How To Set Up Statements in QuickBooks Online




Today, in this article we will discuss the methods to Set Up Statements in QuickBooks OnlineThe statement is a type of report that you send to your customers. It contains all the transactions made by the customer during a period of time.

Importance of Setting up Statements.

The statement gives you the complete data regarding the billing of customers and the payment received from the customer over a certain period of time generally one month.

A statement generally involves two types of transactions.

  • Credit memos, Invoices and sales receipts that you have created.
  • Payment made by the customer.

There is no need to send a statement to the customer if you prefer to send them an invoice.

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Furthermore, You are advised to send a statement over invoice to the customer. As it provides more detailed information to the customer who you are billing monthly, Quarterly or Annually.

Set Up The Company Information In QuickBooks Online

How to set up the basic company information. The information includes company name, logo, address, email, website and legal entity information. This information will be used on the reports,

customer invoices, and tax returns.

Why It Is Important To Set Up Company Information?

This is a very important thing to complete company information because what you provide in this section will be affected the contact information that appears on the invoices, sales receipts, and estimates that you send to your customers. In the event that you don’t complete Company set up, at that point you are probably going to experience issues.

For example, if you send invoices to clients who you expect to mail you a check but you did not set up your contact information in Company Settings, then your invoice will not include your mailing address and your clients will not know where to mail payments to. There will be no doubt delay payment and result in a cash flow issue for you.

Now, we will let you know the steps to set up the statement:

There is three option to choose when setting up a statement. It depends on how much detailed information you want to provide to your customer.

  • Sign in to QuickBooks account then go to the Gear Icon>Account and Setting>Company Setting.
  • On the left side of menu Choose Sales option.
  • Scroll down to select the statement option then you will get the three options.
  • The first option is to List each transaction as a single line.
  • The second option is List each transaction including all details line.
  • A third one is Show aging table at the bottom of the statement this option provides a list of charges billed this categorized by how long they have been outstanding
  • Once you have made the changes then click on the save option.

Creating a statement from customers page:

  • Click on the customer in the navigation bar (alternatively, Click invoicing > Customers, or Sales > Customers, it depends on what you are seeing)
  • Find the customer from the rows for which to create a statement.
  • Click on the arrow near to the ACTION column and select Create Statement.
  • Once the Statement page is visible. You can follow the steps mentioned earlier.

Quickbooks will create a statement only for a particular customer.

Note: Statement can also be sent as a reminder to the customer about all the previous activities.

I hope you find this article useful. If you have any query related to this or any other topic, you can call QuickBooks Online support Phone Number +1-855-441-4417.

Watch this video to learn more about How to Set Up Statements in QuickBooks Online.

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