How to manually Clear and Reconcile Business Receivables?

I have a register for tracking invoices and payments received, where I maintain a balance of Receivables. I have 5 payments received in the ledger that have matched transfers (payment received and payment deposited in my checking account) and the transfers/deposits are Reconciled, but the corresponding transaction in the Receivables ledger never showed as Cleared. So now I have 5 old payments sitting there in my Receivables ledger and I want to mark then as Cleared, but there doesn't seem to be a way to do this in the Receivables ledger like there is in a normal bank ledger. So how do I mark these as Cleared so I can Reconcile. 

Also, it seems like the Reconcile function doesn't do anything in this ledger. I can enter the ending balance, but it never opens up a window where I can Recooncile the account. Is something broken, or am I just missing something? 

Best Answer

  • Quicken Anja
    Quicken Anja Moderator mod
    Accepted Answer
    @jcallanan Thank you for the additional information.

    After doing some further testing, here is what I found; when I entered a new invoice (using the invoice form), it automatically added an Uncleared invoice transaction iin th Receivables account with the amount of the invoice in the Charged column (see below).



    Then, when I reopened the same invoice form and clicked on "Received payment..." on the bottom left corner of the invoice form (1st screenshot below), the Payment - Customer Invoices window opened with the invoice in question preselected in the Outstanding invoices list (2nd screenshot below).

    Once I clicked Enter on the bottom-right, it then added a payment transaction in the Receivables account with the payment amount in the Paid column and automatically marked both the original invoice transaction and the payment transaction as Cleared (see below).



    In conclusion, it should automatically mark both the invoice and the payment transactions as cleared once the payment transaction has been added.

    When you follow this process, do both the invoice and the matching payment transactions still remain Uncleared in your Receivables account register after adding the received payment?

    Please, check back and let me know! Thank you.
    -Quicken Anja

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I've never used the Business product but I have to assume it's pretty much "Quicken" with some sort of "wizards" bolted on and maybe some canned "business" reports.
    I would guess that the Accounts Receivable Account - which I'd think is that "register" you've mentioned - is nothing more than a regular Quicken asset Account.  In a Quicken asset Account I can click on the gear wheel at the upper right hand corner and select what columns I want to see in the Account.  One of the columns available is "Cleared." 
  • jcallanan
    jcallanan Member ✭✭
    Hi Tom - It's basically a normal Quicken account, but the Cleared column is not editable. Normally you'd right-click and select "cleared" or "reconciled" to change it, but in the case of the business account, that field doesn't respond to the right click, nor can you reconcile it - which leads me to believe it's a bug.
  • Quicken Anja
    Quicken Anja Moderator mod
    Hello @jcallanan,

    Thank you for reaching out to the Community to tell us about your issue, though I apologize that you are experiencing this.

    Could you please provide which version of Quicken you have currently running?
    • Help > About Quicken

    I went ahead and tested your issue by attempting to reconcile both a Business Checking account and a Business Receivables account. I found that in a Business Checking account, I am able to reconcile the account and make changes to the Clear column. Yet, as you said, in a Business Receivables account, I am not able to make changes to the clear column nor mark the entries as reconciled.

    However, since the option to Reconcile from the Actions gear menu is also not shown in this list as it is in the Business Checking account (and other account types), I believe that this may actually be a missing/unavailable feature rather than a bug.

    I will forward this information further to receive confirmation and follow-up with you once I have more information available to share with you.

    Thank you!
    -Quicken Anja
  • jcallanan
    jcallanan Member ✭✭
    Thanks Anja.

    Year: 2020
    Version: R31.20
    Build: 27.1.31.20

    Yes, the business checking account functions properly. But when I clear/reconcile the matching traction in the business checking account it is not showing the matched transaction in the Receivables account as cleared, so it’s stuck there showing as uncleared. How do I clear it?
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 7
    Offhand I can't think of why an Accounts Receivable Account couldn't be "reconciled" in the sense of being able to mark transactions as cleared ("c") and reconciled ("R").
    Of course, there's really no 3rd party "outside source" to reconcile to, but that doesn't stop Quicken from providing access to the "Clr" column in every other Account at the Premier level, even though there's no 3rd party outside source for many "Other Assets and Liabilities" Accounts you might set up.
    I've used and am using the "Clr" column in many Asset Accounts to develop detail listings of what these Accounts represent.  So, for example, back in the day when "rebates" were all the rage, I had a "Rebates Receivable" Account where I'd use the Clr column in order to run reports of what rebates I'd applied for were still outstanding.  And I currently do the same with my "Prepaids" Account.
    Since I've never used the Business product I've often wondered how, or if, Quicken handles a "subsidiary ledger" in the areas of receivables or payables, i.e., a detail listing of each person that owes you money and a detail listing of to whom you owe money.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    To add to this for the sake of missing feature/bug whatever you wanna call it, the very fact that you can’t reconcile these accounts means that if somebody does a year end copy where it’s required for a transaction to be reconciled on both sides of the transfer, old transactions are not removed with the year end copy.
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  • Quicken Anja
    Quicken Anja Moderator mod
    Accepted Answer
    @jcallanan Thank you for the additional information.

    After doing some further testing, here is what I found; when I entered a new invoice (using the invoice form), it automatically added an Uncleared invoice transaction iin th Receivables account with the amount of the invoice in the Charged column (see below).



    Then, when I reopened the same invoice form and clicked on "Received payment..." on the bottom left corner of the invoice form (1st screenshot below), the Payment - Customer Invoices window opened with the invoice in question preselected in the Outstanding invoices list (2nd screenshot below).

    Once I clicked Enter on the bottom-right, it then added a payment transaction in the Receivables account with the payment amount in the Paid column and automatically marked both the original invoice transaction and the payment transaction as Cleared (see below).



    In conclusion, it should automatically mark both the invoice and the payment transactions as cleared once the payment transaction has been added.

    When you follow this process, do both the invoice and the matching payment transactions still remain Uncleared in your Receivables account register after adding the received payment?

    Please, check back and let me know! Thank you.
    -Quicken Anja
  • Jon_sacks
    Jon_sacks Member
    Is there an answer to this question? I too want to be able to reconcile A/R transactions. At the very least it allows me to flag the transactions so they can be filtered out by selecting "Unreconciled" so I can see cleared and open A/R transactions.

    For others in the thread, there is an undocumented way to clear transactions (i.e. Keyoff) that reconcile (i.e. net to 0). If you have credit(s), payment(s) and invoice(s) where the total of add up to 0, but the transactions are uncleared....

    1st, make sure that the Customer names on each transaction match.
    Go into "New Customer Payment".
    Enter the Customer Name (Open Invoices will display).
    Enter the payment amount as 0
    Click on "Apply Existing Credits"
    Quicken will apply all the transactions and mark them as cleared.
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