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Tracking installment payments with Quickbooks Accounts Receivable
Posted by #1celtic on 03/09/2010 - 14:44
Our business is a not-for-profit private school. We use Quickbooks Pro 2008. Our customers are billed for tuition at the beginning of each school year. Most of them pay on a 10-payment installment plan. Quickbooks' Accounts Receivable provides for only one due date per invoice. There is no provision for tracking installment payments or for periodic reporting of past-due installment accounts. I need to produce periodic reports showing past-due installment accounts. Has anyone developed a work-around solution with Quickbooks or found accounts receivable software that works with Quickbooks and offers A/R installment tracking?
- 2512 reads
AR Installment Payments
A proposed workaround:
1. Create an Asset Account called Tuition Due (NOT an Accounts Receivable account.)
2. Post the annual tuition due for each family to Tuition Due using a JE - be sure to include the Customer Name.
3. Create an Item for Monthly Tuition that offsets the Tuition Due account.
4. Generate an Invoice for the Monthly payment due using the Monthly Tuition Item. Memorize this Invoice and group it to Monthly Tuition Invoices to recur automatically monthly.
I hope this is helpful!
Kathryn Conk
Certified QuickBooks ProAdvisor