Now that it’s the new year, it’s time for a fresh start in a lot of ways, including your bookkeeping. But you can’t look ahead very effectively if you’re not sure where you are now, so it is strongly recommended that you take stock of the state of your QuickBooks company file. Are you caught up on bills? Do customers need to be invoiced? Are any of them past due on their payments to you? QuickBooks is great at customer and vendor management, transaction processing, and reports. It can also serve as a barometer of your overall financial health. Let’s take a look at what you can do to update your company file and get ready for the challenges coming in 2023. By Jim Fisher, CPA/PFS, CTC Use QuickBooks To Get Your Finances in Order for 2023 Who Do You Owe? You can easily find out what bills you need to pay using QuickBooks. The first thing you should do is run an A/P Aging Detail report. Open the Report Center (Reports | Report Center) and click Vendors & Payables. Locate the report and click the green arrow button. When the report opens, click Customize Report in the upper if you want to change the Dates. Then look to see if any bills are past due. Double-click on any row to see the original bill and pay it. You can also run the Unpaid Bills Detail report. Figure 1: The Unpaid Bills Detail report. Who Owes You? Your customers might have let invoice payments slip. Two reports can help you find out who is in arrears. Open the Report Center again and click Customers &Receivables. Run the A/RAging Detail report and look at the Aging column to see if any customers have gone past due on payments. Open Invoices, too, can alert you to those customers.
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