Can I change the default A/R or A/P account in QuickBooks Online
QuickBooks Online (QBO) is not designed to work with multiple Accounts Receivable (AR) and Accounts Payable (AP) accounts. The initial AR and AP accounts, or those selected during conversion, will be the default accounts. We encourage our customers to merge their accounts payable and receivable accounts. For more information on merging accounts, please see Merging accounts, vendors, or customers. If division of open payables and receivables are needed use one of the following options…
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In order to add additional unbilled time and expense, first open existing invoice. You can open it directly from the create + sign, select invoice under customers, and from upper left corner select invoice in question to open from the recent transactions. You can also open directly from the customer’s page under customers center.
Once the invoice is open, you will take the following steps:
1) Go far to the right corner of the invoice column and choose delete trash icon. See attachment below.
2) New Unlink the billable message screen will open. Select “Yes, unlink it” blue button. See attachment below.
3) Now “Add to Invoice” will open on the right-hand window panel. Select “Add all” or “Add” single billable item as needed. See attachment below.
4) Review and make other field changes if needed. Save. See attachment below.
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With QuickBooks Online (QBO) multi-currency, you can track transactions in more than one currency. Multicurrency affects many accounts and balances in company file and the preference can’t be turned off once it’s been turned on.
Important: Since you cannot really back up company file (with all the features and the settings) in QBO at this time, make sure this is what you want before turning on this multi-currency feature.
The multi-currency menu items are in the Company Settings menu under Currency in the QuickBooks Online.
From the home page screen > company gear (upper right corner) > settings > company settings > currency > ON > Save
Click on the screenshots below to enlarge them
Multicurrency once enabled from the QuickBooks Online, one cannot UNDO it. See screenshot below, there is no edit pencil icon for currency, once the currency feature is ON.
Once the multi-currency is enabled, it will do two visible things:
It will create “Currencies” under lists.
It will create “Exchange Gain or Loss” account under “Other Expense” type.
Currency exchange rate
Once set, the company’s home currency cannot be changed:
For US QuickBooks Online editions, the home currency is set to USD, by default.
Exchange rates are always recorded as the number of home currency units it takes, to equal one foreign currency unit.
To add new currency > from the home page screen > company gear (upper right corner) > lists > currencies > add new
How to start using the multi-currency feature?
After you turn on the feature, you will be able to assign a currency to customers, vendors, and other accounts.
You can assign one currency for each customer or vendor so you will create new customers or vendors to use in your foreign transactions.
You can assign one currency for each account so you will create new accounts to use for your foreign transactions.
If you prefer to use your own exchange rates, you can manually enter those as well.
The following image shows how these currencies attributes in an Invoice transaction relate to the representation of the invoice.
Customer Center > from the home page screen > left navigation bar > customers
Customer Page > from the home page screen > left navigation bar > customers > customer
It also automatically creates separate Accounts Receivable accounts (not sub-accounts) by currencies in addition to main home currency A/R.
A/R Aging Summary Report in home currency
Balance Sheet Report
Since A/R (and A/P) not sub-items type, it cannot be collapsed even if wanted.
(All Vendor side transactions and reports also work the same way as Customer transactions).
Mult-currency features not available
Weekly TimeSheet and Single Time Activity entered (either by employee or vendor contractor) do not work with multi-currency at this time. You will get the following error message:
“The following errors have occurred: You must choose a customer that uses local currency when time is billable.”
On Receive Payment screen (create + sign > customers > receive payment) > select deposit to: undeposited funds > choose invoice and payment amount > save
Next step > On Bank Deposit screen (create + sign > other > bank deposit) > select customer payments > match total payment to bank deposit > save
If you are downloading bank transactions > banking center (left navigation bar > transactions > banking) > click deposit in question > deposit transaction screen will expand > select “Find Match” > select transactions (payments) to match deposit amount > save
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 footer, click “More”.
Select Delete from the drop-down selector.
Click “Yes” to confirm.
After you delete an invoice, the only record of the invoice is in the audit log.
How to copy an Invoice in new QuickBooks Online?
Find/locate the Invoice to “Copy”.
From the footer, click “More”.
Select “Copy” from the drop-down selector.
It will crate a copy of an Invoice form.
Revise as needed and save the Invoice.