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 on your chart of accounts. For credit card account, the CATEGORY TYPE should also be “Credit Card” not Bank or something else. If it’s not setup as credit card type, you will need to edit from pull-down arrow next to view register in the chart of accounts.
These are the specific steps you can follow in QuickBooks Online (available in plus plan only) if you are donating or giving away tracked quantity on hand inventory items.
Create ZERO Value Sales Receipt for Inventory Items:
1. From the Home Page screen > click Create (+) Sign (top middle bar) > Customers > Sales Receipt and create a Sales Receipt for the inventory item.
2. Choose a customer (name of donating company). Add new if needed.
3. Select Item Donation as your Payment Method. Add new if needed. Optional.
4. For “Deposit to” field, select Add new and create bank category type account. Name it clearing account. (This will create just a zero dollar transaction. You would not have any actual banking transactions in this bank register).
5. In the Product/Service column, click the drop-down arrow to select the product/service you are donating.
6. Change the Rate of the selected product/service to zero so that the total of the sales receipt is zero.
7. Click Save.
8. Click “More” at the bottom. Select Transaction Journal report. This will give you the original cost of the inventory items you are donating. Print as PDF or select export to excel. Do the same for the Sales Receipt.
Next, to account for the original cost of the product/service(s) selected, create a Journal Entry to move the cost out of the Cost of Goods Sold account and into the appropriate expense account (for example, Charitable Donations Expense).
To record this:
1. Click Create (+) sign > Other > Journal Entry.
2. In the Account section, choose the expense account used to track charitable contributions (for example, Charitable Donations Expense).
3. Enter the cost of the product/service in the Debit field.
4. On the next line, click the drop-down arrow and select the Cost of Goods Sold (COGS) account for the donation.
5. The cost of the product/service entered in the field above will populate the Credit field.
6. Click Save.
7. Optional. Attachments (bottom left) for the record. Attach Transaction Journal (that gives you how you got the cost of the donated items) and Sales Receipt.
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 left in the account is treated as unreconciled status. To get the unreconciled status data, you can get the information directly from the undeposited funds register, you will need to follow these steps:
From the home page screen > left navigation bar > transactions > chart of accounts > select undeposited funds account and click view register under action column > once you’re on the asset register, click little funnel icon arrow down > select ” Not Reconciled” under reconcile status > select all dates > apply
All the items remaining on top without “R” sign (payment and sales receipt) represents “Not Reconciled” status. The total amount should match with the shown “Ending Balance” on top of the register. You can print or download to excel this report.
reconcile undeposited funds
The only problem with this report is, there is no way to get the running balance that they took it out on their last update. When sort, you will see “n/a” only with no balance or grand total. If you think you need running balance or grand total instead of “n/a” only, send them your feedback request here:
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. Account to show as due to the owner liability type account. See screenshot below.
owner deposit
Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below. contractor expense
Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below. check to owner
In case there is no need to reimburse the owner (step#1), you will use a capital contributed account which would be an Owner’s Equity type account.
Review of 1099 vendors and payments list. See screenshot below. review 1099 vendors payments
If you found our answers useful then please contribute few bucks to support this forum. Thank you!
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 in order to start from scratch.
To complete the process, follow the instructions below:
Log in to your QuickBooks Online company.
Change the URL to include /purgecompany instead of /homepage
EXAMPLE:
URL shows: https://qbo.intuit.com/c27/app/homepage
Change to: https://qbo.intuit.com/c27/app/purgecompany
Steps:
Change url to /purgecompany
Enter YES
Select Create an empty chart of accounts (select only with the advice of an accountant)
Click Wipe Data
Done. It will automatically take you back to the home page.
This option is available in Plus Plan and Essentials Plan. It is not available in Simple Start.
Click on the screenshots below to enlarge them
Depending upon company type selection, QBO will keep only few default accounts. Do not delete those accounts.
Tutorial Video
If you found our answers useful then please contribute few bucks to support this forum. Thank you!
