Account Receivable

Accounts Receivable is the amount owed to your business by customers and clients. Invoices are sent and paid according to Accounts Receivables. Analyzing it regularly will ensure that invoices are getting out and being paid on time.  Your Accounts Receivable Aging is a report that categorizes the length of time invoices have been outstanding into periods to help monitor potential cash flows.  

In your Accounts Receivable, you are able to manage the status of each finalized invoice. You are also able to monitor aging and the breakdown of income for labor-related efforts and income related to pass-through expenses like sub-consultants and direct/reimbursable project expenses.

This article outlines the features and use of the Accounts Receivable page.

Quick Summary:

1. Access your Accounts Receivable
2. Accounts Receivable Interface
3. Access Invoice Related Information
4. Access Project Budget and Management Views
5. Change Invoice Status
6. Apply an Invoice Payment

Step-by-Step Guide:

1. Access your Accounts Receivable
   Click on the 'Financial' tab→ 'Accounts Receivable sub-tab.
   
   
2. Accounts Receivable Interface
   There are multiple ways for you to sort your list of Accounts Receivable.  By default, this page is set up to display outstanding invoices, to change this you can click on any of the column headers, or use the Filter icon.  The column headers will change the order of yours, but if you want to display a more specific list of accounts receivables, you can click on the Filters icon and select from the available options.
   
   

    

   Note:  The Aging table at the top breaks out company labor efforts from direct expenses or sub-consultant efforts to provide an additional layer of perspective with regard to company cash flow. You can group your list into their aging categories by clicking on the Aged column header.  For each invoice, you are also able to access the Project Management view for each project, view the Invoice, change the status (not sent, sent, paid), and apply payments to invoices.

   

    

   Note: To learn more about managing your invoices see the article titled Managing Invoice.
3. Accessing Invoice Related Information
   To view the invoice, simply click on the invoice number (#) and it will be loaded as a PDF in a new browser window.
   Note:  If you want to make a change to this invoice, follow the project link to access the project invoices where the invoice can be rescinded to allow changes.
   
   
4. Access Project Budget and Management Views
   Clicking on the Project Name will take you to the project, where you can manage the budget, progress, schedule, and billings of the project.
   
   
5. Change Invoice Status
   Invoice statuses include: Not Sent, Sent, and Paid.  The statuses of Not Sent and Sent are toggled by clicking on the colored label.  The Paid status is automatically updated once full payment for the invoice has been received.
   
   
   
   
6. Apply an Invoice Payment
   You can apply the payment to an invoice from the Accounts Receivable page.  To do so, click the payments link to the far right of the table.
   
   
   
   This will open a window where you will enter payment details.  Enter a payment date, a payment amount, and select a bank account (to which the deposit will be made).  You can apply partial payments to an invoice if necessary and add additional payments at a later date.  For more information on applying invoice payments, see Applying Payments
   
   
   

   SUCCESS!!!

   You have successfully learned how to manage your Accounts Receivable! If you have other questions related to your Accounts Receivable, see the other articles in our Accounting 101 section.  Can't find what you're looking for?  Try the main knowledge base search at https://support.squava.com.  If you’re still unable to find what you're looking for, give us a call, submit a request ticket, or send us a chat message.