Category: Chart of Accounts
-
Why is my credit card beginning balance negative
You will first need to check the account TYPE in the Chart of Accounts. If you’ve manually entered the credit card balance as a positive number when, creating a new account in the Chart of Accounts, on reconciling screen, your beginning balance should also be positive, not negative. You will need to check the TYPE…
-
How to track donated inventory stock items by your business in QuickBooks
NEW!! QuickBooks Online Inventory Deep Dive These are the specific steps you can follow in QuickBooks Online (available in Plus and Advanced plans only) if you are donating or giving away tracked quantity of on-hand inventory items. Create ZERO Value Sales Receipt for Inventory Items: 1. From the Home Page screen > click Create (+)…
-
How to reconcile the Undeposited Funds account the same way like bank accounts
Currently, there is no option to reconcile undeposited funds account. The undeposited funds account is not on the listing of accounts that can be reconciled like for bank, credit card and other assets and liabilities accounts. Interestingly, it’s sort of automatically reconciled when existing payments from the undeposited funds transferred to the bank account. What’s…
-
Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner
First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement. Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor.…
-
#QuickBooks – How do I start with a blank chart of accounts in QBO?
If you’re a new customer and are within the first 60 days of having set up your account, you can delete all of the existing data and start over from scratch. If your account has been setup for more than 60 days you will need to cancel your current company and start a new company…