Can I change the default A/R or A/P account in QuickBooks Online

Can I change the default A/R or A/P account in QuickBooks Online
QuickBooks Help
QuickBooks Online (QBO) is not designed to work with multiple Accounts Receivable (AR) and Accounts Payable (AP) accounts. The initial AR and AP accounts, or those selected during conversion, will be the default accounts. We encourage our customers to merge their accounts payable and receivable accounts. For more information on merging accounts, please see Merging accounts, vendors, or customers. If division of open payables and receivables are needed use one of the following options…

 

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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 add additional billable time and expense to an already created current invoice

In order to add additional unbilled time and expense, first open existing invoice. You can open it directly from the create + sign, select invoice under customers, and from upper left corner select invoice in question to open from the recent transactions. You can also open directly from the customer’s page under customers center.

Once the invoice is open, you will take the following steps:

1) Go far to the right corner of the invoice column and choose delete trash icon. See attachment below.
2) New Unlink the billable message screen will open. Select “Yes, unlink it” blue button. See attachment below.

unlink billable
unlink billable

3) Now “Add to Invoice” will open on the right-hand window panel. Select “Add all” or “Add” single billable item as needed. See attachment below.

add to invoice billable
add to invoice billable

4) Review and make other field changes if needed. Save. See attachment below.

new invoice
new invoice

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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

 

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USD 23.97 per monthCAD 14.50 per monthGBP 15.00 per monthAUD 21.00 per month
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USD 23.30 per month
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USD 16.60 per month
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RELATED ARICLES:

Where does QBO get its currency exchange rates from

Which versions of QBO support the multi-currency feature

#QuickBooks #QBO How do I get separate payments from different customers to show up as one deposit as it does when I deposit it in the bank?

On Receive Payment screen (create + sign > customers > receive payment) > select deposit to: undeposited funds > choose invoice and payment amount > save

Next step > On Bank Deposit screen (create + sign > other > bank deposit) > select customer payments > match total payment to bank deposit > save

If you are downloading bank transactions > banking center (left navigation bar > transactions > banking) > click deposit in question > deposit transaction screen will expand > select “Find Match” > select transactions (payments) to match deposit amount > save

Click on the screenshots below to enlarge them
deposit to undeposited funds1

deposit to undeposited funds2

deposit1 match uf

deposit1

deposit2 find match

deposit3 match transactions

deposit4 posted in quickbooks

 

#QuickBooks Online

 

How do make inactive (deleted) customer active again in new QuickBooks Online?

It’s very easy to make inactive customer active again in new QBO.
In order to make reactivate a customer, from the home page screen

  • Select “Customers” from the blue navigation bar the left
  • From the “Customers Center”, select small “Gear” on the far middle right
  • Select “Include Inactive” box from the gear drop-down selector
  • It will list customers with inactive (deleted) accounts
  • Locate and click reactivate a customer from the list
  • Select “Make Active” under Customer profile screen
  • You will get prompt message like “Customer to delete is now active.”
  • See screenshot photos for reference.
1 home page screen
1 home page screen
2 customer center
2 customer center
3 include active
3 include active
4 make active button
4 make active button

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How to delete an Invoice in new QuickBooks Online?

When you delete an invoice, you delete a posted transaction, so this will affect your report totals and the customer’s balance.

Also, any unbilled, non-posted transactions that were included on the invoice become available again to be included on the next invoice you create.

To delete an invoice

Find/locate the Invoice to delete.
From the footer, click “More”.
Select Delete from the drop-down selector.
Click “Yes” to confirm.
After you delete an invoice, the only record of the invoice is in the audit log.

How to copy an Invoice in new QuickBooks Online?

Find/locate the Invoice to “Copy”.
From the footer, click “More”.
Select “Copy” from the drop-down selector.
It will crate a copy of an Invoice form.
Revise as needed and save the Invoice.

Copy Invoice
Copy Invoice

The same process also applies to Sales Receipt.