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 to 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 […]

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. However if you enter a bill (create + sign > bill), even if […]

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 […]

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. […]

#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 Reference column = entered vendor invoice number on “bill no.” […]

How do you mark a bill as paid if paid by your parent company (not by your bank account or credit card)

First, you need to get some guidance from the parent company if they go through inter-company elimination process to prepare consolidated balance sheet report. In QBO create Intercompany Accounts Payable Account (not main Accounts Payable A/P) > you can select “Credit Card” Type > it will show as Credit Card group on the Balance Sheet. […]