What does checking Billable box do in QuickBooks Online

The billable feature is available only in QuickBooks Online with Plus plan.
When you select “Billable” Expense checkbox field, you must also select a Customer/Project field each split line that is billable. If you don’t select Customer/Project field, you will get an error message. You can’t the save the transaction. (If you’ve Markup percentage turned on from the settings, you can also choose that field to alter that billable invoice amount).

By selecting “Billable” checkbox and Customer/Project field, it will do two things:
1) It will create an expense from that vendor.
Checking billable allows you, when you create an invoice, to move that expense to the invoice without having to retype it.
2) It also allows you to create an invoice to move those expenses automatically to the invoice without having to retype it again. In other words, you will see all open expenses ready to be included when you are ready to create invoices. Just create an invoice, select customer and right side Add to Invoice panel will open. You can choose “Add all” or each billable item.


To turn on the Use Billable Expenses preference:

Choose the Gear icon at the upper right corner > Your Company / Account and Settings.
Choose Expenses from the menu on the left.
In the Bills and expenses section, check on the Edit icon.
Place a check in the box to Make expenses and items billable.
Optional: you can also select Markup with a default rate of xx% box.
Click Save.


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How does one print a memo line on a check

When you enter a check (create + sign > check), there is a memo section on the bottom left the side of the check (see attachment below). If you have text entered in that memo area, it will print on a check.

check memo line
check memo line

However if you enter a bill (create + sign > bill), even if you’ve entered text entered in that memo area, it will not print on the check when select pay bills (create + sign > pay bills).

If you need to print a fixed memo line like the account number or a specific memo line message on a check print, you can select “account number” field on vendor information page (see attachment below). That way it will print the same memo line on specific vendor checks all the time.

vendor info acct no
vendor info acct no
check print with memo
check print with memo

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In setting up my new QuickBooks file, how do I enter the existing bank account balance with outstanding uncleared checks

It really depends upon how they were reported in previous year’s Financial Statement Report.

Let’s take examples and assume the ending bank balance per the bank statement is $11,000. There is also one check you wrote for $10,000 has not cleared the bank yet. In your books, the actual bank balance should be $1,000, right?

Example #1: You have already reported $10,000 as an expense in the previous year’s financial statement.

Since you have already reported, you do not want to expense it again in the current year. You would post $10,000 check as “Prior year” activity, with a prior date. This way, you can put the bank statement’s ending balance and have the uncleared check as outstanding, for the purpose of bank reconciliation.

example1_1

example1_2

example1_3

example1_4

Example #2: You have not reported $10,000 as an expense in the previous year’s financial statement.

This becomes your current year financial activity when the check has cashed the bank. If you are downloading banking transactions, you would expense it when the bank posted the transaction. In setting up QuickBooks file, the bank balance is $11,000, the same as the bank statement balance.

example2_1

example2_2

example2_3

example2_4


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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk

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Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner

First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement.

Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor. Account to show as due to the owner liability type account. See screenshot below.

owner deposit
owner deposit

Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below.

contractor expense
contractor expense

Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below.

check to owner
check to owner

In case there is no need to reimburse the owner (step#1), you will use a capital contributed account which would be an Owner’s Equity type account.

Review of 1099 vendors and payments list. See screenshot below.

review 1099 vendors payments
review 1099 vendors payments

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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk


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#QuickBooks #QBO What is the maximum digits you can use for a check number

A check number can be of up to 21 digits.

To sign up QuickBooks for a free trial from US Canada UK and Australia, bookmark this URL link > www.newqbo.com/sign/

check number digits

 

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!

 

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#QuickBooks – How do I enter and print reference information on voucher checks?

In QuickBooks Online, there is no feature setup to print reference number (or vendor bill number) on voucher checks. Reference number comes directly from entered bill number field.

 

Here is a sample of Voucher Check printout:
Click on the screenshot below to enlarge it
voucher check

  • Reference column = entered vendor invoice number on “bill no.” field
  • Original amount = vendor invoice amount
  • Printer setup selection = voucher (not standard)

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

 

What happened to the “Items” tab when I enter bills?

show items table on expense and purchase forms on 2
show items table on expense and purchase forms on 2

If you see “Bill” form with account only and there is no  “Item Details tab” separately,  it usually means “Show Items table on expense” setting is turned off.

In order enable Show Items table on expense and purchase forms:

From the home page screen

  • Select the Company Gear (upper right corner)
  • Select Settings
  • Select Company Settings
  • Select Expenses
  • Select Bills and Expenses
  • Select Show Items table on expense and purchase forms
  • Check box to enable setting ON
  • Save
show items table on expense and purchase forms on 2
show items table on expense and purchase forms on 2