Categories
Chart of Accounts Check Create Expense Expenses

How do I set up to pay owner? How do I show funds paid to owner in new QuickBooks Online?

Owners Equity Account
Owners Equity Account
  • Create Owner’s Draw account under Equity type
  • Click Gear
  • Select “Chart of Account” under Settings
  • Select “New” button
  • Category Type = Equity
  • Detail Type = Owner’s Equity
  • Name = Owner’s Draw
  • Save

New QuickBooks Online Plus – How to enter various expenses in new QBO?

QuickBooks Online (QBO) Tutorial – Customer Invoice, Sales Receipt, Receive Payment, Bank Deposit

Categories
Chart of Accounts

How do I characterize a Line of Credit. What kind of account should it be in new QuickBooks Online?

In QBO, Line of Credit should be setup as Other Current Liabilities type account.

  • See screenshot photo 1 below for account setup

In QBO, you can transfer funds from Line of Credit account to Bank account. From the Homepage screen

  • Select “+” sign
  • Select “Transfer” under Other heading
  • See screenshot photo 2 below for transfer from Line of Credit to Bank account
QBO line of credit account setup
QBO line of credit account setup
QBO line of credit bank transfer
QBO line of credit bank transfer

 

New QuickBooks Online Plus – How to enter various expenses in new QBO?

QuickBooks Online (QBO) Tutorial – Customer Invoice, Sales Receipt, Receive Payment, Bank Deposit

 

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
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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Categories
Bank Register Banking Chart of Accounts

How can I turn off the automatic download feature for bank and credit card accounts?

I want to download bank and credit card transactions manually from time to time. How Can I turn off the automatic download feature?

This is actually something QuickBooks Online does in the background. There is no preference for it. You can disconnect the download then reconnect it later.

  • From the Blue Navigation Bar on the left
  • Select Transactions menu
  • Go to Banking.
  • Click the pencil icon on the account you want to disconnect
  • Put a check mark in the Disconnect account on Save checkbox.
  • Click Save

When you are ready to connect it again, go to Transactions, then Banking. Click the blue Add Account button and follow the onscreen instructions.

 

connect-disconnet-bank-cc-account

Categories
Chart of Accounts

Can I undelete account that was deleted from the Chart of Accounts?

Yes, you can undelete a deleted account in QBO.

From home page screen, select Company Gear (top upper corner)
Select Chart of Accounts under Settings
Select “Include inactive” (located next to Filter by Name)
The page will refresh automatically.
Locate the account you want to undelete from the list (it will indicate as deleted account)
Double click the account you want to undelete
New screen will open
Locate and uncheck “Inactive” box (located at bottom left)
SAVE

 

#QuickBooks Online

 

How do I undelete (or make inactive account to active) account in QBO