<img height="1" width="1" src="https://www.facebook.com/tr?id=1168427849921758&amp;ev=PageView &amp;noscript=1">

QuickBooks Tips Blog

How to Solve Issues with Online Banking

Posted by Austin Walker on Aug 2, 2016 8:30:00 AM

 

One of the most commonly used features of QuickBooks is their online banking. It not only allows for easier and more accurate input of data into the system, but it can also make the reconciliation process quick and easy, provided that there are no duplicate or missing transactions. Online banking allows you to connect credit card and bank accounts to QuickBooks. This way, you don’t need to manually enter transactions, just download or import, then match, and add to your register.

Read More

Topics: online banking, QuickBooks Tips, credit card processing

Why is a Balance Sheet in Cash/Accrual Basis Out of Balance?

Posted by Austin Walker on Jun 23, 2016 8:30:00 AM

Your balance sheet not only plays an important role in attracting investors but also allows you to see what your company is worth is at the moment. The balance sheet reveals the financial position of the company at any particular point in time. It reports how much assets, liabilities, and equity the company has at a given time. It can easily show how much the company owns and owes.

Read More

Topics: QuickBooks, QuickBooks Tips, Balance Sheet

3 Ways To Rock QuickBooks Inventory

Posted by Sarah Smith on Dec 15, 2015 7:00:00 AM

Are you always running out of product and scrambling to reorder? Or maybe you’re trying to find space to cram just a couple more boxes of product into your storage area? You’re probably forgetting about inventory counts, tracking, and reviewing your inventory. These will help you keep products on hand to sell and keep storage space managed. Let's walk through how to manage and absolutely rock QuickBooks inventory.

Read More

Topics: QuickBooks Tips, QuickBooks Tips Blog, Certified QuickBooks ProAdvisor, QuickBooks Inventory, Counting Inventory, Inventory Accounting

Why Does QuickBooks Accounts Payable Report Still Show Paid Bills?

Posted by Richard Haralson on May 28, 2015 7:30:00 AM

You have entered a bill into QuickBooks and you wrote a check for that bill. So, why is that bill still showing in your accounts payable report? It’s an easy and common mistake to make. Sure there may be a number of ways this can happen, let me give a simple example.

You receive a bill from a vendor that is not due for a few weeks. You enter it and forget about it. A few weeks go by and the vendor sends a statement. You jump into QuickBooks and write a check to the vendor. Done.

Being the savvy owner you are, you often look at you’re A/R, A/P and P&L thus you are wondering, “Why does that bill still show in my A/P?” From the perspective of QuickBooks, you didn’t pay the bill (from pay bills); you simply wrote that vendor a check.

So, how do you fix this? You could delete the check, then go to Pay Bills and do it correctly, and adjust the check number to match the check that was mailed. But what if you found the issue after the checking account has been reconciled? Deleting the check will mess up the checking account reconciliation. Don’t do that. Here is a better way to fix this problem.

Open the check that was written. Select the account on the lower check details. Perhaps you had the check coded to an expense account (the coding could be anything, doesn’t matter). Change the coding to Accounts Payable. Next tab over to the Customer Job field and find the vendor name the check was written to. Save and close.

Last step is clearing the bill. Now go to pay bills and select the vendor bill in question that is still showing outstanding. Lower on the screen select set credits, apply the credits, click done, click save and close, then click done.

That’s it; you have now tied what QuickBooks thinks is a random check to a vendor bill and the bill we no longer show on your accounts payable report.

Read More

Topics: QuickBooks Tips, QuickBooks Tips Blog, QuickBooks advice, Accounts Payable, QuickBooks Bills

How To Record A Vendor Refund In QuickBooks

Posted by Richard Haralson on May 26, 2015 7:30:00 AM

At first glance you might wonder what’s so tricky about recording a vendor refund in QuickBooks. Why is this question being asked? Or, this seems simple, am I doing it right?

Let’s back up and set up a scenario. You run a service based business that pays for some supplies. One week you pay a bill to your supplier for cleaning supplies. A few weeks ago you received the bill and entered the bill in QuickBooks correctly. Last week you properly went to Pay Bills. There you paid that bill and any others that needed to be paid. If you entered a bill and then wrote a check for the bill AND the bill still shows in your Accounts Payable, go to this QuickBooks blog where I explain how to correct that.

So now your bill is paid and business goes on. Then one day you receive a check back from that vendor for any number of reasons: an unknown discount, price change, or whatever. A common mistake is to receive those funds back against the expense from the original bill; you might even go as far as labeling the deposit as being received from that vendor. And I’m sure it goes without saying that of course you noted the refund reason in the deposit memo field. But this is still incorrect, slightly. This is wrong because it does not directly tie the deposit to the vendor. Meaning you will not find this deposit in the vendor center.

So, how do you properly receive a vendor refund? Go to the deposit screen, in the received from field enter the vendor name. Then in from account field, here you put accounts payable. Memo and amount as usual then save and close. Next you need to enter a bill credit from the bills screen. After opening bills toggle it to a credit and enter the vendor name, date, amount, and memo it. In the account field, this is where you will put the expense account that off-sets the original bill. Save and close. Last step, go to pay bills and find the vendor. What you will be clearing here is the check from vendor received. Check the box, and then in the lower portion of the screen you will find set credits. There you can apply the bill credit you created and click done. Click pay selected bills, then click done.

There you have it. You have correctly received a vendor refund check. Both the incorrect and correct way will have the same impact on the expense account. However, the correct procedure will show the transaction in vendor reports.

Read More

Topics: QuickBooks Tips, QuickBooks Tips Blog, QuickBooks advice, QuickBooks Vendors

Clean up QuickBooks Customer, Vendor and Employee Lists

Posted by Richard Haralson on Dec 15, 2014 7:00:00 AM

Keeping your QuickBooks lists clean and current is always a good idea. Just like a chief will sharpen his knives and wash the dishes in preparation for the next meal, so should a bookkeeper keep their tools of the trade sharp and clean.

Read More

Topics: QuickBooks Tips, QuickBooks Tips Blog, QuickBooks Consultant, QuickBooks Lists, QuickBooks Cleanup

QuickBooks Video Tip: How to Write Off Bad Debt in QuickBooks

Posted by Matt Roberge on Dec 1, 2014 7:00:00 AM

Every once in a while you may have to write off bad debt in QuickBooks. Bad debit is essentially money from customers that you are not able to collect. You can continue to chase customers that haven't paid or try using a collection agency. However, sometimes it is easier and more efficient to fire bad customers and move on. Here is a short video on how to write off bad debt in QuickBooks.

Read More

Topics: QuickBooks Blog, QuickBooks Tips, QuickBooks Video Tips, Bad Debt, QuickBooks Bad Debt, Write off Bad Debt

Downloading Transactions In QuickBooks Is Not Reconciling!

Posted by Joe Mazur on Oct 31, 2014 7:00:00 AM

Believe it or not, computers can make mistakes sometimes.  We live in an age where data entry for bookkeeping is getting faster and faster via downloading or importing transactions.  When the financial institutions communicate with QuickBooks a lot of information is exchanged and errors do occur.  This is why the reconciliation step is so important.  Every so often we will review a set of books and the credit card accounts are not reconciled.  'Why would they be off, I downloaded all the transactions' is the response we get when we point out the credit card balance is completely wrong.  This is when we always have to tell the client that downloading is not reconciling.  In addition to reconciling each time you download data you should look over renaming rules too.  

Read More

Topics: QuickBooks Tips, Accounting Reconciliation, QuickBooks Cleanup, Small Business Software

QuickBooks Video Tip: How To Enter A Budget In QuickBooks

Posted by Matt Roberge on Aug 27, 2014 7:00:00 AM

Entering a budget in QuickBooks is an incredibly important bookkeeping step that many small businesses skip. Most small business owners analyze the QuickBooks profit and loss but tend to ignore their budget and forecast. I would find it difficult to run a business without a budget and forecast because I would have no measure of how the business is performing. Without creating a budget and doing some comparisons with your actual financial statements you have no idea of how your business is performing financially. Watch this QuickBooks video tip on how to enter a budget in QuickBooks and use it to manage your business. 

Read More

Topics: QuickBooks Tips, QuickBooks Video Tips, Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Budget

QuickBooks Video Tip: QuickBooks Efficiency Tips

Posted by Matt Roberge on Aug 4, 2014 7:00:00 AM

We wanted to provide you with some great tips on QuickBooks efficiency that you might not already know about. We sometimes forget that we know QuickBooks pretty well. When we get in front of a new client and start whipping around the program they often exclaim "How did you do that?" Without realizing it we solved an issue that had perplexed them for weeks just by us going through the motions of QuickBooks. Watch this short three minute video which gives you some quick pointers on staying efficient in QuickBooks.

Read More

Topics: QuickBooks, QuickBooks efficiency, QuickBooks Tips, QuickBooks Video Tips, Tips Blog, QuickBooks ProAdvisor