Account setup for Periodic Inventory basis in QBO

If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name… Continue reading Account setup for Periodic Inventory basis in QBO

How to wipe out QBO company data file and create an empty Chart of Accounts COA

If you have Essentials (or higher) plan and your account has been active for 60 days or less, you can wipe out your company data file and also create a new chart of accounts at the same time if you want. To wipe the data and create a new COA from your QuickBooks Online account:… Continue reading How to wipe out QBO company data file and create an empty Chart of Accounts COA

Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.

You can do batch reclass for expense transactions recorded to Account details tab. They use the account from the Chart of Accounts. These expenses are created using the Expense, Check or Bill in QBO However, if it’s sales forms entries like customer invoices that use the product/service item code, then it’s not possible to do… Continue reading Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.