Categories
Cash Flows QuickBooks Online QBO

Cash Flow Dashboard Widget in QuickBooks Online

To turn this on: Gear > Your Company > QuickBooks Labs

The cash flow chart uses historical data from your Banking tab — bank connected transactions only.

The chart excludes:

CSV import, Credit card, entered manually into QBO, Multicurrency transactions

More Info…

Categories
Class Tracking Payroll

I have already set up a class in QBO. How do I assign Payroll to that Class?

If you have already set up class tracking in QBO, you will need to go to Payroll Settings and assign it to track classes for payroll transactions in QuickBooks.
Here is how:

  • From the Gear icon on the top, go to the Your Company tab.
  • Select Payroll Settings under Account & Settings.
  • Select the Accounting pencil icon at the bottom under Payroll Settings.
  • Select the Class Tracking pencil icon to enable tracking classes for payroll transactions.
  • Under the how do you want to track classes for payroll transactions in Quickbooks tab, you have an option to select:
  • “I use the same classes for all employees” box or “I use different classes for different employees” box.
  • Done.
Accounting under payroll settings
Accounting under payroll settings
Class tracking under accounting preferences
Class tracking under accounting preferences
Track classes for payroll transactions in Quickbooks
Track classes for payroll transactions in Quickbooks
Categories
Depreciation Journal Entry

How do I record fully-owned fixed asset equipment that has been sold for cash?

If it’s fully-owned that means you should not have liability balance in your QuickBooks. But what about the asset value and accumulated depreciation?

You will need to remove the asset and accumulated depreciation from the books and also figure out the Gain or Loss on Sale of an Asset. See the screenshot below on how to set up this account.

You can write a Journal Entry in QBO to record this transaction.
For Example:
Let’s say you sold the vehicle for $2,000
The original Cost is $10,000.
Accumulated Depreciation is $9,000.
Gain on Sale of an Asset is $1,000. (Gain is credit. Loss is debit)

Your Journal Entry will look like this…see the screenshot below for reference.

Also, make sure depreciation expense is up-to-date. That will change the accumulated depreciation amount if it’s current.

Gain on sale of fixed asset
Gain on sale of fixed asset
Gain on sale of asset
Gain on sale of asset – Journal Entry

 

Categories
Payroll QuickBooks Online QBO

QuickBooks Online: Employees and Payroll Helpful Articles

QuickBooks Online: Employees and Payroll Helpful Articles

Top 5 new posts:

Top 5 posts with an accepted solution:

Top 5 posts without an accepted solution:

Categories
Company Gear Company Settings

How to cancel the QuickBooks Online QBO subscription

Your account will be immediately converted to view only access after you cancel the subscription. It’s highly recommended exporting reports and lists (or printing your data) before canceling the subscription. Also, you can access your data within one year from the date you cancel the subscription.

Export Data - Reports and Lists
Export Data – Reports and Lists

Here’s how to cancel the QuickBooks Online QBO subscription:

  • Log in to your account as an admin user. Then, go to the Gear icon and select Account and Settings under Your Company.
  • From the left side, select the Billing & Subscription tab.
  • Click Cancel subscription or Cancel your trial depending on the service you’re using.
  • Follow the steps on the screen to cancel your subscription successfully cancel your subscription.
  • In case, you don’t see the cancel link, call them.
Cancel subscription or Cancel your trial
Cancel subscription or Cancel your trial

You can also check out this article to get more information about what would happen to your data after you cancel the subscription.

https://quickbooks.intuit.com/learn-support/en-us/cancel-standard-subscription/what-happens-to-my-quickbooks-online-data-after-i-cancel/00/185985

Categories
QuickBooks Online QBO

How to record forgiveness of debt loan by vendor and bank in Quickbooks Online


Forgiveness of Debt Income
Forgiveness of Debt Income Account

Forgiveness of debt by vendor - creating vendor credit to clear open bill (A/P)
Forgiveness of debt by the Vendor – creating vendor credit to clear open bill (A/P)

Forgiveness of credit debt by credit card company
Forgiveness of credit debt by the Credit Card Company

Forgiveness of debt loan by loan company
Forgiveness of debt loan by the Loan Company

 

Categories
COVID-19

Intuit Aid Assist Website – Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL)

Intuit Aid Assist is a free website with an interactive tool to help you evaluate whether you may be eligible for federal relief funding.

  • Paycheck Protection Program (PPP)
  • Economic Injury Disaster Loan (EIDL)

https://aidassist.intuit.com/app/home?albRedirect=true#/home


QuickBooks Online with Payroll should see the in-product prompt to apply for the government’s Payroll Protection Program.
From the left dashboard > Workers > Employees
Look for the in-product prompt and click Learn more link for more information. OR just go this Url link:
https://quickbooks.intuit.com/learn-support/en-us/help-articles/learn-how-to-get-the-information-you-need-from-your-payroll-to/00/525664


New and updated resources to help you manage your business and assist your clients during these times.

Funding and relief resources

Free webinar on the Paycheck Protection Program
Join us on Friday, April 17, at 11:00 AM PT as our panel discusses this new government-backed relief program and how it can help eligible businesses and organizations.
Intuit QuickBooks Capital approved as Paycheck Protection
Program (PPP) Lender
Read about how Intuit is now a non-bank SBA-approved lender for the Paycheck Protection Program (PPP) within QuickBooks Capital.
Intuit Aid Assist
Help determine your eligibility for U.S. federal relief loans in 10 steps or less with this free website and interactive tool.

QuickBooks product resources

Payroll tax deadline changes by state
Learn how your state may change its payroll tax payment and filing deadlines due to COVID-19.
Organize payroll reports for your PPP application
Learn where and how to gather the reports you may need to apply for a Paycheck Protection Program loan.
Get Your IRS Form 941
Learn how to access your Form 941 (Quarterly Federal Tax Return) for the year 2019, a document you’ll need when applying for a Paycheck Protection Program loan.

Advising your clients

Recorded webinar: Small business survival tips during COVID-19
Check out a recording of our recent webinar that explores ways to work with clients outside of your established business location.
Vendor communication best practices and sample letters
Share helpful best practices with your clients to help them communicate with their vendors and request relief.

Adapting your business

6 tips for taking your firm remote
Intuit’s own Patti Newcomer shares tips on how you and your firm can transition to working remotely.
Free webinar: Taking Your Practice Remote
Join us on Thursday, April 16 at 11:00 AM CT as a panel of experts shares best practices, advice, and tools to collaborate and work remotely using both cloud-based and desktop software.
How to make a difference in your community when you’re
stuck at home
Get tips on how to help your neighbors, community and others while social distancing.


Categories
QuickBooks Online QBO

Tags in QuickBooks Online QBO – Tracking County Sales, Out of State Sales, Sales to Pay Rep Commissions

Tag transactions in QuickBooks Online

Tags are customizable labels that let you track transactions however you’d like right for your business.

You can tag transactions such as invoices sales receipts, expenses, checks, and bills.

When you put Tags into Tag Groups, you can easily see how your business is doing. You’ll need Tag Groups to get reports for your tags. Currently, they have got the following two standard reports:

  1. Profit and Loss by Tag Group
  2. Transaction List by Tag Group

In this video, it will show how to tag transactions for tracking California County Sales, Out of State Sales and Sales to pay Rep Commissions.

Examples of creating a tag group and tags:

Example 1:

  • Tag Group = Tracking California Statewide Sales or Out of State Sales
  • Tags = California counts such as Alameda, Humboldt, Merced, San Bernardo, Salona and so on.

Example 2:

  • Tag Group = Tracking Sales to pay Sales Commissions
  • Tags = Name of Sales Reps like Joe, Amy, Bette, Matthew, Bill, Jennifer and so on.
Tags Overview
Tags Overview

County Sales
County Sales
Sales by Sales Rep & Commission Expense
Sales by Sales Rep & Commission Expense
Transaction List
Transaction List



 

Categories
QuickBooks Online QBO

How can I make batch changes to categorized transactions without having to go through and click every single one of them in my register

Here is how to modify your transactions by batch so you’ll not go through each and every single one of them in your register:

With your expense transactions, you can visit the Expenses menu from the left Dashboard. You can filter the transaction you want to update except Split transaction, then categorize them.

  • Go to the Expenses menu from the left Dashboard.
  • Select the Expenses tab.
  • Click the Filter drop-down.
  • Choose Type, Dates, and Category as you need.
  • Select Apply.
  • Choose the transaction by clicking the box beside the Date column.
  • Click the Batch actions drop-down arrow, then select Categorize selected.
  • Select the correct category by clicking the drop-down arrow in the Categorize Selected window.
  • Click Apply.

In this example below, it shows how to batch recategorize expenses from the Purchases account category to the Purchases-1 account category.

Note: Batch action will not work on split transactions. Split transaction means more than one account has been used to record the transaction.

Categories
bank feed bank feeds/page/2/ Banking

How do I match a batch deposit for payment of an invoice and vendor refund deposit?

Example: My total deposit amount is $1,300, $1,200 for payment for the outstanding invoice and $100 for Insurance refund.

  • From the Banking Review tab, find the Deposit transaction you want to match with customer payment plus insurance refund.
  • Click the Deposit transaction row in question.
    Click the “Find match” radio button.
  • Match transactions screen will open. See the screenshot below for reference.
  • Select the transaction to match for Invoice payment.
  • Click the RESOLVE button.
  • Under Add resolving transactions section, add an insurance refund deposit. The total deposit should match now.
  • Save.

Find match resolve transaction