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Quickbooks - method to "true up" AP and AR?
August 29, 2023 at
10:39 AM
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Last Edited by Dr. J August 29, 2023 at 10:43 AM
I am the (new) treasurer for a swim and tennis club that operates as a 501c7 NFP. Basically members pay a yearly fee for membership which has access to a pool and tennis courts. Our expenses are labor, electric/gas, pool maintenance, misc other stuff.
We use Quickbooks to manage all of this and now have shifted invoicing to QB. The prior treasurer used a desktop QB version for all of this and he migrated that into QB online in the spring. It's a seasonal club being in New England, and is only open ~ Memorial - Labor Day. We realize much of our revenue in 2 batches - the late fall when we have promos for prepayment for the following year, then in the spring when fees roll in for the current year. For the most part our expenses are all realized in the summer months, with larger projects rolling into the fall. The winter and early spring have basically nothing going on.
That said, there are a LOT of "loose ends" in QB, meaning a lot of AR and AP that are simply open, and these aren't likely "real" in the sense that they need to be paid or received, it's extremely likely they were settled and just not accounted for. I don't know how much of this existed in the desktop database vs. popped up in the migration.
The question is, what's the best method to go about "zeroing" out these open AP and AR? I'd like to start clean with the next season (again ~ late November is when we'll start invoicing). There is some value in having archives of previous years, otherwise I think it would have been best just to start fresh with a new QB profile rather than import years of bad habits, but here we are.
Having these open items skews reporting. Also, it makes cleaning up vendor and customer lists difficult as QB seems to be refusing me to archive vendors or customers if they have open AP/AR. (And for reference, over the years of this QB file we've apparently had over 650 members even though we only currently have just less than 200, so over 400 of these people have no relation to the club anymore and just makes dealing with the list onerous)
We use Quickbooks to manage all of this and now have shifted invoicing to QB. The prior treasurer used a desktop QB version for all of this and he migrated that into QB online in the spring. It's a seasonal club being in New England, and is only open ~ Memorial - Labor Day. We realize much of our revenue in 2 batches - the late fall when we have promos for prepayment for the following year, then in the spring when fees roll in for the current year. For the most part our expenses are all realized in the summer months, with larger projects rolling into the fall. The winter and early spring have basically nothing going on.
That said, there are a LOT of "loose ends" in QB, meaning a lot of AR and AP that are simply open, and these aren't likely "real" in the sense that they need to be paid or received, it's extremely likely they were settled and just not accounted for. I don't know how much of this existed in the desktop database vs. popped up in the migration.
The question is, what's the best method to go about "zeroing" out these open AP and AR? I'd like to start clean with the next season (again ~ late November is when we'll start invoicing). There is some value in having archives of previous years, otherwise I think it would have been best just to start fresh with a new QB profile rather than import years of bad habits, but here we are.
Having these open items skews reporting. Also, it makes cleaning up vendor and customer lists difficult as QB seems to be refusing me to archive vendors or customers if they have open AP/AR. (And for reference, over the years of this QB file we've apparently had over 650 members even though we only currently have just less than 200, so over 400 of these people have no relation to the club anymore and just makes dealing with the list onerous)
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