Here’s what’s new in U.S. QuickBooks Online (QBO) in August 2016 that I have noticed so far. These are few minor enhancements, nothing big updates.
Edit header to show a logo and change the report title and subtitle. You can also click right on the title.
Email Messaging for Invoice: Add a Cc and Bcc email address to emailed invoices. This comes in really handy to share with a group of employees who needs this data.
They have also added Cc/Bcc field to Invoice form as well.
Email Messaging Purchase Order : Create default message for emailed purchase orders.
Edit Recurring Transaction: Newly added options are Duplicate, Pause, Skip Next Date. Now they have five edit options:
Skip Next Date
New Reconciliation in QuickBooks Labs
Create a bundle name in Products and Services
What is a bundle? A bundle is simply a way of grouping products and services that you often sell together. Bundles save time when you create sales transactions. Instead of entering each product or service as a separate line item, you just enter the bundle itself, and QuickBooks automatically adds the bundled items to the transaction for you.
Case: With recurring transactions none of the invoice numbers ever change. They are the same month to month, as well as across multiple customers with same invoice number. It is becoming a huge problem getting paid from Customers (Clients) when they see the same invoice number every month.
First, we will need to turn on Custom Transaction numbers. You can do this by going to the Company Gear icon (upper right corner) > Company Settings under Settings > Sales > Sales Form Content > check “Custom Transaction Numbers” > ON > Save.
Click on the screenshots below to enlarge them
Now, go to the Company Gear icon again > Lists > Recurring Transactions. Delete the “Invoice number” from the field and Save.
Assuming you already have a recurring Sales Receipt template setup (*) for a customer and that recurring template shows an email address for the customer, you will need to do the following.
From the home page screen:
left navigation bar
From the customer center page, select a customer
Select “Edit” button (upper right corner) or Go to the “Customer Details” tab (default set is Transaction List) and click the “Edit” button
Go to the “Payment and billing” tab
Set the “Preferred delivery method” to “Send Later”
This updates the customers delivery method to email and the “Scheduled” recurring sales receipts will automatically run and send emails to customers.
* Creating recurring Sales Receipt Template – from the home page screen > company gear (upper right corner) > lists > recurring transactions > new > transaction type > sales receipt > OK > template name for a customer and fill out the information.
In QBO Essentials and Plus, you can create a Recurring Sales Transaction to be used at the end of each day to record your daily sales transactions.
This YouTube video will show step by step instructions on how to record daily sales in QBO. We highly encourage you to watch the entire video. You do not want to miss a step!
Views: 80,000 | Video Duration: 35:02 |
You will need to create a few new accounts in the Chart of Accounts:
Clearing Account (Category Type = Banking)
Income Account (Category Type = Income)
Overage/Underage Expense Account (Category Type = Expense)
To create new accounts (left blue navigation bar > transactions > chart of accounts > new)
You will need to create Products/Services associated with the following account types:
Sales categories = Sales Income account (make it taxable if your charge sales tax)
Cash= Undeposited funds
Checks= Undeposited funds
Visa/MasterCard = Undeposited funds
American Express = Undeposited funds
Discover = Undeposited funds
Overage/underage (for drawer shortages) = Expense account
To create products/services list (from the home page screen > company gear (upper right corner) > lists > products/services > new (upper right corner)
You will also need to enable sales tax settings (if needed).
Sales tax = (left blue navigation bar > sales tax > add/edit tax rates and agencies). QBO will automatically create a Sales Tax Liability account. You do not need to create sales tax account in the Chart of Accounts separately.
Now you need to create recurring Sales Receipt template (from the home page screen > company gear (upper right corner) > lists > recurring transactions > new (upper right corner).
Now you are ready to create a Sales Receipt for each day based on end of the day Cash Register run (from the home page screen > company gear (upper right corner) > lists > recurring transactions > use under action column).
Note: By recording all of the Sales as positives and all of the Payments (Expenses & Cash Shortage) as negatives, the net amount of the Sales Receipt should be Zero.
In this example, at the end of the day, you have $1,000.00 in Sales, $80.00 in Sales Tax. The cash register count for Cash is $200.00, ‘Checks’ is 300.00, Visa/MasterCard is $390.00, American Express is $80.00, Discover is $80.00 and Cash Shortage is $10.00. The sales report that day shows $1,080.00 in Sales ($1,000 sales income plus $80 sales tax).
In case of additional expense payments from the cash register, create new products/services mapped to appropriate expense category of Chart of Accounts.
Finally, go to Undeposited Funds and record the deposit for the amounts actually deposited in the bank.
To do this (from the home page screen > create + sign > other > bank deposit). Select deposit date in QBO based on bank posting date.
Note to Simple Start users: since there is no “Recurring Transactions” feature available in Simple Start, you will need to follow all the setup instructions and create a Sales Receipt for daily sales. Transactions will be recorded the same way in QBO.