Which 3 Types of Customer Statements Can QuickBooks Online Generate?

QuickBooks Online, a leading accounting software, offers a plethora of features to help businesses manage their finances efficiently. One such feature is the ability to generate customer statements. These statements provide a summary of a customer's account activity over a specific period, helping businesses and their customers keep track of transactions, balances, and outstanding amounts.

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Understanding Customer Statements in QuickBooks Online

Customer statements are essential tools for businesses to communicate account summaries to their customers. Whether it's to remind customers of outstanding balances or provide a detailed account of transactions, QuickBooks Online offers three primary types of customer statements (Take me to the three statements):

Balance Forward Statement: This type of statement showcases all activity between the start and end dates chosen by the user. It begins with a "Balance Forward" amount at the top and maintains a running balance in the subsequent column. Users can select a balance status of all, open, or overdue for this statement type. The "all" status even includes customers with a zero balance.
Open Item Statement: As the name suggests, an open item statement displays all invoices with an open balance, meaning an amount is still owed. This statement provides the original amount of each invoice alongside the open amount. When generating this type of statement, users can choose a balance status of open or overdue. Notably, customers with a zero balance, implying no open items, are excluded from this statement.
Transaction Statement: Similar to the balance forward statement, a transaction statement reflects all activity between selected start and end dates. However, it doesn't display a balance forward amount or amount due. Instead, it shows a total amount and amount received for the chosen period. This statement type is particularly useful for nonprofits and other businesses that need to send activity reports to donors without showing a running balance or due amount.

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Generating and Sending Customer Statements

Generating customer statements in QuickBooks Online is a straightforward process. Users can navigate to the "Get paid & pay" section, select the desired customers, and choose the type of statement they wish to create, be it Balance Forward, Open Item, or Transaction Statement. After specifying the date range and reviewing the customer's email addresses, the statements can be saved, sent, or printed.

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FAQ

What 3 types of customer statements can be generated?

QuickBooks Online can generate three primary types of customer statements: Balance Forward, Open Item, and Transaction Statements.

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What are the 3 types of user permissions you can choose from in QuickBooks Online Accountant when adding new team members to your firm?

While this article primarily focuses on customer statements, user permissions in QuickBooks Online Accountant are crucial for team management.

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What is a customer open balance statement in QuickBooks Online?

A customer open balance statement in QuickBooks Online displays all invoices that have an open balance, indicating an amount still owed. It provides both the original amount of each invoice and the remaining open amount.

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Conclusion

QuickBooks Online offers businesses a robust platform to manage their finances, and the ability to generate different types of customer statements is a testament to its versatility. Whether you need to remind a customer of their outstanding balance or provide a detailed transaction report, QuickBooks Online has got you covered.

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