 QuickBooks Online 2024 statement form, get ready and some trail mix because we're hiking on QuickBooks Online, our audit trail to success. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks selecting the United States version of the software and verifying that we're not a robot. Opening our major financial statement reports like we do every time, reports on the left-hand side and then in our favorites we're going to be right-clicking on the balance sheet so I can open it in a new tab. We're going to right-click on the profit and loss same thing open link in new tab. Up top looking at the middle tab now closing the hamburger on the left there's our balance sheet report. Tabbing to the right close on the hamburger on the left there's our profit and loss or income statement report. Back to the first tab that's the setup process that we do. First a word from our sponsor. 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If you would like a commercial free experience consider subscribing to our website at accounting instruction dot com or accounting instruction dot think of it dot com every time we're gonna do the data input in the first tab look at the results of that data input to the tabs to the right selecting the drop-down we've been looking at the cycles customer cycle vendor cycle we jumped over here to the other area which isn't actually a cycle but these are the forms that don't fit neatly into the other cycles and therefore are being placed over here by QuickBooks so now we want to look at the statement form which is in this other section so the statement form is a little bit different than what we've seen with other forms because most other forms like the ones in the cycles and in this other section invoices receive payment expense form check form and so on those usually enter transactions into the financial statements these are the area that we typically go for normal data input processes same with the the bank deposit the transfer form those enter transactions the statement doesn't actually enter a transaction however but I think they housed it here because the idea most likely would be that if you're on an accrual system you're going to be wanting to send out payments to try to collect on the accounts receivable therefore this process is going to happen enough that you would want it here in the other forms so note that the statement form would only be used generally usually if you're on a accrual type system because in the accrual type system that's when we send out the invoice and we have to track the accounts receivable hopefully get paid on it and then record the receive payment that time period when the invoice is out and we're looking to get paid is when we might be sending out payments or statements and reminders to try to to try to collect on that money so just to get an idea of that let's go to the sales tab on the left hand side which is kind of like the customer center let's go into the customers up top and and if I close up the hamburger let's close up the hamburger we can see that some of the customers might be owing us money so we might go up top and search on our filters and say I want to look for the open invoices and credits so if I go into that now we have this nice little link that shows that some of these customers owe us money or from either one or possibly multiple invoices now if I go into a particular customer if I go into this customer and I'm saying hey look I need to collect on a particular invoice so I might say okay this one's overdue if I hit the drop down here we could send we could send a reminder right so we might give a reminder now notice that that's going to be so we could try to like rescind the invoice or send a reminder so here's our reminder looks like this and we can populate it from an email we can typically send it out in an email and so that's great but if if I'm doing that for every customer that can be somewhat tedious you would think that we can automate this process because all of the outstanding invoices I would want to send out reminders for possibly periodically possibly every month or so right so we can try to automate the process plus some of these like this customer has two outstanding invoices so the question that the thing there would be well I would like to send out some kind of form possibly that will give them the information about both of those that are outstanding instead of sending out two emails to try to collect on I want to send out one statement generally that has both of them included trying to hopefully get the full payment for everything that they owe me for the two invoices right so if I go back to the to the customers over here uh we one way we can think about doing that as you might say okay I'm going to go to all of my uh open invoices so here's all the customers that have the open amounts and we could select them so I might populate the all of them this way and if I have a nice clean setup everything set up properly then all of them would be needing a reminder that have these open invoices and then possibly I can use my batch action here and then say I want to create statements so then if I open that then it's going to go to my batch action into my uh statement area and now we're within our statements and all all of these customers have been have been uh pulled in to create a statement with now the other way we could do that of course if I close this back out is I'm going to say do you want to leave I'm going to say yes it would it's even easier than that we don't have to do the batch action anymore I don't have to filter over here or do the batch action I could just simply go to the to the uh hamburger go to the plus button and I can go to my statements here instead and so if I go to my statements here then again we get to the same window so let's analyze the different statements we've got the three types up top we've got the balance forward open items uh transaction statement normally you'd probably be doing the balance forward because the statements you would think would be used most likely on an accrual based system to try to collect on the accounts receivable so the balance forward I I believe the name is is trying to tell you that when you look at the date range down here the beginning date any invoices that were entered prior to the beginning date will be entered as a balance forward it's not going to give the detail in other words of the invoice and then everything that's within this range should then be populated uh giving you a little bit more detail about the invoice that it's referring to uh so that's the general idea now the statement date we'll keep it here at the 12 30 23 in our practice mode which is usually going to be of course the current day that you're running the statements and then on the customer balance status we could look at all of our customers and uh and apply you have to apply every time or else it doesn't do it so but all of our customers might not have uh open amounts so normally you would go to the open items right and apply them out because that's who you want to send the statements to however possibly you just want to send out statements to the overdue balances in other words when you look at an invoice we issue the invoice and then it's due in a certain timeframe so so maybe you want to send out payments only to those that have not yet sent you payment and it's overdue now so if you had if you gave them 30 days to pay you and it's past 30 days maybe you just send the the statements out for them so that could quite be the case quite possibly so now we're going to say the date range I'm going to start at 11 30 and go to the current date typically you're going to go to the current date which we're going to imagine here's 12 30 23 down below if there were customers that don't have an email then they would be over here you can't send them a statement by email if they don't have an email right you'd have to actually print out the statements which you might be able to do and mail it but clearly you would like if you're sending out invoices to have the email address so you could send it out by email so these are the statements available we have the 17 you can see we have the recipient's name we've got their email address and we've got the balance outstanding down below we can cancel we can print preview we can save we can save and send that's what we're going to do when we're done with the whole thing or save and close and I want to say print preview let's check them out so then we have our statements that have been created so we have our name up top we have the statement format and then here you can see this is the balance forward so this is the amount that was due to us prior to the date that we started that we that we put on that we started the the starting point date and then this is the current activity that has happened between the date that we're looking at which is basically December so this is the December activity and invoice a payment and a payment so you have the running balance on the right hand side which gives them a little bit of detail of the activity that is happening and it gives us the balance still due 239 it also gives this little report down below for the for the outstanding balance that breaks it out by current due one to 30 days past due so it gives them this past due amount here to once again and it also gives a nice little bottom line and the settings I think you can turn this off if you don't want this bit down below but I don't see why you wouldn't want it let's pretty it's pretty useful because it gives the kind of like the bottom line down below and a little bit more information of saying hey look it's past due if we go through it gives a statement here's the next one that that we just go to all of them here's the balance forward no activity in the current time period and it's been past due and then we have the next one here's the balance forward the payment happened and then another invoice happened and so this one actually got paid off notice it's showing the detail there's the there's the balance it was paid off and then here's the new invoice it's showing the activity that happened in the current uh in the current time frame and there's the balance here's the next one just has a balance forward uh of one to 30 days past due 31 to 60 days past due and so on so that's probably the default one that most people would use and hopefully we can email that out and make our our follow-up process on the accounts receivable cycle easier let's look at the other two options though you've got the open items so these are open items for the last 365 days so now open items are going to be are going to let's apply it are going to be you would think the invoices right that haven't been paid that are open so let's check that out let's print preview that one and we then have now it's showing the detail of the invoice for the last 365 days so there we have that and so here's the invoice of the open item and open item here's the invoice it gives you the detail the invoice this one has two of them right so now we have the two items here and it still gives you the amount due down below because this was the amount open amount is 81 and 4 and it gives you the amount due down below so a little bit uh a little bit different over the statement so but it might be a little bit uh less information so if you have really long statements possibly that might be useful but it's only going you know it's 365 days back and then the last one transaction statement so this will give you the transactions that have happened and possibly you might have customers that want the transaction statement maybe even if it wasn't an invoice even if it was a cash-based system maybe and you know you have your transaction statement that a particular customer may want for example let's preview that one and so we can see here we've got uh the transaction here's of the invoice total amount and then it gives you the total that received and notice we're not looking here at the amount at pass due it doesn't give you that pass due amount right down below because it's just looking at the activity that has happened it's not trying to report necessarily on the outstanding balance per se like is normally the case for statements here now we're just showing the activity that has happened so here's the invoice the amount received total and then here's another invoice for this one this one we invoiced and let's see if we have one let's let's increase the range on this one just to see more activity let's go from 010123 to 1230 apply it and now we'll see more range on this one so now if they wanted the transactions for the year we had an invoice we had an invoice we had a credit memo we had an invoice total amount and total received and then here we had an invoice an invoice so that was the activity total amount and then total received gives you the amount and the received and then we had here invoice you know three invoice and then the amount received on those invoices so it gives you kind of the detail it's not giving you still the outstanding balance or the amount that's due over a certain time but again if someone wants the activity that has happened over a range then this is this would be a nice report for that idea but again usually you would think that the reports would mainly be used that you set up in an accrual system possibly using the first balance forward report so that you can set up a system that you follow up on the invoices being able to to not just send out the invoice again as a reminder but give a statement which will allow you to combine multiple invoices into one statement hopefully allowing you to not bother your your clients too much with too many emails and be able to pay you the full amount that's due rather than having two invoices where they might catch one and then not get the other one or something like like that and being able to then do this on a on a systematic process to to make it part of basically your accounting cycle a lot more efficiently is the general idea