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How to write a check in new QuickBooks Online?
From the home page screen Select Create “+” sign Select “Check” under Vendors Check Form will open Select Payee (vendor/customer/employee) Select Bank account Select Expense date Select Check Number Select Account (from list) under Account Details header Select Description (enter bill reference number if available) Select and enter Amount (split accounts if needed) Save For […]
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How do you run a Budget vs Actual P&L report in new QuickBooks Online?
Budget Reports Budget vs. Actuals is a standard report in new QuickBooks Online. Once you have entered budget in QBO, you can run the following two reports: Budget Overview Budget vs. Actuals To run this report: From the home page screen Go to blue navigation bar on the left Select Reports Select “Go to report” […]
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How to handle early payment discount taken to an invoice when a customer pays on time? Example: 1% 10, Net 30 or 2% 10, Net 30
In an ideal accounting process, I would think handling discounts taken by the customer would be part of the “Receive Payment” form screen. They will have the additional line to enter discounts given to the customer as negative amount entered and thereby would match customer payment amount. Since the QBO Receive Payment screen is unable […]
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How to post payment against a vendor before invoice received?
If you are trying to post payment by CHECK against a vendor/supplier before invoice received, see this will work for you. From the home page screen Select Create “+” sign (upper-middle) Select Check form under Vendors Select Vendor/Supplier and provide other information Select Account = Account Payable Under Account Details header Save This will leave […]
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How can I document money taken out of personal checking to pay for some initial expenses?
Case Example: I just started a company and I am very new to QB Online Essentials. I am yet to invoice my customer and the usual net is 30 days. But I have accrued some expenses associated with the business like paying for GL & WC insurance premiums using my Business credit card. The credit […]
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How do I add a credit for a vendor (supplier) without any open bills? I also like to see this credit in Vendor’s Center.
It involves three steps process. Step # 1 Issue Vendor Credit (+ sign > Vendor Credit under Vendors) Make sure to use the same account originally used Step # 2 Deposit refund to the bank (+ sign > Bank Deposit under Other) Received From = Vendor’s Name Account = Accounts Payable (A/P) Step # 3 […]
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How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference.
How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference. They have three custom fields available to add in Purchase Order Form. To add custom fields: From the home page screen Select the Company Gear (located at upper-corner) Select “Company Settings” under Settings […]
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How do I change into another one if I have more than one company I operate in new QuickBooks Online?
From the home page screen Select the Company Gear (located at upper-corner) Select “Switch Company” under Your Company heading It will take you to login screen with the following messages: Company Selection Our records show that you have access to more than one company, or multiple users in the same company. QuickBooks Online Companies newqbo […]
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How to handle trade-in inventory accounting in QuickBooks Online Plus and Advanced?
QuickBooks Online Inventory Deep Dive The first aspect is dealing with how to provide credit for the trade-in item in the sales receipt. The easy answer is to say just add a line for the trade-in item and show the amount as negative. Well, how to set up that item in product/service? If you set […]