If it’s fully-owned that means you should not have liability balance in your QuickBooks. But what about the asset value and accumulated depreciation? You will need to remove the asset and accumulated depreciation from the books and also figure out the Gain or Loss on Sale of an Asset. See the screenshot below on how… Continue reading How do I record fully-owned fixed asset equipment that has been sold for cash?
CASE SCENARIO: A customer never paid the Invoice for $1,000. Wrote-off as bad debt expense account. Later paid $1,000. You will first need to check to the original entry to see how the debt was written off to the bad debts expense account. For example, wrote a journal to wrote off a debt of $1,000… Continue reading How to Reverse an Accounts Receivable Written-off as Bad Debts Expense Account
Example: We received a credit card payment from customer A ($334.00) and sent a credit card refund ($1,000.00) to customer B on the same day. This resulted in a net negative deposit ($666.00) from our credit card merchant provider. How to match a refund receipt and a regular receipt in order to properly match the… Continue reading How do you match a deposit to a receipt when the credit card refund is more than the actual deposit
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… Continue reading How to track donated inventory stock items by your business in QuickBooks
It really depends upon how they were reported in previous year’s Financial Statement Report. Let’s take examples and assume the ending bank balance per the bank statement is $11,000. There is also one check you wrote for $10,000 has not cleared the bank yet. In your books, the actual bank balance should be $1,000, right?… Continue reading In setting up my new QuickBooks file, how do I enter the existing bank account balance with outstanding uncleared checks
A case may occur when a customer wants to apply credit balance to an affiliated company’s open invoice. EXAMPLE: Customer (Mark) has a $500 credit balance. Customer (Martha) has a $500 Open Invoice. They like to clear the accounts by applying $500 credit from Mark’s account to $500 Open Invoice of Martha’s account. One easy… Continue reading How can I transfer unapplied credit from one customer to another in QuickBooks Online
You can download “Journal” report to Excel. There is no way download each Journal Entry one by one. For outside auditors, customized “Journal” report may work just fine. In order to run Journal report, from the blue navigation bar on the left Select Reports > select “Journal” under GO to report > select Customize button… Continue reading Is there a way to download all the journal entries made in a given year? An outside auditor is asking for all the journal entries made in the previous year.
As a general rule, you will use the Equity accounts for one other side entry. What you have are a possible two options. If you are transferring, opening balance from all the Balance Sheet accounts (assets and liabilities), use Opening Balance Equity (under Equity type) account. Opening Balance Equity Account will Net out to zero… Continue reading How do I transfer Opening Balance of Balance Sheet Accounts? What would be the other side of accounting entry?
There is no way to batch print actual journal entries in new QuickBooks. In fact, there is no print button in QBO, to print actual journal entry that you see on screen at all. To add this new feature request, add your voice here. I have already done so in the past. http://feedback.qbo.intuit.com/
You can reverse Journal Entry in new QuickBooks Online (QBO). From the home page screen Select Create (+) sign (upper-middle) Select “Journal Entry” under Other heading Select small “Clock” icon for recent transactions, next to Journal Entry form title (upper-left-corner) Select Journal Entry needed to be reversed (select “More” link to expand the list if… Continue reading How do I reverse a Journal Entry in this new QB Online?