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#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 […]
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QuickBooks Online Chart of Accounts
There are certain accounts QBO automatically creates when a new company is created. These certain accounts can be deleted or edited and there are certain specific accounts cannot be deleted. They are integral part of QBO company account setup. These are specific accounts that cannot be deleted or used for anything else. Here are specific […]
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How to setup Liquor License purchase with Notes Payable in new QuickBooks Online?
Case: Amortizable asset being paid off with Notes Payable I have an asset that needs to be amortized (a liquor license) and I’m confused about how to keep track of the payments we make on it in Quickbooks. The full price is $50K, we put $5K down, and make $750 payments each month (no interest) […]
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How can I change the sorting of the chart of accounts? I want my accumulated depreciation to appear under the related asset.
It is a known issue at this time. There is no way to reorder it like in desktop version. Only way is to show cost first and then depreciation is to assign account number. See attached screen photo for reference. If you feel this feature need to be added in future revision, please add your […]
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What to do when beginning balance is way off since last bank reconciliation?
There is no simple and easy answer. There may be couple of reasons why the beginning balance could change. 1) Edited or changed transaction amount after reconciliation 2) Deleted transaction amount after reconciliation 3) Changed the “R” status manually from the bank register In other words, prior months financials were restated after the bank reconciliation. […]