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Waiting for Question

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  • Waiting for Question

    I run a small business and one of the things I am responsible for is sending out invoices and collecting the receivables.

    In terms of keeping an @Waiting for list - is it better practice to put each invoice on an @Waiting list and then strike it off as it comes in, or should I just have a recurring action once a week say to review invoices that have been paid and see if the ones that have not are due yet?

    What do others do?



    Oh and have a great Christmas!

  • #2
    You could complicate this as much as you want, or you could keep it fairly simple. Seems to me that putting accounts receivable on a "Waiting For" list is a bit redundant.

    My first thought would be to produce the invoices in QuickBooks or some other invoicing software, entering payments when they are received, and periodicaly printing out an aged accounts receivable list. This is how I do it and how most of my clients do it as well.

    The simpler method if you are not tracking them electronically would be to place a photocopy of each paper invoice in an Accounts Receivable folder, pulling them out as they are paid. At any given time the invoices remaining in the folder are those you are awaiting payment on. A regular quick look-through to spot any delinquent accoutns would be a must.

    In any event, Accounts Receivable is such an important component of business that I would not mix them with any other "Waiting For" items, unless the total of all "Waiting Fors" is fairly small.


    • #3
      Chunk at a higher level

      Hey Paul,
      I've been there & done that. I'd recommend chunking at the higher level. I have a regularly scheduled weekly time to manage cashflow. It includes accounts payable and accounts recievable both of which are tracked in quickbooks (business) and quicken (personal).

      Hope that helps.