and now it's time to do our second practice exercise in this course here is the trial balance
before you do this exercise it's the results of all the transactions we did so far in this course
make sure your trial balance looks like this before you start the exercise here's what the
customer balance detail should look like before you begin this practical exercise now here are the
transactions you can pause the video in this spot and read them as you enter them into the computer
and enter them into your QuickBooks Online account one by one when you finish this is what the trial
balance should look like and you should have these numbers also when you finish these should be the
numbers on the customer balance detail after the exercise remember to use what you learned to be
able to find and fix your mistakes now if you finished and your numbers do not look the same
as this customer balance detail and this trial balance remember you want to look carefully one
by one it's not enough that the individual value mean it's not enough that the total on the bottom
is correct each individual balance must be correct and for the customer balance detail it's not
enough that the total balance of each customer in the thick black bulb let our numbers are correct
it's important that each individual invoice is the same amount one by one so then the question
is what if you have a difference well it's very likely that you made one of the common mistakes
and I would like you to use logic to figure out which mistake you made so that you can go and you
can fix it the way we learned in previous videos so here's the first question what if your trial
balance is correct but the total balance of each customer is wrong now you can pause the video and
play the theme from jeopardy as you think about this question your trial balance is correct but
the total balance of each customer is wrong what specific mistake did you make and the answer is
you chose the wrong customer on an invoice well that should be easy to fix go back to the customer
balance detail compare it to what you saw on the video and whichever customer has the extra
or missing that's the one to click on and change what about this your accounts receivable is too
high and your cash and bank is too low now we're talking specifically about the trial balance if
you did this exercise and you compared your trial balance to mine and you found that your accounts
receivable was too high and your cash and bank is too low what do you think the reason is the
answer it means you made an invoice when you were supposed to make a sale receipt and of course the
opposite would be true if your cash was too high in your receivable was too low that means you made
a receipt instead of an invoice you can't change one into the other you have to delete the wrong
one and then re-enter the correct one now the last question is very important and we're talking only
about the customer balance detail what if the total balance of each customer is correct but
the individual invoice balances are wrong again looking only at the customer balance detail what
if the total balance of each customer is correct but the individual invoice balances are wrong the
only way that could be true is if you apply two payment to the wrong invoice and that's very easy
to fix you find the customer you find the payment you could find it in the journal or you could find
it by double-clicking accounts receivable in the trial balance open it up uncheck the wrong
one and recheck the right one so these are the common mistakes and these are the symptoms of
the common mistakes and you should use what you learned to fix them and make sure your numbers
match before you go to the next section which we will start in the next video accounts payable and
expenses don't forget to check out the desktop versions of the videos on advanced receivables
to do anything else you need regarding managing customers if there's anything else you need
regarding customers the desktop videos will apply to the quickbooks online just the same