How to Create Monthly Statements in Quickbooks for Your Business
- Business Statements help companies and customers stay organized and reduce paperwork
- Three settings in Quickbooks give businesses control over the details in their statements
- Generating these statements requires careful attention to financial and inventory records
- SyncLedgers helps by ensuring that the bookkeeping behind the statements is accurate
Some businesses may find it useful to provide their regular customers with monthly statements of their orders. They might choose to do this in place of, or in addition to, itemized individual invoices and receipts. Business statements like these can help keep both customers and companies happy by reducing or clarifying their paperwork. They can also provide a clear snapshot of any pending payments and debts. That’s why it’s so important to know how to use your company’s accounting software effectively. If you’re using QuickBooks like most businesses, it’s pretty easy to set up.
Setting up Business Statements in Quickbooks
Quickbooks offers three settings that help you control the amount of detail that shows up on a customer’s monthly statement. You can first choose whether to display each transaction on just a single line or to use multiple lines on the statement to show details within the transaction. There’s also an option that allows you to include an aging table at the bottom of the statement. Let’s look at the benefits of each option.
List Each Transaction as a Single Line:
This option doesn’t show details about which specific items might be part of the transaction, just the total value. It does allow you to display a due date and an amount due, though, so this may be useful for higher-volume customers with regular orders.
List Each Transaction Including All Detail Lines:
This option does not display a due date, but it does show a breakdown of each order, allowing you to see exactly what it includes. It also shows whether any money has already been paid.
Show Aging Table at Bottom of Statement:
This option is incredibly useful and we highly recommend it. It displays an Accounts Receivable aging table, which is a way to show customers their outstanding charges that are past due. It breaks the amounts down according to how many months overdue they are.
Some Key Tips for Maximum Statement Utility
Not every customer needs a business statement like this, but for those who do, there are some very important things every business should do to avoid misunderstandings.
First, they need to double-check to make sure that every item on the statement is accurate, and squares with inventory and sales records. Second, they should ensure that they reflect every payment the customer has made. Check your bank statements to be sure of what’s been posted!
Third, most customers will prefer that you send their statements by email. It’s faster and doesn’t clutter up the office so much. QuickBooks does make it possible to print them out, though, just in case.
SyncLedgers Makes it Happen Automatically
As we can see, if you decide to use QuickBooks’ capabilities to generate business statements, there’s still more work that needs doing. You can’t generate them properly unless your bookkeeping is up to date.
SyncLedgers makes this process simple. Since we integrate with the software you prefer, such as QuickBooks, we can take care of all your daily, weekly, monthly, quarterly, and annual bookkeeping tasks. These are chores that would otherwise eat into the time you need for other business activities that drive growth. With our service, all you have to do is scan your business financial documents as you receive or generate them, and send them to us. We categorize them the way you need it done, we record the figures in your ledgers, and we provide you with completely transparent access to all our work. We generate reports that help you see clearly where all your money is coming from, and where it’s going.
All of this makes it so much easier to provide your customers with timely statements, so contact us today to start making your customers even happier!