Bookkeeping Advice

Delayed Charges in QuickBooks

Working with Delayed Charges can sometimes be a challenge in QuickBooks Online, especially if you need to reuse a Delayed Charge that has been “closed.” I recently had this issue when I used a Delayed Charge (entered previously) on a customer’s invoice and then realized that the invoice was incorrect only after having emailed it

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Using Journal Entries Advice

Journal Entries are simple yet powerful means of adjusting your financial accounts.  You will normally use other methods to affect your accounts, such as entering a check payment or issuing a refund.  There are generally two main reasons to use journal entries in your QuickBooks file: When a financial transaction must be created and the

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Customizing Forms in Quickbooks Online

In order to customize your outgoing forms in QuickBooks Online you would click on (at the date of this post writing) the Gear Icon>Account and Settings>Sales>Customize Look and Feel (green bar)>New Style (or select the one you want if you already have some created),>(select which type of form you want to customize). There are four

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Basic Job Costing Info in QuickBooks

Briefly, job costing is simply applying your revenues and expenses to the customers and jobs (or projects) for which they were used.  In QuickBooks, for each bill, check, and credit card transaction related to a particular job, be sure to complete the Customer:Job column.  Remember to complete this column for both labor and materials. Once

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Handling Petty Cash in QuickBooks

Petty Cash is a bank-type account in QuickBooks, and you transfer (deposit) to this account each time cash is actually withdrawn from your bank to be kept in the office.  This cash is generally kept on hand to cover small, on-the-fly transactions such as office meals, landscaping, fuel, etc. A word of caution on using

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Fixing Misapplied Customer Payments in QuickBooks

Every now and then a payment from a customer will be completely processed through QuickBooks before you discover that the payment was applied to the wrong Invoice (or even the wrong customer).  You will apply the payment, deposit it in the bank, and reconcile the payment on your bank statement.  Then your customer calls and

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Why You Need to Backup Your QuickBooks File

Having an up-to-date backup of your QuickBooks files (and any other important financial files) is crucial to maintaining your business books.  Technology fails us without warning, and sometimes entire systems go down and must be replaced.  If you do not have a current backup when this happens, you will spend precious time and considerable effort

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Reconciling vs. Clearing the Transactions

It is good practice to reconcile to ending statement balances as often as possible for bank, credit card, line of credit, petty cash, and even some asset and liability accounts.  Comparing to these third-party “reality” statements is one of the best ways to verify that the numbers in your QuickBooks file are a true reflection

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Shortcut Icons in QuickBooks Desktop

Did you know that you can customize your Icon Bar in QuickBooks?  A useful Icon Bar will include icons for the actions that you will use consistently.  QuickBooks gives you an Icon Bar filled with items such as Feedback, Remind, User Licenses, App Center, Snapshots, etc.  Some of the more helpful icons may be Customers,

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Using the Undeposited Funds Account in QuickBooks

The Undeposited Funds Account is a place to receive funds and hold them until they are physically deposited at the bank.  When you receive a payment from a customer and apply it either to an Invoice or a Sales Receipt, it is placed in the Undeposited Funds Account until you make the deposit and tell

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