Adds a “Use for billable expenses” checkbox to an account’s edit screen in the Chart of Accounts.
In order to show Item details tab on Expense form, first, you need a Plus plan. Essentials and Simple Start does not have Item details tab feature.
If you have a Plus plan, you will need to check the following two setups:
1) Gear settings for Expenses – Gear at the top right corner > Your Company > Account and Settings > Expenses > Bills and expenses > Show Items table on expense and purchase forms > On > Save.
2) Product/Services information setup form – Gear at the top right corner > Lists > Products and Services > Select Add new button (or for an existing item, click “Edit” under Action column) > Purchase information > Select “I purchase this product/service from a vendor” checkbox > Save and close.
To turn the shipping fields on – Gear at the top right corner | Your Company | Account Settings | Sales | Sales Form Content | Shipping | On | Save
Adds shipping fields (date, tracking number, destination, subtotal) to sales forms (Invoice, Sales Receipt).
Related setting: Advanced | Chart of accounts | Shipping account
If you like the “Ship Via” field to have a drop down box to select, it’s not available yet (2/19). This’s still a text field. You will need to manually enter it every time you create Sales Invoices and Sales Receipts.
Multicurrency feature is available in QuickBooks Essentials and QuickBooks Plus only. This feature is not available in QuickBooks Simple Start.
To turn on Multicurrency feature in QBO:
From the home page screen > Gear icon (at upper right corner) > Your Company Settings > Account and Settings > Advanced > Currency > Multicurrency
Note: Once you turn on Multi-Currency, you can’t turn it OFF.
Also, check out our extensive multi-currency article: http://newqbo.com/multicurrency/
QuickBooks Multicurrency in QuickBooks Online US
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Also, check out this blog article for more info.
Since the Simple Start plan with the single user doesn’t allow you to actually transfer Master Administrator rights to another user, you will need to edit the user information. You’ll also want to make sure the email tied to the account and the login information are correct.
To edit the User Information:
- Click the Gear icon in the upper right-hand corner.
- Under Your Company, select Manage Users.
- Highlight “Master Admin” area before clicking Edit button.
- Click the blue Edit button.
- Edit the first and last name, as well as the Email Address, to have the correct information for the person who should be the Master Administrator.
To change the “User ID” and Sign In info, if needed:
- Click the Gear icon in the upper right-hand corner.
- Under Your Company, select Your Account.
- On the left side, select Personal Info. Under the “Sign In info” section, choose “Change” link and change the User ID, Email address, Email address and Security question to what they need to be.
It is possible on some versions they may have moved “You Company” to left side and combined and renamed as “Account and Settings”. If so, you will see “Manage Users under “Your Company on the left side as well.
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Here is a handy reference on how to fill out fields in an inventory item screen you are creating.
You might not see some of these fields in your inventory item screen depending on your choices in Company Gear icon (upper right corner). You will need to enable Quantity on Hand (QOH) inventory tracking in Company Settings.
|From the home page screen:|
- Company Gear (upper right corner)
- Company Settings
- Products and Services
|Show Product/Service column on sales forms||Adds a Product/Service column on sales forms so you can choose from a list of products and services to include.|
|Track quantity and price/rate||Adds Quantity and Rate fields to sales forms so you can track this information for products and services.|
|Track quantity on hand||Lets you track available stock for each product you sell and its related inventory costs.|
Click on the screenshots below to enlarge them
Inventory item screen fields
|Name||Enter the name of the product item you are selling or Stock Keeping Unit (SKU). SKU could be manufacturer's part name or your own unique product code.|
|SKU||Manufacturer's part number or your own unique product code.
Note: You cannot select SKU on sales forms at this time. However, you can search it on Products and Services page.
|Upload Photo||Recommended dimensions are 120 x 120 pixels.|
|Is sub-product/service||If the product is a sub-item, select it from the list under parent product name. Do not use parent product name. In our example, "Tools" is the parent product name and "Pipe Wrench" is the sub product item.|
|Track Quantity on Hand (for inventory items)|
I track quantity on hand for this product. This enables inventory cost accounting.
|When you select this checkbox, "Initial Quantity On Hand" and "As Of Date" fields will be displayed.|
|Initial Quantity On Hand||Enter a zero or actual quantity on hand. Bear in mind!! These two factors must be taken into account when computing actual quantity on hand: 1) all vendor purchased inventory items are recorded in QuickBooks (no unentered vendor bills left); 2) all sales invoices and sales receipts are shipped out (no outstanding shipments left).
Make sure actual quantity you are entering is 100% accurate. QBO is not that friendly when it comes to making inventory adjustments later.
|As Of Date||Enter "as of date".|
|Inventory Asset Account||Use default "Inventory Asset" account. It is best not to change it.|
Description on sales forms
|This is what the customer/client see on all sales forms (invoices and sales receipts).|
Description on purchase forms
|This is what the vendor sees on purchase orders.|
|Price/Rate||Enter the price you will sell it for. You can also change this price when creating a sales form.|
|Cost||Enter actual cost if you have "initial quantity on hand". Do not create sales form if you have zero Quantity on Hand.|
(Sales of Product Income)
|Default is "Sales of Product Income" account. It is okay to select other product income account.|
(Cost of Goods Sold)
|Default is "Cost of Goods Sold" account. It is better not to change it.|
|Is taxable||Select "Is taxable" checkbox if the product item you are selling is taxable.|
YouTube Tutorial Video:
Case: A customer bought $105.00 worth of product and paid $80.00 in cash. You need to send an invoice to the customer for the balance. How would you handle this in QBO?
First, create a new invoice using product/service item code for $105.00. Use deposit field to post $80.00 as the prepayment on that invoice. Deposit field is located right below the total. Now, the invoice will show $25 balance due.
If you do not see “DEPOSIT” field on your invoice, go to “Company Gear” settings to enable deposit field: Gear icon (upper right corner) > Settings > Company Settings > Sales > Deposit > ON > save. See screenshot below for reference.
Once you enter deposit amount, your invoice screen will expand to show the following three fields added to the invoice form. Fill out the information appropriately:
a) Payment method
b) Reference no.
c) Deposit to
You will need to select “Deposit to” field depending on your situation. If you are depositing this deposit (prepayment) to the bank along with other payments as a batch deposit, then you should select Undeposited Funds Account. On the other hand, if you are depositing just $80.00 as a single deposit to the bank, you should select the appropriate bank account.
Case: With recurring transactions none of the invoice numbers ever change. They are the same month to month, as well as across multiple customers with same invoice number. It is becoming a huge problem getting paid from Customers (Clients) when they see the same invoice number every month.
First, we will need to turn on Custom Transaction numbers. You can do this by going to the Company Gear icon (upper right corner) > Company Settings under Settings > Sales > Sales Form Content > check “Custom Transaction Numbers” > ON > Save.
Now, go to the Company Gear icon again > Lists > Recurring Transactions. Delete the “Invoice number” from the field and Save.
YouTube Tutorial Video:
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Yes, you can set up “Reminder” in QuickBooks Online.
This is how you do it:
From the home page screen
- Click on your company gear in the top right corner
- Click Recurring Transactions under the Lists column
- Click New
- Change the Transaction Type to Invoice
- Change Type to Reminder
Your reminder will show up in the Tasks section of your home page screen. Click “View reminders” link to review and complete the task.