Understanding Accounts Receivable and Accounts Payable

Kaaasox

I'm trying to bring over my side business to Quicken, but I can't figure out Account Receivable and Accounts Payable. The accounting program I'm currently using has a simpler set up that doesn't translate to Quicken. Is there a guide/FAQ/help for Accounts Receivable and Accounts Payable?

(The business in question is more of a self sustaining hobby, but I try to handle the financials as a business and separate from personal)

UKR

Are you new to Quicken for Windows?

Welcome.
Please read this for more information, some videos and a list of resources to
help familiarize yourself with Quicken:
https://www.quicken.com/quicken-tips
https://www.quicken.com/complete-guide-getting-started-quicken-windows

 

Quicken Help! (Quicken for Windows)

If you're unsure about how to do something, you can find more information about a specific task,
function, feature or report in Quicken Help.
To access Quicken Help simply press the F1 key from anywhere in Quicken (or
click Help in the Menu bar, then click Quicken Help).
Once Help has started, use the Search tab to search using keywords, e.g., "buy security".
Some Quicken view screens may have a blue (or yellow) button with a question
mark. Click it to get view - specific help.
A browser-based version is available here:  https://help.quicken.com/display/WIN/Quicken+Windows+Help

After setting up your personal and business bank accounts in Quicken, to get started
with setting up a small business start reading here: https://help.quicken.com/display/WIN/Business

If you are selling product or services to your customers, use the Customer Invoices account register (aka Accounts Receivables) to create Invoices or perform other customer-related activities

If you need to purchase supplies and don't pay immediately by cash, credit card or check, you can optionally use the Vendor Invoices account register (aka Accounts Payables) to track and pay your suppliers' (vendors) invoices.

Be consistent. Use these two special account registers to conduct all your business transactions. Create invoices, track payments, issue refunds or credits. If you record invoices but then receive payments in one of your banking account registers, you may end up with invoices not being "marked as paid" correctly.

If you need to collect Local or State Sales Tax from your customers, please note the special "*Sales Tax*" account in the New Customer Invoice data entry dialog. It's a holding area for sales tax collected from your customers. Your State Sales Tax board will want you to send in these funds at regular intervals.