USA Changing Invoice Due Date


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We have a few invoices that we sent to one of our customers last year, but they have never paid. Our invoices with this customer are sent via EDI, and the reason that the invoices have not been paid are because they cannot find the invoices in their A/P system; they were either not received or were deleted from their system. The solution for payment was simple: just resend the invoices via EDI; which we did and the invoices are scheduled to be paid next month. However, we now need to adjust the due dates IN OUR SYSTEM to reflect the updated payment due dates; otherwise it skews our aging reports that we we must present to our bank. We use Quickbooks Enterprise, so it's simple to change the dates in the invoices, but I am getting a warning about the transaction being more than 90 days in the past and it may cause a problem with our closed accounting records. Is this really going to mess up our books considering the invoices have never been paid? Or are we better to try communicating to our bank auditor that 40% of the old a/r is really going to be collected in the next 30-40 days (the bank disallows any a/r from being considered in calculating our borrowing power.)
 
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kirby

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Yes, going to mess up books. Changing the date on the invoice will change your books. Better to credit memo the old invoices as of the current date and re-issue new invoices.
 

Steve-LevelUp

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I recommend that you leave the invoices as they are. They are in fact quite past due. Although you have facilitated payment for these old invoices, it does not change how old they actually are. You are better off leaving your aging outstanding until the customers pay. No need to create a accounting problem when the problem will go away when the customer pays.
 
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Thank you Kirby & Steve-LevelUP. I suspected it would be a mistake to change the due dates.
 
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Drmdcpa

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Changing the date of an invoice in QB does nothing but change the date on the invoice. It does not change the invoice place on the aging detail.

I have made this error too many times. Tried to fix it by changing the date of the invoice but the aging never changes.
 

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