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We have 3rd party app Revel sync with QBO. We have experienced an anomaly with the deposits duplicating — one in the revenue income account and the other in the Undeposited Funds account. How to resolve this?

Yes, I heard this is a known issue and they have not been to resolve this. One word is to create a Revel Adjustments account and write a journal entry removing the entry for the revenue income account and at the year-end, let your Accountant handle this Journal Entry. This way the Undeposited Funds account… Continue reading We have 3rd party app Revel sync with QBO. We have experienced an anomaly with the deposits duplicating — one in the revenue income account and the other in the Undeposited Funds account. How to resolve this?

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

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

QuickBooks Online: Employees and Payroll Helpful Articles

QuickBooks Online: Employees and Payroll Helpful Articles Top 5 new posts: Why do I have to pay payroll taxes if I did not run payroll? I accidently had my payroll checks post to the wrong account how can I change them to the correct ac… Is it possible to prevent Intuit’s payroll services from handling… Continue reading QuickBooks Online: Employees and Payroll Helpful Articles

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. Here’s how to cancel the QuickBooks Online QBO subscription:… Continue reading How to cancel the QuickBooks Online QBO subscription

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

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