Categories
Bank Register Chart of Accounts

#QuickBooks – How do you print bank register in QBO

This feature is available although it is still on QuickBooks Labs stage right now.

It is a part of the “New Registers” feature at the labs.
To go to “QuickBooks Labs” and turn this feature on:
From the home page screen

  • Click Company Gear (upper right corner)
  • Click “QuickBooks Labs” under Settings
  • Turn on “New Register”
  • Done

Click on the screenshots below to enlarge them
1new_register

Go to “Bank Register”:
From the home page screen

  • Left navigation bar
  • Click Transactions > selection menu will expand
  • Click Chart of Accounts
  • Select bank account in question and click “View Register” under Action column

The print icon is in the far right corner of Bank Register screen:
2print_register
Note: When we tested this on 7/6/2015, Balance column was not showing actual balance rather just n/a.

Click “Small Gear” next to print icon and select “show in one line” box, it will give more selections.

Here is a sample of printed bank register. There is no customization at this point.
3printed_register_report

Weekly Price Check US CA UK AU (Plus Plan)

USACanadaUKAustralia
us120x90ca120x90uk120x90au120x90
USD 23.97 per monthCAD 14.50 per monthGBP 15.00 per monthAUD 21.00 per month
USD 23.97 per monthUSD 12.01 per month
(Conversion)
USD 23.30 per month
(Conversion)
USD 16.60 per month
(Conversion)
LOWEST PRICE!

 

 

#QuickBooks Online

 

Categories
Chart of Accounts

QuickBooks Online Chart of Accounts

There are certain accounts QBO automatically creates when a new company is created. These certain accounts can be deleted or edited and there are certain specific accounts cannot be deleted. They are integral part of QBO company account setup.

These are specific accounts that cannot be deleted or used for anything else. Here are specific accounts that cannot be deleted or used for anything else:

  • Undeposited Funds
  • Inventory Assets
  • Opening Balance Equity
  • Retained Earnings
  • Cost of Goods Sold
  • Credit Card Receivables
  • Reconcile Discrepancies
  • Unapplied Cash Payment Income

All of these specific accounts are integral part of QBO special accounts. They cannot be changed into regular accounts. It is highly recommended not to delete it even though you may never use these certain accounts.

These accounts cannot be deleted or merged but can edit the name if needed:

  • (Sales tax agency name) Payable
  • Services
  • Owner’s Equity
  • Uncategorized Expense
  • Uncategorized Income
  • Uncategorized Asset

Services income account is the default income type account for the QBO file. It actually operates the same as any income account, but this one can’t be deleted, nor can the corresponding product service item. However, they can both be changed to the main income account you will be using.

Edit the name of Services to the name you call your income:

  1. From the home page screen, go to the Company Gear (upper right corner) and select Chart of Accounts under Settings heading
  2. Click once on Services to highlight it.
  3. Click Edit button.
  4. Change the name to your preferred name of income.
  5. Click Save.

Accounts that can be deleted by merging:

  • Billable Expense Income (Income Category Type)
  • Markup (Income Category Type)

To merge the accounts:

  1. From the home page screen, go to the Company Gear (upper right corner) and select Chart of Accounts under Settings heading
  2. Click once on the account to highlight it.
  3. Click Edit button.
  4. Change the name to Services, or the exact name that Services has been changed to.
  5. Click Save.
  6. The program will ask if you want to merge; click Yes.

Accounts that can be deleted, but are associated to a company settings. (Since the below accounts are associated to a preference setting the only way to delete them is to disassociate them from the setting .)

  • Shipping Income (Income Category Type)
  • Discounts Given (Income Category Type)

To disassociate the account you want to change:

Want to change Shipping Income?:

  1. From the home page screen, Go to the Company Gear tab (upper right corner) and click  Company Setting under Settings heading.
  2. In the left column, click on Advanced.
  3. In the Chart of Accounts section, click on Shipping Account.
  4. From the drop down list, select shipping account you will be associating this preference to income type account.
  5. At the bottom right, click Done.

Want to change Discount Income?:

  1. From the home page screen, Go to the Company Gear tab (upper right corner) and click  Company Setting under Settings heading.
  2. In the left column, click on Advanced.
  3. In the Chart of Accounts section, click on Discount Account.
  4. From the drop down list, select discount account you will be associating this preference to income type account.
  5. At the bottom right, click Done.

 

 

…more related source

 

Chart of Accounts can be also used many ways in new QuickBooks Online.

How to go to Chart of Accounts?

From the home page screen > select Company Gear (upper right corner) > select Chart of Accounts under Settings

From here, you can ADD New account, edit existing account and delete account with certain exception (certain account cannot be deleted).

Wait, you can do more…

From here, you can go the Register for all the Balance Sheet Accounts. Just highlight account and select Register.

From here, you can generate ACCOUNT QUICKREPORT for all accounts listed here on the Chart of Accounts. Just highlight account and select Report. It is also a quick way to run a report for specific General Ledger Account.

 
COA menu bar

COA quickreport

Categories
Balance Sheet Chart of Accounts QBO QuickBooks

How to setup Liquor License purchase with Notes Payable in new QuickBooks Online?

Case: Amortizable asset being paid off with Notes Payable

I have an asset that needs to be amortized (a liquor license) and I’m confused about how to keep track of the payments we make on it in Quickbooks. The full price is $50K, we put $5K down, and make $750 payments each month (no interest) until it is paid off.

I’m not sure how to list this asset in Quickbooks, I know it’s supposed to be amortized straight-line over 15 years (Reg. 1.197-2(b)(8).

Step-by-step instruction:

You will need to set up ” Liquor License” as Intangible Assets (Or Other Assets in QBO), not as Fixed Assets.

Here is how to do it in new QuickBooks Online (QBO):

To setup new accounts in Chart of Accounts:

From the home page screen > Company Gear icon (upper right corner) > Settings > Chart of Accounts > New (blue button)

  • #1 Category Type = Other Assets > Detail Type = Licenses > Name and Description = Liquor License
  • #2 Category Type = Other Assets > Detail Type = Licenses > Name and Description = Cost > Check Sub Account checkbox = Liquor License
  • #3 Category Type = Other Assets > Detail Type = Accumulated Amortization of Other Assets > Name and Description = Accumulated Amortization of Liquor License > Check Sub Account checkbox = Liquor License
  • #4 Category Type = Expenses > Detail Type = Other Misc. Costs > Name and Description = Liquor License Amortization Expense
  • #5 Category Type = Long Term Liabilities > Detail Type = Notes Payable > Name and Description = Notes Payable to XYZ

How to record $5K down payment and also record $50K Liquor License as Other Assets and $45K as Notes Payable at the same time?

How was this $5K down payment made?

  • For Check = use Check form (Create + sign > Vendors “Check”)
  • For Online, Debit Card type = use Expense form (Create + sign > Vendors “Expense”)

You enter $5K down payment transactions as other use payment with the following Account splits under Account details heading:

  • Notes Payable to XYZ (refer to #5 above) = $5,000
  • Notes Payable to XYZ (refer to #5 above) = -$50,000 (negative amount)
  • Liquor License (Other Assets type, refer to #2 above) = $50,000

You will notice Check Amount is still $5,000.

For amortization of liquor license, you can setup monthly journal entry and make it recurring transactions type.

  • Debit > Liquor License Amortization Expense (refer to #4) = $277.78
  • Credit > Accumulated Amortization of Liquor License (refer to #3) = $277.78

When making $750 monthly payment, select Notes Payable to XYZ account (refer to #5 above).

Even after it’s fully amortized, cost and amortization should stay on the books until it’s sold again.

Categories
Bank Register Chart of Accounts

My opening balance is incorrect? How do I edit it in new QuickBooks Online?

If the opening balance in one of your Balance Sheet accounts is wrong, you can open the register of that account and correct it from the Chart of Accounts.

From the home page screen:

  1. Go the Company Gear icon (upper right corner) and click Chart of Accounts under Settings.
  2. Highlight the name of the account, then click Register button.
  3. Go to the top of the register, locate to the Opening Balance entry and edit the amount.
  4. Click SAVE. The change will not be saved if you navigate away from the register without saving.

Note:  This Balance Sheet account must be one that you entered an opening balance for when you created it, not continuation of opening balance from prior years.

Categories
Chart of Accounts Journal Entry

How do I transfer Opening Balance of Balance Sheet Accounts? What would be the other side of accounting entry?

As a general rule, you will use the Equity accounts for one other side entry.

What you have are a possible two options.

If you are transferring, opening balance from all the Balance Sheet accounts (assets and liabilities), use Opening Balance Equity (under Equity type) account. Opening Balance Equity Account will Net out to zero once all the Balance Sheet accounts are transferred.

If on the other hand, certain opening balance accounts (like bank account) are already transferred, then you will need to review further how and where they were transferred. If you see zero balance on Opening Balance Equity Account, might as well directly transfer to Owner’s Draw or Owner’s Equity Account.

For AR opening balance, you will to reenter customer invoices again. Depending upon your accounting method (cash or accrual basis). In general, you will enter Invoice to Income Account on Cash basis; and on Accrual basis, you will enter other side of entry to Equity Account. Make sure to consult with your CPA Accountant or Tax Accountant. Exactly the same procedure also applies to AP opening balance. Journal Entry will not work.

For Inventory Asset opening balance, you will need to use Product/Services feature to enter inventory value and quantity. Journal Entry will not work.

For other Balance Sheet Accounts, couple of options available are to enter, but writing Journal Entry will also work fine.

For Opening Balance date, I prefer to use ending balance date. For example for 1/1/2014, I like to use Ending Balance date of 12/31/2013. Balance amount is still the same.

Same steps are applicable to Income and Expense accounts, especially you are transferring anytime during the year.

Categories
Balance Sheet capital expenditure Chart of Accounts

How can I change the sorting of the chart of accounts? I want my accumulated depreciation to appear under the related asset.

It is a known issue at this time. There is no way to reorder it like in desktop version. Only way is to show cost first and then depreciation is to assign account number.

See attached screen photo for reference.

If you feel this feature need to be added in future revision, please add your voice here. We’ve already done it in the past.

http://feedback.qbo.intuit.com

fixed assets combined

helpful videos

Categories
Bank Register Chart of Accounts Reports

What to do when beginning balance is way off since last bank reconciliation?

There is no simple and easy answer. There may be couple of reasons why the beginning balance could change.

1) Edited or changed transaction amount after reconciliation

2) Deleted transaction amount after reconciliation

3) Changed the “R” status manually from the bank register

In other words, prior months financials were restated after the bank reconciliation.

First, just because the beginning balance amount changed, does not necessarily mean the ending balance is wrong as well. You should first try reconciliation with the ending balance (although the beginning balance is different) to see if there is reconciliation difference due to prior months changes.

You should also check the bank register (blue navigation bar on the left > transactions > registers > double click bank account in question > go to register> look for missing “R” after reconciliation

In order to see any bank transactions were deleted after reconciliation, you should see “Audit Log” report (blue navigation bar on the left > transactions > reports > go to report type audit log


Qatar Airways NY


Categories
Chart of Accounts

How do I reorder chart of accounts in QBO?

There is no such option to reorder COA available at this time.
It is unfortunate and very ridiculous, right!

If you feel this feature need to be added in future revision, please add your voice here. I’ve already done it in the past.

http://feedback.qbo.intuit.com

Categories
Chart of Accounts Transactions

I accidentally deleted the Cost of Goods Sold in my Chart of Accounts. When I went to recreate it, the detail no longer includes a general COGS option. How do I re-add the top-level COGS detail?

Luckily, you cannot delete account in new QuickBooks Online. You can make it inactive only.

To make it active again:

  • Go the Chart of Accounts (Company Gear (upper right corner) > Lists > Chart of Accounts
  • Include Active checkbox (see attached screenshot photo for reference)
  • Chart of Accounts page will refresh itself
  • Scroll down the page and look for “Cost of Good Sold (deleted)”
  • Highlight it (click once, not double click)
  • Select “Edit” button
  • New Account page will open
  • Remove the check mark from the “Inactive” box at the bottom left corner of the Account page
  • Save

Note: Now, you will also need to DELETE (make it inactive) another Cost of Goods Sold account you created

Include Inactive
Include Inactive

 


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Categories
Chart of Accounts

How do I re-sort the Chart of Accounts in new QuickBooks Online?

Chart of Accounts is currently designed to sort account names in alphabetical order only. There is no way to resort your accounts the way you want it at this time.

It is numerical order if using account numbers instead of name.

I like to see the following improvements on Chart of Accounts:

  1. Ability to drag account name up or down (within account type, of course) like on desktop version
  2. At present, it shows the accounts with zero balance on P&L and Balance Sheets reports even if those accounts are deleted. I know you can customize the reports and select to show non-zero only. I like to see a way to permanently hide it, probably from within company settings or from chart of accounts format itself.

If you feel this feature need to be added in future revision, please add your voice here. I’ve already done it in the past.

http://feedback.qbo.intuit.com