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How to set up vendor payment term where all bills are due month-end of the following month? For example, April vendor bills are due on 31st of May.
To setup “Term” in new QuickBooks Online: From the homepage screen Select the Company Gear (upper-corner) Select “All Lists” under Lists heading Select “Terms” Select “New” button New Term screen will open Name = Due following month end (or name as needed) Select “Due following month end” Enter “31” day of month Under Due the…
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How can I run a report that shows total income and total expenses for a specific customer (client) in the new QuickBooks Online?
Run Profit and Loss report and customize by customer. GO to blue navigation bar (located on the left) Select Reports Go to report and type Profit & Loss Select “Profit & Loss” from the drop-down selector Run Profit & Loss report (for the wanted transaction date) Click Customize button Click Lists Select “Customer” from the…
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How to effectively use “Delayed Charge” in the new QuickBooks Online?
Delayed Charge is keeping an advance record of what revenue is to come in the future. It can be also looked at as pipeline revenue or tracking of the sales backlog of the company. This form looks very similar to an Invoice or Sales Receipt, but it’s a no-posting type entry to the ledger. Based…
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How to delete an Invoice in new QuickBooks Online?
When you delete an invoice, you delete a posted transaction, so this will affect your report totals and the customer’s balance. Also, any unbilled, non-posted transactions that were included on the invoice become available again to be included on the next invoice you create. To delete an invoice Find/locate the Invoice to delete. From the…
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Do you have to separate the sales tax paid to a vendor when recording in QuickBooks Online?
Do you have to separate the sales tax paid to a vendor when recording in QB? I have entered all the checks that were written. I just want to know if I need to go back and separate the sales tax that were paid to the vendors. If so, what would be the account to…
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How many “Manage Users” accounts are allowed with QB Online Plus?
It depends on which type of user you’re adding to the account. A normal QB Online Plus subscription allows you to have up to four additional users for a total of five users. Also, you can add up to two accountant type users and an unlimited number of time tracking users. Additional users can be…
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What is a Journal Entry?
A journal entry is to record a transaction in Journal type. Journal entry is entered with knowledge of debits and credits assigned to specific accounts using a Chart of Accounts. The total of the debits must equal the total of the credits or the journal entry is said to be “unbalanced.” QuickBooks is a form-based…
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How to make corrections to items in the Products and Services that will flow through to past income transactions?
Yes, you can make update the products and services item that will also flow through to past transactions as well. Go back to the products and services information form and update the income account link. From the home page screen Select the Company Gear (upper-corner) Select Products and Services under Lists header Locate Name and…
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How to add Billable Hours and Rate to Invoices from Timesheets (Employee or Contractor) in new QuickBooks Online?
You can get there by clicking the Customize button tab at the bottom (middle section) of the Invoice, Estimate, and Sales Receipt. Select “More” > Check boxes to show Billable to include employee name, hours and rate. You can also get there from the Company Gear (upper-corner) > Company Settings under Settings header > Sales…
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We do not charge Sales Tax on any our services. The “Sales Tax” feature was turned on by mistake. Now, how to remove this feature completely from the Invoice screen so that we don’t have to keep changing it?
Once “Sales Tax” feature is turned on, it cannot be turned off. You will always see the Sales Tax column when creating a transaction (Invoice or Sales Receipt). To add new feature request to turn-off Sales tax, send feedback to Intuit here: http://feedback.qbo.intuit.com/
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How do I print Sales Tax payment voucher for backup record in new QuickBooks Online?
They do not have a standard Sales Tax payment voucher to print at this time. Best you can do is to print Sales Tax Payment statement. From the home page screen Select “Search” (magnifying glass, upper-middle next to plus sign) Select Advanced Search Select “Sales Tax Payments” as search setting from drop-down selector Select “Account”…
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How to write a check in new QuickBooks Online?
From the home page screen Select Create “+” sign Select “Check” under Vendors Check Form will open Select Payee (vendor/customer/employee) Select Bank account Select Expense date Select Check Number Select Account (from list) under Account Details header Select Description (enter bill reference number if available) Select and enter Amount (split accounts if needed) Save For…
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How do you run a Budget vs Actual P&L report in new QuickBooks Online?
Budget Reports Budget vs. Actuals is a standard report in new QuickBooks Online. Once you have entered budget in QBO, you can run the following two reports: Budget Overview Budget vs. Actuals To run this report: From the home page screen Go to blue navigation bar on the left Select Reports Select “Go to report”…
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How to handle early payment discount taken to an invoice when a customer pays on time? Example: 1% 10, Net 30 or 2% 10, Net 30
In an ideal accounting process, I would think handling discounts taken by the customer would be part of the “Receive Payment” form screen. They will have the additional line to enter discounts given to the customer as negative amount entered and thereby would match customer payment amount. Since the QBO Receive Payment screen is unable…
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How to post payment against a vendor before invoice received?
If you are trying to post payment by CHECK against a vendor/supplier before invoice received, see this will work for you. From the home page screen Select Create “+” sign (upper-middle) Select Check form under Vendors Select Vendor/Supplier and provide other information Select Account = Account Payable Under Account Details header Save This will leave…
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How can I document money taken out of personal checking to pay for some initial expenses?
Case Example: I just started a company and I am very new to QB Online Essentials. I am yet to invoice my customer and the usual net is 30 days. But I have accrued some expenses associated with the business like paying for GL & WC insurance premiums using my Business credit card. The credit…
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How do I add a credit for a vendor (supplier) without any open bills? I also like to see this credit in Vendor’s Center.
It involves three steps process. Step # 1 Issue Vendor Credit (+ sign > Vendor Credit under Vendors) Make sure to use the same account originally used Step # 2 Deposit refund to the bank (+ sign > Bank Deposit under Other) Received From = Vendor’s Name Account = Accounts Payable (A/P) Step # 3…
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How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference.
How do I add custom fields in Purchase Orders? For example, I like to enter a due date and a customer reference. They have three custom fields available to add in Purchase Order Form. To add custom fields: From the home page screen Select the Company Gear (located at upper-corner) Select “Company Settings” under Settings…
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How do I change into another one if I have more than one company I operate in new QuickBooks Online?
From the home page screen Select the Company Gear (located at upper-corner) Select “Switch Company” under Your Company heading It will take you to login screen with the following messages: Company Selection Our records show that you have access to more than one company, or multiple users in the same company. QuickBooks Online Companies newqbo…