Bank feed populates all downloaded check transactions with the same Vendor

EXAMPLE: My bank feed populates all my downloaded CHECK transactions with the same Vendor. I change the vendor payee category on any given transaction it will change for all downloaded transactions in bank feed. There is no bank rule setup for this. Is there a way I can turn that off?

Unfortunately, you can’t turn that off in QBO bank feed. That’s the way it is in bank feed for Checks (and other transactions) at this time. QuickBooks needs to do something about this. It’s better to have no vendor name at all than incorrect vendor name.

Just as a workaround you can create a Bank Rule the following way:

1. Create a new vendor named “Unknown” and
2. Create a new condition rule to mark anything containing “Check” to go to Vendor payee “Unknown” and “Uncategorized Expense” account.

This will at least draw your attention to it. It will not add to wrong Vendor and incorrect Expense category tag.

 

NEW BANK RULE: UNKNOWN CHECKS

 

BANK FEED PAGE: UNKNOWN VENDOR AND UNCATEGORIZED EXPENSE ACCOUNT

 

How to enter prepayment to the vendor supplier. How do I match vendor bill received later?

You have two ways of recording the transactions depending on the type of supplier pre-payment. Is it quick turn around or will it take a longer time to complete the job or service?

1) When you make vendor pre-payment, use Accounts Payable (A/P) under Account tab. When supplier bills you, create a Vendor Bill in QBO and use an appropriate account. That will clear the vendor pre-payment balance. This is the easy way to enter the transactions especially say if you can record both entries within less than a month. You will then need to match pre-payment and entered Bill to clear the account by clicking Pay Bills tab (Create + sign > Vendors > Pay Bills).

 
PREPAYMENT

 
ENTER BILL

 
MATCH PREPAYMENT AND BILL

 
2) You may use this method if pre-payment to the supplier will take longer than 30 days to clear. In order words, for example, you make pre-payment job in January and the job will not be complete until June.

To set up pre-payment to the supplier, create a new account. You would set up “Pre-Payment to Supplier” as other current assets in QBO
 
SETUP PREPAYMENT SUPPLIER ACCOUNT

 
When you receive a Bill, enter expense account to be charged. On next line, select Pre-Payment to Supplier account and enter it as a negative amount. If the received bill is exactly the same as pre-payment then, it will net out as zero entry. But if the actual bill says higher than pre-payment amount then, you just make the payment for the difference. That will clear the account.
 
ENTER BILL AND CLEAR PREPAYMENT ACCOUNT

 
SUPPLIER ACCOUNT

 
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QuickBooks Online Progress Invoicing

QuickBooks Online is introducing Progress Invoicing which is still in “beta test” mode as of writing this blog article in February 2018. That means there could still be significant changes until they wrap up the beta test. Progress Invoicing feature allows you to invoicing a client incrementally for the percentage (or fixed dollar amount) that has been completed of the work due or agreed upon the contract. This could be considered a type of partial invoicing or a type of installment invoicing to your clients.

This is a welcome addition to QuickBooks Online since this is ranked #2 feature request on QuickBooks feedback page.

Introduce Progress Invoicing
http://feedback.qbo.intuit.com/forums/168199-quickbooks-online-feature-requests/suggestions/3865710-introduce-progress-invoicing

To get started – you will first need to turn on Progress Invoicing setting
This will also enable different settings such as “Convert Estimate to Invoice”.

  1. Go to Gear at the upper right corner
  2. Account and Settings under Your Company section (or Company Settings under Settings tab if QBO Accountant version
  3. Select “Advanced”
  4. Go to the Automation settings
  5. Check the box to turn on “Enable Progress Invoicing” and click Save
  6. This will also turn on “Copy estimates to invoices” and click OK
  7. Click Done button

 

 


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How to create a Progress Invoice

There are two ways to get to the Progress Invoicing options:

From the Estimate:

1. Click on Estimate, and enter your entire amount for your project/job
2. Once the Estimate is saved, click on Copy to Invoice on the upper right of the Estimate
3. Choose if you want:
a) Entire amount: all the lines are invoiced at 100% of the Estimate.
b) Partial amount based on a percentage: all the lines are invoiced at a percent of the Estimate. You can edit the line amounts or percent
c) Custom amount: all lines on the invoice are shown at 0% but you can edit each line

 

From the Invoice:

1. If a prior Estimate has been created, select “Invoice” from either the Customer or + button
2. In the drawer on the right-hand side, add the Estimate to the Invoice
3. Choose if you want:
a) Entire amount: all the lines are invoiced at 100% of the Estimate.
b) Partial amount based on a percentage: all the lines are invoiced at a percent of the Estimate. You can edit the line amounts or percent
c) Custom amount: all lines on the invoice are shown at 0% but you can edit each line

 

 

Save the Invoice. Now on your Estimate, you can see the Amount Invoiced and Amount Remaining.
Remaining is based on the amount invoiced per line.

 

 

How to delete a line on a Progress Invoice

To delete a line on a Progress Invoice, click on the trashcan on the right side of the line, and choose Remove Line (do not choose to unlink it). This removes the line from the Invoice and puts the amount back on the Estimate.

 

Printed Invoices:

The “due” column and Estimate/Invoice Summary will not show on the printed Progress Invoice at this time, but the invoice for your Customer will have all the calculations for progress invoicing.


If you like to see improved customize data layout (like added new columns) that you see on Invoice form and Estimate form, send them your feedback request, click here.


How to see which Invoices are included in the Progress Invoice

  • Go to the Estimate
  • At the top will show linked transactions which are the Invoices attached to the Estimate

 

 
How to see which Estimate was used to create the Progress Invoice

  • Go to the Invoice
  • At the top will show the linked transactions to the Estimate type attached to the Invoice

 

 

How to see what was previously invoiced by line
Go to the Invoice

  • On each line on the right-hand side, there will be links.
  • Click on the link and it will show Estimate, previous Invoice, and amounts remaining for each line

 

 
Calculation of the total amount Remaining Amount:

The remaining amount does not include tax, discount or shipping. It only includes the line item amounts from the Estimate minus what has been invoiced for that line.

Can I invoice for an amount greater than the estimate?

CAUTION: NO WARNING SIGN

If the estimate line is open, then you can invoice for an amount greater than the estimate.
Once the line on the estimate has been completely invoiced, it will not show as available to invoice.
If you want to still invoice it:
• Change the Estimate amount to the higher number and invoice it
• Add a non-progress line on the invoice

How to change a line on a Bundle
If you want to change or add component items to Bundles, go back to the Estimate, and add it there.

Intuit Online Payroll Account Changes in March

Intuit Online Payroll Account Changes in March*
The Intuit Payroll Team

In our world of ever-changing and increasingly advanced cyber attacks, Intuit must continually work to enhance our systems and adapt to new security threats. More than 30 million people trust Intuit with their personal and financial information, and we take the job of protecting their data very seriously.

For this reason, we are moving every single customer who is using an Intuit product to our central login credential system. Moving to one login system allows us to focus our efforts on building world-class security mechanisms such as multi-factor authentication and monitoring suspicious login activity.

Starting on March 5th, 2018 we will be moving all Intuit Online Payroll for Accountants firms’ and clients’ payroll logins to be under Intuit’s central login credential system. Once they are using the Intuit credential system, there will be times when your client will see the Intuit brand. This includes the browser security certificate and while resetting the password.

Our central authentication system has a single method for resetting passwords. We will use this same Intuit-branded flow for resetting Intuit Online Payroll for Accountant passwords. This help guide includes a screenshot of the page that you and your clients will now see during this reset process. It also includes a script that you can use to explain why the Manage Payroll credential reset flow shows Intuit branding.

To help you get your clients through this change and ensure a smooth migration to the central Intuit credentials, we have created a new phone number to handle questions about the process: (844) 391-9894. This toll-free phone number will be activated when migrations start on March 5th and will be monitored during our usual support hours, from 6 am to 6 pm PT, Monday through Friday. If you wish, you may direct your clients to contact us at that phone number for login migration help. We will answer the phones as “Online Payroll” but there may be instances where we must inform your clients during the call that they are moving to Intuit credentials, such as when they are trying to use a login that is already in the Intuit system. This phone number will be disabled on Friday, May 4th. All customers who haven’t switched to the new credentials by this date will be forced through the credential change flow.

If you would like to learn more about the process of moving to central logins and the Intuit branded password reset flow, you can view the recorded QuickBooks In The Know webinar from February 6th.

As always, as an accountant customer you can dial into our dedicated support team for accounting professionals by chat or by phone at (866) 729-2925, option 2, Monday-Friday, 6 am to 6 pm PT or Saturday, 6 am to 3 pm PT. It’s our pleasure to serve you.
Sincerely,

The Intuit Payroll Team

* (Source: email received on 2/13/2018)

How do I match a new Invoice to a payment that’s already been deposited to a bank account

This article will show how to link a deposit from a customer to an Invoice. Let’s assume the customer payment was entered first through Bank Deposit (this may be from bank feed or entered manually) instead of Receive Payment form and then you’ve created an invoice later, you can follow the steps below to link the deposit to the invoice.

First, you will need to find the deposit you’ve originally entered in QuickBooks. To do that, follow the steps below:

  • Choose Accounting on the left > Chart of Accounts at the top.
  • In the Action column, select View register.
  • Locate the correct deposit and click anywhere on it.
  • Click Edit.
  • You will see screenshot something similar to this one below.

 

Now, edit the deposit. To do that, follow the steps below:

  • In the Received From column, select the drop-down arrow in row 1.
  • Choose the correct Customer’s name.
  • In the Account column, select the drop-down arrow in row 1.
  • Choose Accounts Receivable.
  • Click Save.
  • See below screenshot for reference.

 

 

The final step is to match the deposit to the Invoice.

  • Choose the Plus (+) at the top of the screen.
  • Choose Receive Payment.
  • Choose the Customer’s name.
  • The Receive Payment form will now show both the invoice and the deposit (you may need to scroll down to see both).
  • Put a check in the boxes next to the invoice and deposit.
  • Click Save.
  • See below screenshot for reference.
  • This process links the payment to the invoice.

 

 

The payment will now show in the Customer center listed as a deposit.
The payment will zero out the invoice and the Accounts Receivable.
 

 

How to handle vendor subcontractor retainage retention in QuickBooks Online

Let’s get started. Follow the step-by-step instructions.

Example: A vendor/subcontractor perform work on our behalf, we deduct 20% of the bill amount as Retention when we pay them. This is to protect us from any potential liability out of their faulty work. How do I record it in Quickbooks?

1. To set up sub-contractor retainage tracking, create a new Retainage account in the Chart of Accounts:

  • From the left Dashboard panel, click Accounting.
  • In the Chart of Accounts, click “New” green button at the far top right corner.
  • For Category Type, select Other Current Liabilities.
  • For Detail Type, select also Other Current Liabilities.
  • For the Name, enter Subcontractor Retainage Payable.
  • For the description, enter same as Name or something like 20% withheld from subcontractor payments.
  • Click Save and close.

See screenshot below for reference.

 

2. To enter expense bill and withheld retainage from a Subcontractor Bill:

In this example: Subcontractor bill is $10,000; pay them $8,000 and retain $2,000 for 4 months.

  • Click the + plus symbol, located at the top of the screen.
  • Select Expenses, Check or Bill under Vendors heading.
  • Select your subcontractor as a vendor.
  • Fill out the remaining fields of the vendor invoice.
  • Select COGS or expense account under Account tab. (line 1, amount = $10,000).
  • Line2, select Subcontractor Retainage Payable account, enter negative amount (example = -$2,000).
  • The total amount should show $8,000.
  • Click Save and close.

See screenshot below for reference.

 

3. To run a Subcontractor Retainage Payable account report for various subcontractors:

  • From the left Dashboard panel, click Accounting.
  • In the Chart of Accounts, locate “Subcontractor Retainage Payable” account line.
  • Go to “View register” under Action column at the far right corner.
  • From the drop-down arrow, select the “Run Report” button.
  • Row/Columns at the top left, change “Group by” to Vendor (especially if you have multiple vendors with retainage balances).
  • Click Run Report.
  • This report will give account details by vendor balances.
  • Since you will need to track these retainage activities, click “Save customization” green button, located in the top-left corner of the report window and name it “Subcontractor Retainage” report and Save.
    Now, you have saved this report for future use.
  • Next time, when you want to run this report (Dashboard > Reports > Custom Reports tab > locate Subcontractor Retainage report and run the report).

See screenshots below for reference.

 

4. To make 20% Retainage balance payment:

  • Same as to enter vendor expense bill as above (step #2).
  • For an account, use Subcontractor Retainage Payable account. Example, $2,000. That will clear the account but do the account analysis on a regular basis.

See screenshots below for reference.

5. Run Report after 20% withheld paymentL
Follow step#3 above on how to run report.
See screenshots below for reference.

 

For “How to handle customer retainage retention in QBO” click HERE.

 
If you have questions regarding this article or any other QuickBooks issues, please CLICK HERE to ask a question.

 

How to handle customer retainage retention in QBO

How to handle customer retainage retention in QuickBooks Online?
Example: A customer we do work for keeps 20% of our invoiced amount until we reach a certain amount. That money is ours. They just hold it back in an account for us in case something goes wrong on a job that is our fault. How do I record that in QBO?

DEFINITION: Retainage is a portion of the agreed-upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project.

Let’s get started with step-by-step instructions for you.

1) To set up retainage tracking in the Chart of Accounts and Products/Services:

Create a new Retainage account in the Chart of Accounts:

    • From the left Dashboard panel, click Accounting.
    • In the Chart of Accounts, click “New” green button at the far top right corner.
    • For Category Type, select Other Current Assets.
    • For Detail Type, select Retainage (at the near bottom).
    • For the Name, enter Retainage Receivable.
    • For the description, enter Retainage Receivable (same as Name).
    • Click Save and close.
    • See screenshot below for reference.

     

    Create a Retainage item from the Products/Services:
     

    • Click the gear in the top-right corner of the screen.
    • From the drop-down menu, within the Lists section, select Products and Services.
    • In the Products and Services window, click “New” green button at the far top right corner.
    • Select “Service” under Product/Service information
    • Enter a Name for the item (i.e. Retainage).
    • Optional: SKU and Category fields.
    • Under Sales Information, place a check-mark next to I sell this product/service to my customers and enter “Retainage Receivable” (this is for the description on sales forms i.e. Invoice).
    • Select the Retainage Receivable account (you just created) from the Income Account drop-down.
    • Be sure to Uncheck “Is taxable” box.
    • Click Save and close.
    • See screenshot below for reference.

     

     
     
    How do I record retainage or retention in QBO continue… Next step is create an invoice/sales recipt with retainage withold line item.
     
     
     
    2) To withhold retainage from an invoice/sales receipt:

    • Click the + plus symbol, located at the top of the screen.
    • Select Invoice under Customers heading.
    • Select your customer.
    • Fill out the remaining fields of the invoice, including the product/service line items.
    • Optional: if you’ve multiple line items, click “Add subtotal” (below Product/Service column).
    • On the next available line of the invoice, select “Retainage” from the Product/Service column.
    • In the Rate or Amount column, enter the amount of the retainage as a negative (-) number. (In this sample Invoice below, the subtotal line amount is $493.00 and 20% is retainage rate. So, either on rate or amount column, just enter 493*-.20 and tab it. You will get negative $98.60 or just compute the amount and enter it).
    • Click Save and close.
    • See screenshot below for reference.

     

     

    3) To record Received Retainage Refund Payment Deposit:

    • Click the + plus symbol, located at the top of the screen.
    • Select Bank Deposit under Others heading.
    • Go to “Add other funds to this deposit” section
    • Fill out
      Received From = Your Customer’s Name
      Account = Retainage Receivable
      And enter the rest as you need.
    • Save and close.
    • See screenshot below for reference.

     

     

    4) To run a report on Retainage Receivable accounts from various customers:

    • From the left Dashboard panel, click Accounting.
    • In the Chart of Accounts, locate “Retainage Receivable” account line.
    • Go to “View register” under Action column at the far right corner.
    • From the drop-down arrow, select the “Run Report” button.
    • Under Row/Columns at the top left, change “Group by” to Customer (especially if you have multiple customers with retainage balances).
    • Click Run Report.
      This report will give account details by customer balances.
    • Since you will need to track these retainage activities regularly, click “Save customization” green button, located in the top-left corner of the report window and name it “Retainage” report and Save.
    • Now, you have saved this report for future use. Next time, when you want to run this report (Dashboard > Reports > Custom Reports tab > locate Retainage report and run the report).
    • See screenshots below for reference.

     

     


     

    For “How to handle vendor subcontractor retainage retention in QuickBooks Online” click HERE.

     
    If you have questions regarding this article or any other QuickBooks issues, please CLICK HERE to ask a question.