Price Rules (aka Price Levels) in QuickBooks Online

How to set up and use special pricing for selected or all customers in QuickBooks Online?
1. Setup New Customer Type (Dashboard > Sales > Customers > Customer types > New Customer type).
2. Turn on Price Rules (Gear > Your Company > Account and Settings > Sales > Products and Services > Turn on Price Rules).
3. Setup New Price Rules (Gear > Lists > Products and Services > Drop-down arrow under MORE > Price Rules).
4. Create Invoice or Sales Receipt (Create + sign > Customers) > Select (or use default) Price Rules under Rate column.

Educational and Instructional Video:

QuickBooks Online QBO Price Rules (aka Price Levels) – Special pricing for selected or all customers



Which versions of QBO support the multi-currency feature

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/
 

Multicurrency feature available in QuickBooks Essentials and QuickBooks Plus.
Multicurrency feature available in QuickBooks Essentials and QuickBooks Plus.

 

Multicurrency feature is NOT available in Simple Start.
Multicurrency feature is NOT available in Simple Start.

 


RELATED ARTICLES:
QuickBooks Multicurrency in QuickBooks Online US

 








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Handy reference to inventory item fields

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)
- Settings
- Company Settings
- Sales
- Products and Services
 
Show Product/Service column on sales formsAdds a Product/Service column on sales forms so you can choose from a list of products and services to include.
Track quantity and price/rateAdds 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 tracking settings

Inventory item screen fields

FieldsReference Guide
NameEnter 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.
SKUManufacturer'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 PhotoRecommended dimensions are 120 x 120 pixels.
Is sub-product/serviceIf 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 HandEnter 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 DateEnter "as of date".
Inventory Asset Account
Use default "Inventory Asset" account. It is best not to change it.
Sales Information
Description on sales forms
This is what the customer/client see on all sales forms (invoices and sales receipts).
Purchasing Information
Description on purchase forms
This is what the vendor sees on purchase orders.
Price/RateEnter the price you will sell it for. You can also change this price when creating a sales form.
CostEnter actual cost if you have "initial quantity on hand". Do not create sales form if you have zero Quantity on Hand.
Income account
(Sales of Product Income)
Default is "Sales of Product Income" account. It is okay to select other product income account.
Expense account
(Cost of Goods Sold)
Default is "Cost of Goods Sold" account. It is better not to change it.
Is taxableSelect "Is taxable" checkbox if the product item you are selling is taxable.

inventory fields

 

YouTube Tutorial Video:

How to handle a partial payment when creating an invoice in QBO?

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.

Click on the screenshots below to enlarge them
enable deposit setting

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.

deposit field on invoice

The snapshot below shows what accounts are affected by this transaction:
deposit journal report
1. Accounts Receivable: $25
2. Sales Income: $105
3. Undeposited Funds or Bank Account: $80

 

#QuickBooks Online

 

How to fix: Invoice numbers stay same on recurring transactions in QuickBooks Online

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.

Click on the screenshots below to enlarge them
custom transaction numbers

Now, go to the Company Gear icon again > Lists > Recurring Transactions. Delete the “Invoice number” from the field and Save.

delete inv no

YouTube Tutorial Video:

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    #QuickBooks #QBO – How to assign employees to classes

    First, you need a PLUS plan to have class tracking features.

    To turn on the class tracking:

    From the home page screen

    • At the right upper corner, click the company gear icon.
    • Select Company Settings under Settings.
    • Under Company, click anywhere on Categories.
    • Select Track classes.
    • Select Warn me when a transaction isn’t assigned a class.
    • Under Assign Classes, select One to each row in transaction.
    • Click Save and then Done.

    Now, class tracking is ON for the company file.

    To setup new classes:

    From the home page screen

    • At the right upper corner, click the company gear icon.
    • Select All Lists, under Lists.
    • Select classes under Lists.
    • Select New button (upper right corner).
    • Name Class.
    • Select sub-class (optional).
    • Click Save.

    To set up the class tracking for employees:
    From the home page screen

    • At the right upper corner, click the company gear icon.
    • Select Payroll Settings under Settings. Note: If you do not see Payroll Settings under Settings, that mean Payroll is ON yet. From the left navigation bar > select Employees > select Turn on Payroll (blue button, far right corner).
    • Under Preferences, click Accounting.
    • Click Customize button.
    • Under Classes, select I use different classes for different employees.
    • Click OK.
    • Assign classes for employees including inactive employees if needed.
    • Click OK.
    • Under Want to update existing transactions, too?, enter the nearest date of the transactions. Note: normally you would want to select current fiscal year starting date (for example if starting Jan 1, 2015).
    • Click OK.

    When you run Profit and Loss by Class report next time, you should see payroll costs distributed by class.
    To run Profit and Loss by Class:
    From the home page screen > left navigation bar > reports > go to report and type profit and loss by class.

    Watch Tutorial Video on YouTube:

    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!

     

    #QBO Plus

     

    QuickBooks Multicurrency in QuickBooks Online US

    With QuickBooks Online (QBO) multi-currency, you can track transactions in more than one currency. Multicurrency affects many accounts and balances in company file and the preference can’t be turned off once it’s been turned on.

    Important: Since you cannot really back up company file (with all the features and the settings) in QBO at this time, make sure this is what you want before turning on this multi-currency feature.

    The multi-currency menu items are in the Company Settings menu under Currency in the QuickBooks Online.

    From the home page screen > company gear (upper right corner) > settings > company settings > currency > ON > Save

    Click on the screenshots below to enlarge them
    1enable currency feature

    Multicurrency once enabled from the QuickBooks Online, one cannot UNDO it. See screenshot below, there is no edit pencil icon for currency, once the currency feature is ON.
    2currency feature enabled

    Once the multi-currency is enabled, it will do two visible things:

    • It will create “Currencies” under lists.
    • It will create “Exchange Gain or Loss” account under “Other Expense” type.

    lists currencies

    exchange gain or loss account

    Currency exchange rate

    Once set, the company’s home currency cannot be changed:
    For US QuickBooks Online editions, the home currency is set to USD, by default.
    Exchange rates are always recorded as the number of home currency units it takes, to equal one foreign currency unit.

    To add new currency > from the home page screen > company gear (upper right corner) > lists > currencies > add new

    home currency table

    How to start using the multi-currency feature?

    • After you turn on the feature, you will be able to assign a currency to customers, vendors, and other accounts.
    • You can assign one currency for each customer or vendor so you will create new customers or vendors to use in your foreign transactions.
    • You can assign one currency for each account so you will create new accounts to use for your foreign transactions.
    • If you prefer to use your own exchange rates, you can manually enter those as well.

    The following image shows how these currencies attributes in an Invoice transaction relate to the representation of the invoice.
    invoice in gbp

    Customer Center > from the home page screen > left navigation bar > customers

    customer center

    Customer Page > from the home page screen > left navigation bar > customers > customer

    customer page

    It also automatically creates separate Accounts Receivable accounts (not sub-accounts) by currencies in addition to main home currency A/R.
    ar accounts by currencies

    A/R Aging Summary Report in home currency
    ar aging in home currency

    Balance Sheet Report
    Since A/R (and A/P) not sub-items type, it cannot be collapsed even if wanted.
    balance sheet

    (All Vendor side transactions and reports also work the same way as Customer transactions).

    Mult-currency features not available

    Weekly TimeSheet and Single Time Activity entered (either by employee or vendor contractor) do not work with multi-currency at this time. You will get the following error message:

    “The following errors have occurred: You must choose a customer that uses local currency when time is billable.”

    multicurrency single time not working

    multicurrency timesheet not working

     

    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!

    RELATED ARICLES:

    Where does QBO get its currency exchange rates from

    Which versions of QBO support the multi-currency feature

    #QuickBooks – How do I edit the footer message which appears in all my Invoices

    To edit the invoice footer message:

    From the home page screen

    • Click in the company gear at the upper right
    • Go the settings
    • Click custom form styles
    • Find the Standard template under Name and click Edit under Action
    • Select Footer
    • See “Message to customer”. This is where you can edit the message details from the Invoice.

    Click on the screenshots below to enlarge them
    message to customer

    message to customer2

    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!