a balance for the date range selected.
- This statement contains a list of open and unpaid invoices for the previous 365 days.
- After filling in the date fields, click on Apply.
- Finally, select Save, Save and Close, Save and Send, and Print or Preview.
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