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Handling Multiple Vendors Refund Checks Deposit in QBO
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How do I fix unapplied cash payment income and unapplied cash bill payment expense
You may see two accounts for UNAPPLIED cash payments if you report Profit and Loss on a cash basis. It will automatically trigger these two accounts simply because you have entered certain deposit and payment transactions differently than normal flow in QBO. These two accounts are automatically added to the Chart of Accounts when the […]
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How does one print a memo line on a check
QuickBooks Online: How to Print a Memo Line on a Bill Payment Check QuickBooks Online: How to Print a Memo Line on a Bill Payment Check #QuickBooks #QuickBooksOnline #QBO #Vendor #Supplier #Bill #PayBills #PrintCheck #BillPaymentCheck When you enter a check (create + sign > check), there is a memo section on the bottom left the […]
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What to exclude transactions on 1099-MISC forms when you pay an independent contractor
The basic rule is that you must file a 1099-MISC forms when you pay an independent contractor (sole proprietor type) $600 or more in a year payments you made by cash or check. ( https://www.irs.gov/pub/irs-pdf/i1099msc.pdf ) Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made […]
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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. […]
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How to handle when a customer has an overpayment in account balance and goes out of business
Accounting treatment in QuickBooks is exactly the same like when Vendor goes out of business prior to payment for the open balance. If the vendor (or customer with a credit balance) goes out of business due to bankruptcy, keep it until you hear from the courts with instructions as to where to forward your payment. […]