Categories
Budgeting Reports

Can I make a copy of a budget in new QuickBooks Online?

You can “copy from an existing budget” to create new budget.

From the company gear (upper right hand corner) > Tools > Budgeting > select “New Budget” blue button (top right)

It will take to mini-interview screens. Page 2 of 4 mini-screen page will give you selection to choose “copy from and existing budget” drop-down selector.

Categories
Reports Settings

How do I change the accounting method for my company in new QuickBooks Online?

Accounting methods
Cash basis and accrual basis are accounting methods that determine when and how you report income and expenses for tax purposes.
The IRS wants you to use the same method each year when reporting income or loss. You should talk to your accountant about which is most appropriate for your business.

What is cash basis?
When you use cash basis as the accounting method, income is reported when you receive payments, instead of when you invoice a customer. Expenses are reported when you pay bills by cash, check, debit card, credit card or any other forms of payment that takes out money from your bank account. If you use invoices (Create (+) > Customers > Invoice) and receive bills (Create (+) > Vendors > Bill) to pay later this report method will affect the amount reflected in your A/R and A/P accounts.  On cash basis method,  when you run the company’s Balance Sheet, it should show  zero balance (or no balance) on A/R and A/P accounts.

What is accrual basis?
With accrual basis as the standard accounting method, income is reported as soon as you create invoice to a customer (Create (+) > Customer > Invoice) instead of when you record the payment and  expenses are reported when you record a bill (Create (+) > Vendor > Bill) instead of when you record the payment.

Accrual basis is more financially accurate than cash basis reporting. It also may let you manage your business better by showing you trends in income and expenses well in advance of the actual payments you make or receive.

To change company setting for the accounting method:

From the home page screen

  1. Go to the Company “Gear” tab and click Company Settings under Settings.
  2. Select “Account Method” under Company heading.
  3. Choose the accounting method to which you’d like your reports to default, and then click Save.

Note:  You can also keep your overall accounting method for reporting unchanged, but experiment with changing the accounting method only on an individual report here and there to see the difference that change makes in your reporting.

To change the accounting method on a report:

From the home page screen

  1. Go the blue navigation bar on the left,  click the Reports tab
  2. Go to report (magnifying glass) and type to open the report and select the report you’d like to view (for example Profit and Loss report, type Profit and Loss).
  3. At the top left, click the Customize blue button.
  4. In the new window that opens, go to the General section and then note the Accounting Method selected.
  5. You can click to select a new accounting method (cash basis or accrual).
  6. Make any other necessary selections and click Run Report.

How do I change the accounting method for my company in new QuickBooks Online

Categories
Bank Register Reports

How can I undo the previous bank reconciliations in new QuickBooks Online?

QuickBooks Online doesn’t have an Undo Last Reconciliation feature. To unreconcile a reconciliation you’ll need to unreconcile each transaction via the register.

Reconcile
Reconcile

To access and print a previous reconciliation report:

  • From the gear icon go to Reconcile.
  • Choose the account from the drop-down list.
  • Click on the desired reconciliation report.
  • Once the report is open, click Print.

To undo a reconciliation:

Reconcile Go To Register
Reconcile Go To Register
  • Select Transactions on the left menu then Registers.
  • Click on the account then click Go to Register
  • Find the transactions that need to be unreconciled, one at a time.
  • To highlight click on the transaction.
  • Click on the R on the top line of the transaction, which is between the Payment and Deposit or Charge and Payment amount. Clicking in this field will allow you to change the status of the transaction to the desired status from blank = unreconciled to C = Cleared.
  • Click on Save.
  • A message will appear: This transaction has already been reconciled. You should only remove the R if you’re correcting a mistake. Are you sure you want to remove the R? click Yes.
  • Continue this process for each transaction on the reconciliation report or statement you want to unreconcile.
Categories
Reports

How many reports are currently available in new QuickBooks Online? How to check reports?

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  • From the home page screen
  • Go to blue navigation bar on the left
  • Select Reports
  • Select “Go to report” (spyglass)
Search Reports
Search Reports

These are standard reports currently available in new QuickBooks Online Plus?

  1. A/P AGING DETAIL
  2. A/P AGING SUMMARY
  3. A/R AGING DETAIL
  4. A/R AGING SUMMARY
  5. ACCOUNT LISTING
  6. Audit Log
  7. BALANCE SHEET
  8. BALANCE SHEET SUMMARY
  9. BILL PAYMENT LIST
  10. CHECK DETAIL
  11. COLLECTIONS REPORT
  12. Company Snapshot
  13. CUSTOMER BALANCE DETAIL
  14. CUSTOMER BALANCE SUMMARY
  15. CUSTOMER CONTACT LIST
  16. DEPOSIT DETAIL
  17. ESTIMATES BY CUSTOMER
  18. Exceptions to Closing Date (Audit History)
  19. EXPENSES BY VENDOR SUMMARY
  20. GENERAL LEDGER
  21. INCOME BY CUSTOMER SUMMARY
  22. INVENTORY VALUATION DETAIL
  23. INVENTORY VALUATION SUMMARY
  24. INVOICE LIST (INVOICE LIST BY DATE)
  25. JOURNAL
  26. OPEN PURCHASE ORDER LIST (OPEN PURCHASE ORDER LIST BY VENDOR)
  27. PROFIT AND LOSS
  28. PROFIT AND LOSS DETAIL
  29. PURCHASES BY PRODUCT/SERVICE DETAIL
  30. PURCHASES BY VENDOR DETAIL
  31. RECENT TRANSACTIONS (TRANSACTION REPORT)
  32. RECENT/EDITED TIME ACTIVITIES
  33. Reconciliation Reports
  34. SALES TAX LIABILITY REPORT
  35. SALES BY CUSTOMER DETAIL
  36. SALES BY CUSTOMER SUMMARY
  37. SALES BY PRODUCT/SERVICE DETAIL
  38. SALES BY PRODUCT/SERVICE SUMMARY
  39. Scorecard
  40. STATEMENT LIST
  41. STATEMENT OF CASH FLOWS
  42. TAXABLE SALES DETAIL
  43. TAXABLE SALES SUMMARY
  44. TIME ACTIVITIES BY CUSTOMER DETAIL
  45. TIME ACTIVITIES BY EMPLOYEE DETAIL
  46. TRANSACTION DETAIL BY ACCOUNT
  47. TRANSACTION LIST BY CUSTOMER
  48. TRANSACTION LIST BY DATE
  49. TRANSACTION LIST BY VENDOR
  50. TRANSACTION LIST WITH SPLITS
  51. TRIAL BALANCE
  52. UNBILLED CHARGES
  53. UNBILLED TIME
  54. UNPAID BILLS
  55. VENDOR BALANCE DETAIL
  56. VENDOR BALANCE SUMMARY
  57. VENDOR CONTACT LIST

Date: 03/26/2014