In this article, our accountant explains the benefits of correctly recording your QuickBooks accounts. An example of an income type is tax work, bookkeeping, and payroll services. Learn more and set up your QuickBooks account today!
Are you stuck on what account type to select in QuickBooks, Cost of Goods Sold? Expense? Other Expense? Learn the best option for you in this article.
Many of the common issues I discover when cleaning up a new client’s QuickBooks account has to do the processes surrounding receiving customers’ payments and depositing them. In order to properly record deposits in Quickbooks, you have to create an Other Current Assets account called Undeposited Funds. Learn more in this article!
How To Correctly Use Classes In QuickBooks with the use of the class feature in QuickBooks. Users will be able to achieve both goals at the same time by turning on classes within QuickBooks produces a P&L with multiple columns.
Throughout the year we see clients using PayPal in various ways which brings up a series of questions surrounding how PayPal integrates with QuickBooks Online (QBO). In this blog post let’s explore a few of the bigger questions that arise. Q: Do I need to formally add my PayPal account to the Chart of Accounts …
It’s not a frequent occurrence, but it’s happened to me three times in the past year among my various clients. The scenario is my client has an open invoice and an open bill recorded in their QuickBooks. My client’s customer, instead of paying my client directly instead sends the payment to my client’s vendor. So …
How to Handle Petty Cash in QuickBooks: Retain transaction data even on small cash transactions For those small dollar amount purchases it is often common to use cash, whether the cash is used to reimburse employees or to pay for the expense directly. Getting cash is as simple as writing a check to cash, but …
Recording Credit Card Transactions in QuickBooks: Many options – One best practice Over the years I have seen many methods of recording credit card transactions. Some of the methods technically work, but they leave something out whether it is accurate dating of the transactions, detail of the individual transactions or the ability to reconcile the …
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A Best Practice Review: Enter a bill or just write a check I recommend doing both. First enter a bill and then write a check to pay the bill. As with many things in QuickBooks you can accomplish the same task a variety of ways. There is a best practice though, and per usual, it …
Cleaning Up QuickBooks: AR Accounts Receivable When determining how much customer’s owe I usually view the AR Aging Summary report in QuickBooks as it is a nice compact report and I can click into any amount if I need more detail. It is a good idea to view the Open Invoices report once in a …