QuickBooks Online QBO Tutorial for Beginners – August 2016

How would you like to learn QuickBooks in 90 minutes? This FREE video tutorial is specifically designed for beginners in mind. You will learn QuickBooks Online the right way from the start. It covers all the basics you need to learn and offers some helpful tips. If you are looking for step-by-step educational guidance and ready to learn QBO, this is the one. And this video is produced by Top International QuickBooks Trainer, VPController.

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 the new company file is created. You can’t delete or change these two accounts.

Here is the main reason that will trigger these two account types in QBO:

  • Triggers “Unapplied Cash Payment Income” when the date of the customer deposit date is before the invoice date it’s applied to.
  • Triggers “Unapplied Cash Bill Payment Expense” when the date of the vendor payment date is before the bill date it’s applied to.

Example of “Unapplied” Customer Deposit and Vendor Payment transactions

unapplied deposit
unapplied deposit
unapplied check
unapplied check
bank register
bank register
cash basis unapplied pnl
cash basis unapplied pnl

Changing “Invoice” and “Bill” dates to be prior to payment dates should work for most transactions in this account. However, there may be other unknown circumstances where the issue may not be easily fixed. In that case, you will need to analyze each transaction and resolve the matter. Or get help from the expert.

invoice
invoice
receive payment
receive payment
bill
bill
bill payment
bill payment
cash basis applied pnl
cash basis applied pnl

 


This video will show how to fix “Unapplied Cash Payment Income” and “Unapplied Cash Bill Payment Expense” on a cash basis Profit and Loss report.

 


OTHER HELPFUL LINKS:
(Also, refer to IRS Publication 538 Constructive Receipt of Income for more details.)
https://www.irs.gov/publications/p334/ch02.html
What’s Unapplied Cash Payment?
https://community.intuit.com/articles/1146009-what-s-unapplied-cash-payment

 


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#QuickBooks #QBO What is the maximum digits you can use for a check number

A check number can be of up to 21 digits.

To sign up QuickBooks for a free trial from US Canada UK and Australia, bookmark this URL link > www.newqbo.com/sign/

check number digits

 

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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. When you Pay Bills (or enter expenses), you can select this account instead of bank account > easy one step process only > however, if parent company has a problem using Credit Card type account then, you may need to set it up as “Other Current Liabilities” type account.

In that case, it becomes two step process > pay bills (or enter expenses) using Credit Card type as I/C clearing account > transfer the balance from Intercompany Accounts Payable (other current liabilities type) to Intercompany Clearing account (credit card type > new name). To transfer in QBO, you can use Transfer (create + sign > other > transfer) or write a Journal Entry (and make it reversible JE if needed).

Again, it’s a good idea to consult with your parent company who handles Intercompany accounts. And, always reconcile accounts on a regular basis.

Click on the screenshots below to enlarge them
ic payable

ic paybills

ic payable2

transfer

transfer_je

balsheet2
NOTE:
On the parent company’s books, they should record this as an intercompany accounts receivable.
In QBO for Intercompany Accounts Receivable > select “Other Current Assets” Type (not main Accounts Receivable A/R type. In QBO, you can have just one A/R).

How does one record use of multiple payment sources for a single expense?

I made a large purchase that had to be paid with multiple payment sources.

I can find lots of information for splitting a single payment into multiple expenses, but how does one go about recording the opposite case? For example, a $10,000 expense that was paid $6,000 from a checking account and $4,000 on a credit card account.

ANSWER:

Start with entering a Bill for this purchase of $10,000

From the home page screen > Create + sign > vendors > bill
Fill out bill form. See attached photo 1 for reference.
.

Then use Pay Bills, and pay by using the bank checking account for that $6,000 part. Then, Pay bills, and do the credit card account for $4,000 part.
From the home page screen > Create + sign > vendors > pay bills
See attached photo 2 for manual check payment reference.
See attached photo 3 for credit card payment reference.

photo1
photo 2
photo 3

How do I search for a specific amount in a line item in a bill?

How do I search for a split amount in a line item in a bill?

Example: Total vendor bill amount could be for $500 but the split lines are broken down to $150 or whatever. I would like to search for the $150 and find the $500 bill linked to this charge.

Click the magnifying glass icon (top-middle-screen) > Select Advanced Search > Change default setting from “All Transactions” to “All Transaction Lines” > Click Search blue button.

How to set up vendor payment term where all bills are due month-end of the following month? For example, April vendor bills are due on 31st of May.

To setup “Term” in new QuickBooks Online:

From the homepage screen

  • Select the Company Gear (upper-corner)
  • Select “All Lists” under Lists heading
  • Select “Terms”
  • Select “New” button
  • New Term screen will open

Name = Due following month end (or name as needed)
Select “Due following month end”
Enter “31” day of month
Under Due the next month if issued within
Enter “31” days of due date
Save

See screenshot for reference.

Note: Term will apply to both Vendors and Customers.

Due following month end
Due following month end

How do I record negative (credit) Vendor (Supplier) Bill in new QuickBooks Online?

Vendor Credit Form
Vendor Credit Form

How do I record negative Vendor bill?
If it’s for vendor’s (or supplier’s) credit bill:

  • Click Create “+” sign in the middle (see attached screenshot below for reference)
  • Select “Vendor Credit” under Vendors
  • It will leave credit balance on Accounts Payable under Vendor’s Name.
Vendors Credit
Vendors Credit

New QuickBooks Online Plus – How to enter various expenses in new QBO?

QuickBooks Online (QBO) Tutorial – Customer Invoice, Sales Receipt, Receive Payment, Bank Deposit