How to wipe out QBO company data file and create an empty Chart of Accounts COA

If you have Essentials (or higher) plan and your account has been active for 60 days or less, you can wipe out your company data file and also create a new chart of accounts at the same time if you want. To wipe the data and create a new COA from your QuickBooks Online account: […]

Track billable expenses and items as income in a single account or in multiple accounts

Adds a “Use for billable expenses” checkbox to an account’s edit screen in the Chart of Accounts.

Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.

You can do batch reclass for expense transactions recorded to Account details tab. They use the account from the Chart of Accounts. These expenses are created using the Expense, Check or Bill in QBO However, if it’s sales forms entries like customer invoices that use the product/service item code, then it’s not possible to do […]

As a sole proprietorship, what detail type should I use for Owner’s Draws account in QBO

In QBO, I would use Owner’s Equity as detail type for Owner’s Draws account name. Category Type: Equity Detail Type: Owner’s Equity Name: Owner’s Draws      

Why is my credit card beginning balance negative

You will first need to check the account TYPE in the Chart of Accounts. If you’ve manually entered the credit card balance as a positive number when, creating a new account in the Chart of Accounts, on reconciling screen, your beginning balance should also be positive, not negative. You will need to check the TYPE […]