Process all customer payments and apply credit memos to outstanding invoices or journal entries:
1. Run the Open Invoices Report. Select Reports > Customers & Receivables > Open Invoices. The purpose of this report is to make sure that all your payments, credit memos & journal entries have been applied to the appropriate invoices.
a. From this report, double-click on the payment (this brings you to another screen called Customer Payment).
b. Click in the box in front of the invoice that the payment goes to (You will know this by the Reference # in the upper section of this window. This number imports from GlasPacLX and is always the same as the invoice number).
c. Next click Save & Close.
d. Last click Yes to record your changes.
e. This will return you to the Open Invoices report where you are able to apply payments to the next invoice.
f. To process the Credit Memos that appear in this report, double-click the Credit Memo and it will take you to that document.
g. Select the Use Credit To icon and then select Apply to Invoice. Make sure that there is a check mark next to the correct invoice.
1. Display the home page in QuickBooks (this is the page that has the process flowchart).
2. Click on Statement Charges (Use this if you charge your customers a Finance Charge. If you do not charge this fee, then skip to step 3) and create the Finance Charge invoices for customers with past due invoices.
3. Click on Statements to send your customers their monthly statements.
a. Choose the date (You can change this date to the last day of the month or leave the default date).
b. Select your customers:
c. Select additional options to narrow the statements to send (For example, you may not want to send a statement to someone with a zero balance, so you will put a check mark in front of that option).
d. Click Preview so that you can see how the statements will look and determine if you have the statements you want.
e. Click Print and mail these to your customers.
Congratulations!! You have now completed your month end process.