Categories
Export Data

How do you put your QuickBooks Online onto a flash drive?

That’s a really great question! While you can absolutely make a copy of your QuickBooks Online data and store that copy on a flash drive, there are a few limitations that I’d like to go over with you first. That copy of the data is intended for your own peace of mind. You will not be able to move that data back into QuickBooks Online. You will also not be able to import a local copy file stored on a flash drive directly into a desktop version of QuickBooks.

IMPORTANT information about the local copy:

  • Cannot be used to work offline. You can’t make changes to your local copy and move them back into your QuickBooks Online company.
  • Cannot be used as a snapshot to restore your data into QuickBooks Online in the future.
  • Can only be done from a PC using Internet Explorer (IE10) at this time.
  • Cannot be directly imported into QuickBooks desktop software. Choose the “Export to QuickBooks desktop edition” option instead of the “Create a local copy” option if the data is to be used in QuickBooks desktop.
  • Will include your most important financial information, but some information will not be included.

In addition, you must maintain the security of the data yourself. QuickBooks Online can only safeguard data that resides on our servers.

How does it work?

You can download a copy of your data to store on your own PC or flash drive with just a few short steps. While you are unlikely to ever need to access the file, it might make you feel more comfortable knowing you have it.

    1. Click the gear in the upper right of your Home screen.
    2. Choose Export Data from the dropdown.
    3. You may or may not see this message: IMPORTANT: Before you can perform either of the tasks below, you must install an ActiveX control.
      • If you do not see the message proceed to the next step.
      • If you do see the message but, below it you see: ActiveX control successfully installed. You can…, proceed to the next step.
      • If you do see the message and below it you see an Install button, you will need to click Install and finish the Active X installation in order to complete the local copy, then proceed to the next step.
    4. Scroll down to the section that reads, Create a Local Copy “Have a copy of my data on my computer (a “local copy”). Click the link for Local Copy Interview.
    5. Complete the remainder of the interview.

After you create a local copy of your data, you can just download it and keep it on your computer. Here’s how:

  1. Click the Activity from your Home screen that starts with Download the company file created on…

          Note: The company file will only be available to download for 10 days; after that, the link expires and you will have to perform the above steps again.

    1. Click I’m creating a local copy to keep on my computer.
    2. Click Download.
    3. A window will open allowing you to choose a location to save your file. Browse to the location you would like to keep the file (like maybe that flash drive).
    4. Click Save.

If you ever need to read the contents of the file, you can open it in a program such as Microsoft Word or Excel. However, you may need someone with programming skills to help interpret it! Hope that helps you get what you needed!

Categories
Chart of Accounts Reports

Capital Expenditure Issues?

We are building an IT platform with custom software, the costs of which can be considered capex (capital expenditure) and capitalised on the balance sheet as an asset but I cannot see which account in QBO to do this?

It’s generally part of Fixed Assets Category Type.

Click Company Gear > select Chart of Account under Settings > New button > Category Type = Fixed Assets > Detail Type = Other fixed assets (or Machinery & Equipment) > Name = Capitalized Software

You will need to get advice directly from your Accountant as well as auditors if required.

Certain software development costs can be capitalized only when it meets certain specific thresholds.
1.Capitalization occurs once technological feasibility has been established. Before that, it’s just software development phase (like R&D) overhead expense cycle.
2.All capitalized costs are determined to be recoverable. There is a very small window of accumulated costs that can be capitalized. Nom is no more than two years.
3.Capitalization ends and amortization begins when the product is available for general release to customers.
4.Also refer to FAS86-amended



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Categories
Customer Center Customers Customers Center

How do I bill an out-of-pocket cash expense to my client/customer?

Just open a new bank account type and call it Cash account.

Use this account for all cash related expenses. Add to Cash account, if you are making cash withdrawals from main checking account. You will have running Petty Cash account. In fact, it will be more accurate accounting if you have cash withdrawals and disbursements for business.





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Categories
Invoice

How to display Discount field after Subtotal on an Invoice in new QuickBooks Online Plus?

In QBO, you can show discount (percent or $ value) after subtotal. See attached screenshot photo 1 for reference.

You will need to change discount setting on under Sales form content. See attached screenshot photo 2 for reference.

  • From the homepage screen, go the company gear (located top upper corner)
  • Select Company Settings
  • Select Sales under Settings
  • Select Discount ON under Sales form content heading
Discount field after Subtotal
Discount field after Subtotal

Discount field after Subtotal
Discount field after Subtotal






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Categories
Check Credit Memo Customer Center Customers Customers Center Refund Receipt

How to refund to customer remaining balance of a credit memo in the form of a check to customer?

In order to refund customer by check, from the home page screen, go to plus (+) sign

  • Select “Check” under Vendors heading
  • Payee = Customer’s Name from the list (that you are writing check payable to)
  • ACCOUNT = Accounts Receivable (A/R)
  • AMOUNT = Refund check amount
  • SAVE

Go back Customer center (blue navigation bar on the left)
Locate the customer you just made the payment to. You will notice zero amount balance, but it will also say TWO open invoices. Just need to clear this taking another step. Very easy!
From home page screen, go to plus (+) sign

  • Select “Receive Payment” under Customers heading
  • Select Customer from the list
  • You will notice both check payment and credit memo with amount received as zero, all in one place checked off.
  • SAVE. DONE.

Go back to Customer center again. Everything should be cleared off now.
SEE ATTACHED SCREENSHOT PHOTOS FOR REFERENCE.

Customer Refund Check
Customer Refund Check
Receive Payment to clear zero amount
Receive Payment to clear zero amount
Categories
Inventory

How to make quantity on hand inventory adjustment and how would that affect P&L in new QuickBooks Online?

How to make quantity on hand inventory adjustment in new QBO?

  • From the homepage screen, go the Company Gear
  • Select Products and Services under Lists heading
  • Locate and double click on the product need adjustment
  • Click Update button
  • Enter NEW quantity on hand
  • Tab
  • It will automatically show the difference (plus or minus)
  • That’s it!
  • Save

How would the inventory adjustment the P&L since no adjustment account provided?

In new QuickBooks Online, they will automatically post the difference in value to Inventory Shrinkage account (default) as COGS expense adjustment.

If your inventory shrinkage account is positive amount that means you have reduced quantity from your initial quantity on hand entry.

On the other hand, if your inventory shrinkage account is negative amount that means you have increased quantity from your initial quantity on hand entry.

You will need to write reclassify journal if Inventory Shrinkage account (COGS) account is not preferred appropriate adjustment account.

Inventory quantity adjustment
Inventory quantity adjustment

Categories
Reports

How many reports are currently available in new QuickBooks Online? How to check reports?

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  • From the home page screen
  • Go to blue navigation bar on the left
  • Select Reports
  • Select “Go to report” (spyglass)
Search Reports
Search Reports

These are standard reports currently available in new QuickBooks Online Plus?

  1. A/P AGING DETAIL
  2. A/P AGING SUMMARY
  3. A/R AGING DETAIL
  4. A/R AGING SUMMARY
  5. ACCOUNT LISTING
  6. Audit Log
  7. BALANCE SHEET
  8. BALANCE SHEET SUMMARY
  9. BILL PAYMENT LIST
  10. CHECK DETAIL
  11. COLLECTIONS REPORT
  12. Company Snapshot
  13. CUSTOMER BALANCE DETAIL
  14. CUSTOMER BALANCE SUMMARY
  15. CUSTOMER CONTACT LIST
  16. DEPOSIT DETAIL
  17. ESTIMATES BY CUSTOMER
  18. Exceptions to Closing Date (Audit History)
  19. EXPENSES BY VENDOR SUMMARY
  20. GENERAL LEDGER
  21. INCOME BY CUSTOMER SUMMARY
  22. INVENTORY VALUATION DETAIL
  23. INVENTORY VALUATION SUMMARY
  24. INVOICE LIST (INVOICE LIST BY DATE)
  25. JOURNAL
  26. OPEN PURCHASE ORDER LIST (OPEN PURCHASE ORDER LIST BY VENDOR)
  27. PROFIT AND LOSS
  28. PROFIT AND LOSS DETAIL
  29. PURCHASES BY PRODUCT/SERVICE DETAIL
  30. PURCHASES BY VENDOR DETAIL
  31. RECENT TRANSACTIONS (TRANSACTION REPORT)
  32. RECENT/EDITED TIME ACTIVITIES
  33. Reconciliation Reports
  34. SALES TAX LIABILITY REPORT
  35. SALES BY CUSTOMER DETAIL
  36. SALES BY CUSTOMER SUMMARY
  37. SALES BY PRODUCT/SERVICE DETAIL
  38. SALES BY PRODUCT/SERVICE SUMMARY
  39. Scorecard
  40. STATEMENT LIST
  41. STATEMENT OF CASH FLOWS
  42. TAXABLE SALES DETAIL
  43. TAXABLE SALES SUMMARY
  44. TIME ACTIVITIES BY CUSTOMER DETAIL
  45. TIME ACTIVITIES BY EMPLOYEE DETAIL
  46. TRANSACTION DETAIL BY ACCOUNT
  47. TRANSACTION LIST BY CUSTOMER
  48. TRANSACTION LIST BY DATE
  49. TRANSACTION LIST BY VENDOR
  50. TRANSACTION LIST WITH SPLITS
  51. TRIAL BALANCE
  52. UNBILLED CHARGES
  53. UNBILLED TIME
  54. UNPAID BILLS
  55. VENDOR BALANCE DETAIL
  56. VENDOR BALANCE SUMMARY
  57. VENDOR CONTACT LIST

Date: 03/26/2014

Categories
Customer Job costing Profit and Loss Reports

Can you run Profit and Loss per Customer Invoice in new QuickBooks Online?

t would be really nice if you can get PnL by invoice or Pnl by product item. At this time, new QuickBooks Online Plus can not provide with such financial report. No such reports are available even though certain cost exist data may already in the QBO file.

If you are selling inventory items and costs are fixed (not variable costs), you can create sub-customer per invoice and may be able to get the PnL by Invoice. Again, I am stretching a little bit here since today’s QBO is designed for job cost, product cost or whatever costing method you want to use.

For non-inventory selling business or servie type selling business, no can do in today’s QBO.

Categories
Recurring Transactions

Does QBO Plus have memorized transaction groups?

Does QBO Plus have memorized transaction groups?

I would like to organize my memorized transactions using a Group like I did in the desktop version.

That would be really nice feature to have it in QBO.

Unfortunately, QBO does not have that feature yet.

Categories
Chart of Accounts Import Data

How to import Chart of Accounts in new QuickBooks Online?

Here are the steps needed to import the Chart of Accounts:

  1. From the gear icon go to Import Data and choose Chart of Accounts.
  2. Read the checklist before importing and make sure your file fits the requirements for import (must be a .csv or Excel file format and must have Account Type and Name fields). I recommend downloading this sample Excel spreadsheet and use it as a format:  https://www.quickbase.com/up/bfwy8i23w/g/re7/eg/va/QuickBooks_Online_COA_Sample_File1.xls
  3. Click Choose File to find your file.
  4. Click Open.
  5. Click Continue.
  6. Click the drop-down menus next to the field descriptions to choose which field to import. If you don’t use a field, choose I don’t have this.
  7. When you’re ready, click Continue.
  8. If you’re missing critical fields, we’ll tell you by showing you an icon with an exclamation point and an instruction (such as Choose typeChoose detail type, or both).
  9. When you’re done, click Import [number] Records.

Important information to note:

  • The Type and Detail Type should match the types in QBO.  If not, you’ll get an error message in red and will need to change each line item manually.
  • Right now you can’t add new types or detail types; these are hard-coded into the system.  Please select the best fit for each account.  Here’s a link to a spreadsheet that has all the detail types listed: Detail Types:  https://www.quickbase.com/up/bfwy8i23w/g/rhw/eg/va/CoA%20Types%20%20Detail%20Types.xlsx
  • The import limit is 2 MB or 1000 rows.
  • The colon character isn’t allowed, so parent:sub-account relationships will have to imported as parents first, then adjusted to become subs on the chart of accounts after the import is completed.
  • See the Learn more link inside QuickBooks Online for exact limits on name lengths and other restrictions.
  • The import is ADDITIVE. That means that it will add accounts to the already-existing Chart of Accounts but won’t subtract the standard ones that came with QuickBooks Online.

IMPORTANT NOTE: You can’t undo this import.

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