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How to handle trade-in inventory accounting in QuickBooks Online Plus and Advanced?
QuickBooks Online Inventory Deep Dive The first aspect is dealing with how to provide credit for the trade-in item in the sales receipt. The easy answer is to say just add a line for the trade-in item and show the amount as negative. Well, how to set up that item in product/service? If you set…
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How to set it up and enter bank Line of Credit (LOC) transactions in new QuickBooks Online?
To track a line of credit (LOC) extended to your business, create a liability account with an opening balance of zero in your Chart of Accounts. From the Home page screen Go to the Company Gear (right upper corner) Select Chart of Accounts under Settings header Select the blue “New” button (right corner) A new “Account” information screen…
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How to handle Class Tracking in new QuickBooks Online?
This feature is only available in QuickBooks Online PLUS level subscription. To Enable Track classes on From Home page screen Go to the Company Gear (right upper-corner) Select Company Settings under Settings Select Company Select Categories Select “Track Classes” On To create new “Class”, you can go to “All Lists” (from Company Gear > select…
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How do I see if a customer/client has paid their invoice by credit card in new QuickBooks Online?
How do I see if a customer/client has paid their invoice by credit card in new QuickBooks Online? Assuming you have opened merchant services with Intuit QuickBooks payment account, to check and verify the customers credit card payments you’ve received You can visit https://merchantcenter.intuit.com Go to Activity Select Reports Select Deposits
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How to locate and apply “Undeposited Funds” in new Quickbooks Online?
From the Home page screen Select Create “+” sign (top middle) Select “Receive Payment” under Customers heading Select Deposit to “Undeposited Funds” account This will create Undeposited Funds as debit balance on the current assets account of the Balance Sheet. “Undeposited Funds” account balance is like a temporary clearing account. In order to clear the…
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How do I record negative (credit) Vendor (Supplier) Bill in new QuickBooks Online?
How do I record a negative Vendor bill? If it’s for vendor’s (or supplier’s) credit bill: Click Create “+” sign in the middle (see attached screenshot below for reference) Select “Vendor Credit” under Vendors It will leave a credit balance on Accounts Payable under Vendor’s Name. New QuickBooks Online Plus – How to enter various…
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How to request add new bank in banking feed in new QuickBooks Online?
From the Home page screen Click Transactions (on the left side of blue navigation bar) Click Banking Click Add Account (in the upper right corner) Enter your bank’s name, then click Find Click the blue link for Request that we add your bank (in the middle of the page) Enter either the bank name or the URL of your bank’s website, then click Add My Bank…
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How to email me a copy of Invoice in new QuickBooks Online?
In newer version: Click the Company Gear (upper-right corner) Select Sales Click “Messages” (it’s inside; not visible from outside) Check box that reads “Email me a copy” Save
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How do I clear the temporary Internet files/cache?
Clearing the browser cache (deleting temporary Internet files) is a good way to start the browser with a clean slate. Please note that the steps are different depending on which browser you’re using. To empty the cache in Google Chrome: Click the menu icon (looks like three lines) in the upper-right corner and select Settings.…
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Is there any way to locate a deleted transaction that was previously reconciled?
Is there any way to locate a deleted transaction that was previously reconciled? I have a transaction from May that was deleted in error in December. Is there anyway to locate this transaction? Hopefully you can locate this transaction information for audit log. GO to the company gear (upper right corner) Select Audit Log under…
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How to process and print sales tax liability check?
To process sales tax liability: From blue navigation bar (on the left) Select Sales Tax (or Taxes) From Sales Tax Center > Review “Sales Tax Owed” Select “Record Tax Payment” button (or “View Report” button) Select “Bank Account” Select “Print a Check” box if paying by check (or enter notes if paying online) Select “Record…
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How do I receive payments from suppliers in new QuickBooks Online?
How do I receive payments from suppliers? Switched to Quickbooks online so bookkeeping tasks easier. The learning curve from Simply is challenging. Have watched Youtube videos, tutorials, taken Lynda course. I do not understand the basic flow. Thanks You will need to consistently follow these very easy basic flows: Customer Invoice ===> Receive Payment (select…
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Where can I create Journals (Journal Entry)?
Where can I create Journals (Journal Entry)? I want to make adjustment (reclassify) for expense account example : to debit entertainment account and to credit food&beverage account. From the Home page screen Click “+” plus sign Select “Journal Entry” under Other heading
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My company’s invoices have my personal name on the front in huge letters, How can I remove that label off my invoices?
My company’s invoices have my personal name on the front in huge letters, How can I remove that label off my invoices? On Invoices my company name is on the left with my logo but my personal name is written in huge letters across the top of the page and I need to know how…
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I have an invoice that was created for $500 and we were paid actually $900. Looks like it has now closed out another invoice. How can this be corrected?
You will need to change automatically apply credit setting OFF. To do to this: From the Home page screen Select the Company Gear (top upper corner) Select Company Settings under Settings header Select Advanced Under Automation, change automatically apply credit setting to “off” Change automatically apply bill payments to “off” as well Save See screenshot…
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Why is every report not listed under All Reports in new QuickBooks Online?
Why is every report not listed under All Reports? How is it possible to review what reports are available, if they are not listed? I am not happy with this setup. From blue navigation bar on the left Select Reports Just “Go to report” with magnifying glass (above recommended link, middle left corner) This is…
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I recently went to the new quickbooks online. How do I create a billing statement of open items to send to my customers like I used to do easily before?
From the Homepage screen Click “+” sign (top middle) Select “Statement” under Other header How to email statement to a customer? Select “Edit” under Delivery Method column Default could be “None” Select “Email” from the pop up screen and follow the instructions Select “Create/Send Selected Statements” button It will send email and will end with…
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How can I document money taken out of personal checking to pay for some initial expenses?
Once you have transferred money from your personal to business checking account, this is how you will need to record the deposit in new QuickBooks Online. Click “Plus” icon menu Select Bank Deposit from “Other” menu Choose the correct bank account (if you have more bank accounts) Select correct date of deposit Received From =…