Categories
Sales Tax

How do I print Sales Tax payment voucher for backup record in new QuickBooks Online?

They do not have a standard Sales Tax payment voucher to print at this time.

Best you can do is to print Sales Tax Payment statement.

From the home page screen

  • Select “Search” (magnifying glass, upper-middle next to plus sign)
  • Select Advanced Search
  • Select “Sales Tax Payments” as search setting from drop-down selector
  • Select “Account” or “Date”
  • Select “Search” blue button
  • Select “Print” icon (located at far right middle section)

See screenshot photo for reference

Sales Tax Payments
Sales Tax Payments
Categories
Custom Form Styles Invoice

How to add footer note on Invoice on new QuickBooks Online?

To add footer note on invoice (also for statement, estimate, sales receipt and so on):

From the home page screen

<

ul>

<li>Select Company “Gear” (upper-corner)</li>


<li>Select Company Settings under Settings header</li>


<li>Select Sales</li>


<li>Select “Customize look and feel” under Customize</li>


<li>New “Add personality to your forms” screen will open</li>


<li>Select “Footer”</li>


<li>Enter notes under Footer</li>


<li>Save</li>

See screenshot photo for reference

Customize Footer
Customize Footer
Categories
Check

How to write a check in new QuickBooks Online?

From the home page screen

  • Select Create “+” sign
  • Select “Check” under Vendors
  • Check Form will open
  • Select Payee (vendor/customer/employee)
  • Select Bank account
  • Select Expense date
  • Select Check Number
  • Select Account (from list) under Account Details header
  • Select Description (enter bill reference number if available)
  • Select and enter Amount (split accounts if needed)
  • Save

For entering inventory (or product/service) items, use Item Details.

Check
Check
Write Check
Write Check
Categories
Budgeting Reports

How do you run a Budget vs Actual P&L report in new QuickBooks Online?

Budget Reports

Budget vs. Actuals is a standard report in new QuickBooks Online. Once you have entered budget in QBO, you can run the following two reports:

      Budget Overview
      Budget vs. Actuals

To run this report:

  • From the home page screen
  • Go to blue navigation bar on the left
  • Select Reports
  • Select “Go to report” (magnifying glass), type Budget (or select from drop-down selector
  • Select Budget vs Actuals report
  • Customize as required

Go to Budget Report
Go to Budget Report

58-Budget Overview
58-Budget Overview

59-Budget vs Actuals
59-Budget vs Actuals
Categories
Customer Center Customers Invoice Receive Payment

How to handle early payment discount taken to an invoice when a customer pays on time? Example: 1% 10, Net 30 or 2% 10, Net 30

In ideal accounting process, I would think handling discount taken by the customer would be part of “Receive Payment” form screen. They will have the additional line to enter discounts given to the customer as negative amount entered and thereby would match customer payment amount.

Since QBO Receive Payment screen is unable to handle this specific transaction, you will need way-around approach. No doubt, it is unnecessary and time-consuming steps to handle such a simple customer payment transaction.

You will need to create a CREDIT MEMO for early discount taken by the customer. See photo#3 for reference.

For one-time, you will also need to create new GL account for “Discounts given” (see photo 1) and new Service item for “Early Payment Discounts” (see photo 2).

Once you’ve created Credit Memo, go to Receive Payment screen, apply for payment against the open invoice as well as apply subtract early payment discounts to match customer payment. See photo#4 for reference.

See screenshot photo#5 for reference to how it will show Discounts given in P&L.

See screenshot photo#5 for reference to how it will show Discounts given in P&L.

Need better way to handle discount taken by customer, add to QuickBooks Online Feature Requests here:

http://feedback.qbo.intuit.com/


 

Photo#1

Open new GL Account
Open new GL Account

Photo#2

Create new Product Item for Early Discounts Taken
Create new Product Item for Early Discounts Taken

Photo#3

Create Credit Memo
Create Credit Memo

Photo#4

Receive Payment Screen
Receive Payment Screen

Photo#5

Profit & Loss with Discounts Given
Profit & Loss with Discounts Given

 

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Categories
Vendor Vendors

How to post payment against a vendor before invoice received?

If you are trying to post payment by CHECK against a vendor/supplier before invoice received, see this will work for you.

From the home page screen

  • Select Create “+” sign (upper-middle)
  • Select Check form under Vendors
  • Select Vendor/Supplier and provide other information
  • Select Account = Account Payable Under Account Details header
  • Save

This will leave credit balance against that vendor/supplier on Accounts Payable account. So, you will to enter actual expense bill to clear this credit A/P balance.
If you are paying by credit card or debit card, the whole process is the same. Just choose “Expense” form under Vendor header.

Pay Vendor by Check b4 Invoice
Pay Vendor by Check b4 Invoice
Vendor Center Advance Payment
Vendor Center Advance Payment
Categories
QBO QuickBooks

How can I document money taken out of personal checking to pay for some initial expenses?

Case Example:

I just started a company and I am very new to QB Online Essentials. I am yet to invoice my customer and the usual net is 30 days. But I have accrued some expenses associated with the business like paying for GL & WC insurance premiums using my Business credit card. The credit card bill is due in 3 weeks. I do not have any money to pay for this expense using my Business Checking account. But I can pay it via from my personal checking account.

It looks like I need to loan $5,000 to my business checking account from my persoanl checking account to pay for the business credit card. Upon getting paid, I want to put the money back in personal checking account.

How can I document this in QB Online system?

Once you have transferred money from your personal to business checking account, this is how you will need to record the deposit in new QuickBooks Online.

Click “Plus” icon menu
Select Bank Deposit from “Other” menu
Choose the correct bank account (if you have more bank accounts)
Select correct date of deposit
Received From = Jimmy Smith (example only) > Add New as “Vendor” if needed (slightly different name if already setup as employee)
Account = Loan Payable to Jimmy Smith (example only) > Add New > Category Type > Other Current Liabilities > Loan Payable > Change Name to Loan Payable to Jimmy Smith > Leave Balance “Blank” > Save
Description = Temporary loan to the company, to be repaid within 60 days (for example)
Payment Method = Direct Deposit/Check/Cash??
Ref No = Bank deposit reference number if available
Amount = exact deposit amount (say $5,000 for this example)
Save and Close

Loan repayment to Jimmy Smith

GO to Vendors
Select Expense (if bank transfer) > select Check if issued check
Select Jimmy Smith (Vendor)
Account = Loan Payable to Jimmy Smith
Description = Repayment of loan with borrowed date
Amount = $5,000.00 (if full re-payment)

Those two entries should document borrowed money for business as well as repayment. And, the account should reflect zero balance when done.

Categories
Vendor Vendor Credit Vendors

How do I add a credit for a vendor (supplier) without any open bills? I also like to see this credit in Vendor’s Center.

It involves three steps process.

Step # 1
Issue Vendor Credit
(+ sign > Vendor Credit under Vendors)
Make sure to use the same account originally used

Vendor Credit
Vendor Credit

Step # 2
Deposit refund to the bank
(+ sign > Bank Deposit under Other)
Received From = Vendor’s Name
Account = Accounts Payable (A/P)

Deposit
Deposit

Step # 3
To clear A/P as Bill payment (step # 1 and step #2)
Why step# 3 > step # 2 bank deposit does not apply to specific bill
select Vendors > locate Vendor > click “Make Payment” button, far right > Bill Payment screen will open with zero amount> Save and Close

Bill Payment
Bill Payment
Categories
Company Gear Company Settings Purchase Order

How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference.

How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference.

They have three custom fields available to add in Purchase Order Form.
To add custom fields:

  • From the home page screen
  • Select the Company Gear (located at upper-corner)
  • Select “Company Settings” under Settings header
  • Select “Expenses”
  • Select/Double Click “Purchase Orders” and name new fields
  • Select blue “New” button
  • See screenshot photos for reference.
Purchase Orders
Purchase Orders
Purchase Orders Form
Purchase Orders Form

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

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

Categories
Wipe Data Your Account Your Company Your Company Id

How do I change into another one if I have more than one company I operate in new QuickBooks Online?

From the home page screen

  • Select the Company Gear (located at upper-corner)
  • Select “Switch Company” under Your Company heading
  • It will take you to login screen with the following messages:
    Company Selection
    Our records show that you have access to more than one company, or multiple users in the same company.
    QuickBooks Online Companies
    newqbo (example)
    oldqbo (example)
    futureqbo (example)
    Canceled Companies
    Oldco (example)
Switch Company
Switch Company