(1) Try “Vendor Credit” form (from create “+” sign > Vendor Credit under Vendors header) If you are using “Enter Bill” form to enter vendor bill and returning to the same vendor, you could use Vendor Credit form. It will show negative Vendor balance. (2) For returning credit for Credit Card purchases > use Credit Card Credit form (3) For returning credit for Debit Card purchases (or purchases paid by check) > use Make Deposits. In new QBO, they do not have Debit Card Credit or or Check Credit Expense Credit form at this time. There is a known problem using Make Deposits feature. It will not show up in the Vendors center. This is a huge known problem in new QuickBooks Online.
From the Home page screen
- Select the Company Gear (top upper corner)
- Select “Chart of Accounts” under Settings header
- Select “New” button
- New Account screen will open
- Category Type = Bank
- Detail Type = Bank account type (like checking or savings)
- Name = Name of the Bank
- Description = Same as name (with acct number optional)
Note: Leave BALANCE blank. You will need to write an appropriate entry for the opening bank balance separately.
There is no way to permanently delete accounts in new QuickBooks Online. You can make account inactive. That’s all in new Quickbooks Online.
Best solution is to customize Balance Sheet report.
- Run Balance Sheet
- Click Customize
- Click Row/Columns
- Select Rows = Non-Zero
- Select Columns = Non-Zero
- Run Report
- Save Customizations button and save it as a special report.
- See screenshot photo for reference.
In new QuickBooks Online, disconnecting an account isn’t exactly in an obvious spot. To disconnect an account from online banking, we’re going to want to start in the upper right by clicking the little company gear, and then choose Chart of Accounts under settings. We’re going to click the connected account (you can tell it’s connected because it has two little arrows pointing in opposite directions) and then click the “Edit” button. You will see at the bottom of the pop-up that appears that there’s a check box that says. “Disconnect this account on save.” Check that box and click save, and you’re done!
In order to print a deposit slip with a payment type credit card we need to check your payment list settings and make a small change.
From the Home page screen
- Go to the company Gear and select “All List “then select “Payment Methods.”
- Select the payment method that is part of your deposit slip and click edit.
- Uncheck the credit card box and save.
- Return to your Bank Deposit screen and attempt to print again. Once its printed return to the payment method list and re select the credit card option and save.
In newQBO, you will need to create new accounts setup in Chart of Accounts:
- Cash Account (Bank Type)
- Rental Payment (Income Type)
- Security Deposit (Other Current Liabilities Type)
(From Company Gear, top upper corner > select Chart of Accounts under Settings header)
Also, if you are creating Sales Receipt, you will need to Product/Service Item for these two:
- Rental Payment (Income account linked to Rental Payment)
- Secuirty Deposit (Income account linked to Security Deposit account)
- (From Company Gear, top upper corner > select Products and Services under Lists header)
For creating Sales Receipt (From create “+: plus sign, top middle > select Sales Receipt under Customers)
In newQBO, you will have to constantly deal with Three Amigos.
- Create “+” sign = enter all transactions
- Gear = settings/preferences
- Left navigation bar = history, reports, banking, customers/vendors center
QuickBooks Online doesn’t have an Undo Last Reconciliation feature. To unreconcile a reconciliation you’ll need to unreconcile each transaction via the register.
To access and print a previous reconciliation report:
- From the gear icon go to Reconcile.
- Choose the account from the drop-down list.
- Click on the desired reconciliation report.
- Once the report is open, click Print.
To undo a reconciliation:
- Select Transactions on the left menu then Registers.
- Click on the account then click Go to Register
- Find the transactions that need to be unreconciled, one at a time.
- To highlight click on the transaction.
- Click on the R on the top line of the transaction, which is between the Payment and Deposit or Charge and Payment amount. Clicking in this field will allow you to change the status of the transaction to the desired status from blank = unreconciled to C = Cleared.
- Click on Save.
- A message will appear: This transaction has already been reconciled. You should only remove the R if you’re correcting a mistake. Are you sure you want to remove the R? click Yes.
- Continue this process for each transaction on the reconciliation report or statement you want to unreconcile.
- Select the Company Gear (located top upper corner)
- Select “Company Settings” under Settings header
- Select “Payments” under Settings”
- Select “Existing Accounts:” under Payments
- Click “Connect” button
- New Intuit login screen will open (see screenshot photo below)
- Sign in and follow the instructions
For accepting QuickBooks Merchant Online Payment feature, select QuickBooks payment learn more button
QuickBooks Payments Get paid more ways, fast!
Take credit card or bank transfers
Accept payments through QuickBooks, emailed invoices, and mobile
QuickBooks automatically updates when you’re paid
It requires that R&D generally be expensed as incurred now.
So, in QBO, it should be considered an Overhead Expense, not Direct Cost or COGS.
How to set up R&D as Overhead (O/H) in new QuickBooks Online?
Figure out the main primary operating costs for R&D and categorize expense type.
In QBO chart of accounts detail type are already defined. I would select “Other miscellaneous service cost” as detail type to track costs related to R&D.
For example your Chart of Accounts should like this:
- Salary and Benefits
- Purchased Materials
- Independent Contractors
- Equipment Expense
- Travel Expense
- Other R&D Expense
This is just an example. Only your CPA can give you better guidance for your business.