How To Create, Customize, & 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.

Furthermore, You are advised to send a statement over the 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 settings.
  • On the left side of the menu Choose the 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 to List each transaction including all details line.
    • The third one is Show ageing table at the bottom of the statement. This option provides a list of charges billed this categorized by how long they have been outstanding. Checkmark the box to enable this option.
  • 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. Click on the Statement drop-down menu, and select the statement type you want to create. There are three types of statements from which you can choose.
    • Balance Forward: This statement contains the list of invoices and payments with balance for the selected date range.
    • Open item: This statement contains a list of open and unpaid invoices for the last 365 days.
    • Transaction Statement: In this statement, you can see the transactions for the selected time period.
  • After filling the date fields, click on the Apply.
  • Finally, select the Save, Save and Close, Save and Send, and Print or Preview.

Quickbooks will create a statement only for a particular customer.

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

Customize your statement

Once you have created the customer statement then you can customize the statement later. Follow the instructions below to edit the statements.

  • First, open QuickBooks and then go to the Preferences option.
  • Then, go to the Settings option and then select the Company Settings option.
  • Here, open the Sales tab and then scroll down to the bottom until you see the Customer Statements option.
  • After that, click on the Edit.
  • Select any one of the following:
    • List each transaction as a single line.
    • List each transaction including all details lines.
  • Then checkmark the box stating show ageing table at the bottom of the statement.
  • Select Save.

The Bottom Line

In the above article, we have discussed how to set up, create, and customize customer statements in QuickBooks Online. You need to send statements to the customer to show them the summary of payments, invoices, credits, and balances. If you are facing any issue in creating customer statements then we recommend you to have assistance from our Intuit Certified QuickBooks ProAdvisor. You only need to call us on our 24/7 toll-free customer support number +1-855-441-4417.

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

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