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QuickBooks Online QBO

Intuit’s acquisition of ChronoBooks offers enhanced productivity with QuickBooks Online Advanced

Intuit® is taking the next step in making QuickBooks® Online the premier solution for small- and mid-size businesses (SMBs) by acquiring ChronoBooks, a cloud-based solution that accountants and SMBs rely on to view and restore historical QuickBooks Online activity. In the near future, each QuickBooks Online Advanced plan will include ChronoBooks at no additional charge. …continue reading…

ChronoBooks
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QuickBooks Online QBO

How to Invoice your Customer for Sales Tax only in QuickBooks Online QBO

Invoicing Sales Tax Only

This video will show step-by-step instructions on how to Invoice your customer for missing Sales Tax only. Be sure to watch the video to the end, so you will not miss any steps.

If you have any questions regarding this one or any, be sure to visit the “Ask Question” forum by clicking the link at the top menu of our site.

Categories
QuickBooks Online QBO

What’s new in QuickBooks Online: November 2019

Some new features and improvements were added in QuickBooks® Online:

Simplify credit card payments with a new workflow

Get organized and stay compliant with sales tax filing

Save time with the profit and loss report enhancement

Establish and manage your Chase Bank account

Identify opportunities with the Revenue Streams Dashboard report

Take control of your cash with batch expenses

Create custom roles for efficient control and security

Increase productivity with automated workflows

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QuickBooks Online QBO

Can I delete automatic exchange loss / gain entry in QBO

The option to directly delete the automatic exchange loss/gain entry in QBO is unavailable at this time. This is mainly because the entry is automatically generated when a payment is applied to a foreign transaction.

Here’s a helpful article with detailed instructions on how to change the currency. It provides an overview of how the adjustment process affects your records:

Enter home currency adjustments for your foreign balances

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Balance Sheet Chart of Accounts Inventory QuickBooks Online QBO

Account setup for Periodic Inventory basis in QBO

If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name designated for Perpetual Inventory tracking in QBO. If you want to switch later, it creates problems.

Periodic Inventory basis account setup

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QuickBooks Online QBO

Export reports to Google Sheets from QuickBooks Online Advanced

Export reports to Google Sheets from QuickBooks Online Advanced

Export to Google Sheets
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QuickBooks Online QBO

What to do when there is a difference in closing retained earnings for this fiscal year and opening retained earnings for the next fiscal year

If the amount on the Profit and Loss report is different from the amount currently displayed for the Retained Earnings account, it’s possible transactions only affecting Balance Sheet accounts may have been entered against Retained Earnings account.

You can see these user-created transactions on the account Quick Report directly from the Chart of Accounts.

Go to Settings ⚙, then select Chart of Accounts.
1) Locate the Retained Earnings account.
2) From the Action column drop-down menu, select Run Report.

Chart of Accounts – Retained Earnings account

3) From the Report period drop-down list, select All Dates.
4) Select Run report.
The report displays any user-created transactions affecting the Retained Earnings account figure.

Chart of Accounts – Retained Earnings account

Normally, this type of ‘only affecting balance sheets accounts’ transaction should not happen except for earnings distribution from Retained Earnings account category. All other transactions should go through the Income and Expense accounts.

…more helpful article…

Categories
QuickBooks Online QBO

How to enter historical sales income received to track as sales transactions by the customer instead of as a bank deposit to income in QBO

Case: You have sales income received before you bought QuickBooks Online. Now, you would like to post as sales transactions and also be able to track sales by customer. And just you don’t want to make a deposit in the bank account and use an income as the account category in QBO. Making bank deposits as income will not show up on the Sales dashboard as Sales Transactions, you will need to create a Sales form like Sales Receipt in QBO.

The best time-saving way to enter these transactions in QBO is directly through the bank register and add as a sales receipt.

Here is how to do it:
From the homepage dashboard > select Accounting > select Chart of Accounts. Once you are on the Chart of Accounts, select Bank and click View Register under Action column at the far right corner. Once you’re on the Bank Register page, select the “Add sales receipt” right DATE column at the far left. Select Date as shown on the bank statement as a deposit item. Select Payee as your Customer. (If Customer is not known at this time, just create one as “Pre-QBO sales” or something like that for all sales). Enter the Memo field if you have information or leave it blank. Enter the Deposit amount and Save.

Note: If you have to split sales by income account or deposit involves sales tax or other items then you will need to create a Sales Receipt directly from the Create plus (+”) from the menu at the top right side.

Bank Register > Add Sales Receipt
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Manage Users QuickBooks Online QBO Video Tutorials

How to Add a Client in QuickBooks Online Accountant

How to Add a Client in QuickBooks Online Accountant

If your client already has a QuickBooks Online (QBO) account, they should invite you as an accountant user instead. Check out this video for how to do that:

Categories
QuickBooks Online QBO

List of not converted features from QuickBooks Desktop (QBDT) to QuickBooks (QBO)

List of not converted features
Chart of Accounts
Attachments
Audit Trail
Bills and Bill payments
Budget
Closing date
Credit card charges
Custom fields on lists
Customer and Jobs
Discount
Documents
Estimates
Finance charges
Group items
Inactive elements on lists
Inventory
Invoice
Journal entry
Layout customization (sales from templates)
Memorized reports
Multicurrency
Online banking
Online bill payment
Other names
Password
Payroll: How does it convert from Quickbooks Desktop
Payroll items
Pending sales
Price levels
Printing mailing labels
Progress invoicing
Purchase orders
QuickBooks Payments
Receive items
Reconcile
Recurring transactions
Reimbursable expenses
Reminders
Reports
Report customization
Sales rep (converts as a custom field)
Sales tax and Value Added Tax (VAT)
Ship via
Shortcut list
Tax support
Terms
Type: customer, vendor, job
To Do list
Users and Permissions
Vendor
Write letters

Source: https://quickbooks.intuit.com/learn-support/en-us/convert-data-files/what-data-doesn-t-convert-from-quickbooks-desktop-to-quickbooks/00/186758