Account setup for Periodic Inventory basis in QBO

If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name […]

What to do when there is a difference in closing retained earnings for this fiscal year and opening retained earnings for the next fiscal year

If the amount on the Profit and Loss report is different from the amount currently displayed for the Retained Earnings account, it’s possible transactions only affecting Balance Sheet accounts may have been entered against Retained Earnings account. You can see these user-created transactions on the account Quick Report directly from the Chart of Accounts. Go […]

How to enter historical sales income received to track as sales transactions by the customer instead of as a bank deposit to income in QBO

Case: You have sales income received before you bought QuickBooks Online. Now, you would like to post as sales transactions and also be able to track sales by customer. And just you don’t want to make a deposit in the bank account and use an income as the account category in QBO. Making bank deposits […]

List of not converted features from QuickBooks Desktop (QBDT) to QuickBooks (QBO)

List of not converted features Chart of Accounts Attachments Audit Trail Bills and Bill payments Budget Closing date Credit card charges Custom fields on lists Customer and Jobs Discount Documents Estimates Finance charges Group items Inactive elements on lists Inventory Invoice Journal entry Layout customization (sales from templates) Memorized reports Multicurrency Online banking Online bill […]