QuickBooks Online can generate three distinct types of customer statements: Balance Forward, Open Item, and Transaction Statement.
Understanding Customer Statements in QuickBooks Online
Customer statements are crucial for businesses to provide clients with a clear overview of their financial interactions, including outstanding balances, payments, and transaction histories. QuickBooks Online offers various statement types to cater to different communication needs, ensuring businesses can effectively manage their accounts receivable and maintain transparency with customers.
Here’s a detailed look at the types of customer statements available in QuickBooks Online:
| Statement Type | Description | Key Information Provided |
|---|---|---|
| Balance Forward | Lists invoices and payments with outstanding balances for a specific date range. | Provides a summary of the customer's account activity over a selected period, showing the opening balance, new charges, payments, and the closing balance. This helps customers see their financial position within a defined timeframe. |
| Open Item | Lists all open, unpaid invoices from the last 365 days. | Focuses specifically on all invoices that are currently outstanding and have not yet been paid. This statement is ideal for reminding customers about overdue or upcoming payments and helps them track what they still owe. |
| Transaction Statement | Lists all transactions for the selected date range. | Offers a comprehensive, chronological record of every financial transaction—including invoices, payments, credit memos, and refunds—within a specified period. It provides a detailed account activity log for reconciliation and record-keeping purposes. |
Choosing the right statement type allows businesses to provide relevant information to their customers, whether they need a concise summary of their balance, a direct list of what's due, or a full history of all financial activities. This flexibility helps businesses maintain organized records and foster clear communication with their client base.
