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GUIDELINES FOR MANAGING CASH FLOW AS YOU CONTACT US ON THE ‘QUICKBOOKS Support’ TEAM

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If you trying to run a business without taking care of the cash flow, then the chances of succeeding are quite less. Regardless of the business you have been managing, cash flow is important and critical especially when it’s a startup. When it comes listing the key elements of cash flow, these are nothing but accounts receivable, accounts payable and shortfalls. So, in order to navigate to success, you should be able to manage the components. Here are some tips that would help you move on successfully. For assistance, you can contact the team by dialing the QuickBooks help desk number 1-800-593-0163.

Determine the breakeven point

It’s actually essential to know when you could earn profitable returns from the business. Once you get a clear idea, you would be able to achieve the goals early and predict future cash flow. The future might seem gloomy with negative cash flow and negative profit. So, focus on managing the cash flow effectively till the moment you earn profit for the first time.

Focus on cash flow management

This tip might just contradict the one mentioned above. But, even when you are happy with a profitable business, you shouldn’t stop but continue to manage cash flow. Way ahead, you would be delighted when the business is flourishing in the competitive world.

Maintain cash reserves

There would be many instances when you would have cash shortfalls. At that point in time, business growth would totally depend on how you make your way through the shortfalls. In case you maintain a balance in your bank account, then you can observe the cash flow without worrying about anything else.

Collect Receivables as soon as possible

Always make sure that you keep the payment terms as net 30 days or net 60 days once you have sent the invoice. If it’s required, then you can request someone to keep an eye on receivables and contact customers to ensure that there isn’t any delay in payments.

Extend payables as much as possible

Even though you are reminding the customers to pay on time, source the best deal on payables. Think about extending the payables to net-60 or net-90 only if it’s possible. In case you anticipate a delay, then you can charge late fees as some suppliers normally think about.

Embrace technology for your benefit

Apart from maintaining the cash flow over the cloud, you should always use an accounting software. Besides, you should make sure that the files are protected even if you need to transfer them or sync the bookkeeping software with a web-based package. In case haven’t used QuickBooks anytime before, then you can seek help by dialing the QuickBooks helpline number, 1-800-593-0163.

Boost sales through incentives

To increase the sales, you should think creatively. You can sponsor a contest, offer referral incentives or arrange for a publicity tour. Moreover, if you have been able to maintain a long-term relationship with some of your customers, then you can host an appreciation event anytime during the year.

Finally, you should assign the task to one of your employees. The individual should inform you whenever the cash flow exceeds a certain limit.

QuickBooks Help Support Helps You to Void or Refund Credit Card Payments

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You can void the payment or process a credit card refund for the customer depending upon when the credit card transaction originally took place. To know more call QuickBooks Help.

Void the credit card payment

You can void the payment if the refund occurs on the same business day, when the original transaction occurred (3 pm PT is the settlement cut off time and if anything is done after that is considered as to be done on the next business day).

To void a transaction, go to payment and then select More. Now, click on Refund.

How to process a credit card refund?

After the original transaction takes place you can create a refund receipt against the transaction on the next business day.

To Process a Credit Card Refund, You need to:

• Click on the plus icon (+) icon present at the top and then select Refund Receipt.

• Choose the customer you want to refund.

• Enter information about the original sale in the table.

• Enter the amount that is to be refunded.

• Select the credit card used for the original payment from the payment method drop-down.

• Click on Save and close.

• If you want to print a receipt, select Print and then Close in the Credit Card Transaction Status window.
Other credit card refund tasks

REVERSE A PAYMENT

One should not delete a transaction that took place with a credit card and which had already been processed through your merchant’s account. In order to reverse a processed payment, select the payment that has been processed and then select void payment or void refund, whatever suits. If the payment has already settled, the only way by which you can reverse the amount is by creating an offsetting refund receipt (if this is a payment), or an offsetting sales receipt (if this is a refund).

CREATE A JOURNAL ENTRY

There may be times, where you find there is no balance in Accounts Receivable (AR) for this customer even after completing the refund. Also, there are some special situations where the customer opts to use one credit card for making a down payment. In some cases, the entire purchase is paid by Sales Receipt after which the customer requests to use a different credit card or any other form of payment for the down payment or purchase at a later date. In such a case, you need to issue a refund receipt and then create a journal entry.. The journal entry places a balance back to AR to account for the refunded down payment. The refund receipt will place the funds back to the customer’s card.

• Click on the plus icon (+) icon at the top, and then select Journal Entry.

• Now, on the first line choose Account Receivable then enter the amount refunded in the Debits column and the name of the customer in the Name column.

• On the second line, choose the Income amount which is used for the item on the Refund Receipt and then you can enter the transaction amount in the Credit column.

• Click on Save.

To know more call QuickBooks help on 1-800-593-0163.