This article addresses the concept of the Undeposited Funds account in QuickBooks. Both QuickBooks Online and the Desktop versions utilize an Other Current Asset type of account called the Undeposited Funds Account. This account is simply just a temporary holding account for payments received from customers (mainly check payments) until you have deposited these received
Read MoreThis article addresses the task of converting statement charges into a customer invoice in QuickBooks Online. Statement charges (called Delayed Charges in QuickBooks Online) are just simply ongoing charges, for work already performed, to be billed to your customers at a later date. Delayed charges do not affect your financials until they are actually put
Read MoreThis article addresses the concept of merging typical Profit & Loss type of accounts in your bookkeeping software. There probably will be times throughout the history of your bookkeeping that you will, eventually, have expense or income type of accounts that are not needed any longer and perhaps could be merged with very similar other,
Read MoreThis article addresses how to manually post a federal payroll tax payment into your books. This article will specifically address posting a Form 941 type of payroll tax payment; thus these are Federal (income) Withholding, Social Security & Medicare taxes. These are not the federal Form 940 Unemployment taxes. So here is one scenario: You
Read MoreThis article addresses how to post a new business vehicle purchase that includes a trade-in of the old business vehicle and income gain from the disposal of this old vehicle. So, let’s get right to it. The scenario is: You purchased a new business vehicle at the dealership for $37,500 and traded in the old
Read MoreThis article continues the discussion (from Part 1) of some basic tasks of working within the bank feeds module in QuickBooks Online. As a reminder, the bank feeds module, also known as the “Banking Transactions” module, in QuickBooks Online is a very convenient bookkeeping tool to post transactions in your bookkeeping software. You can also
Read MoreThis article addresses some basic tasks of working within the bank feeds module in QuickBooks Online. This module, also known as the “Banking Transactions” module, in QuickBooks Online is a very convenient bookkeeping tool to post transactions in your bookkeeping software. You can also use this function to post credit card, Paypal, loan and lines
Read MoreThis article addresses how to create a project within a customer’s profile in your QuickBooks Online company file. It also addresses how to see that project’s transactions list, also within that customer’s profile. This transactions list is especially helpful for Spec type of home-building projects. This is because Spec type of homes don’t have Profit
Read MoreThis article addresses the issue of creating a customer invoices history report in QuickBooks online that does not duplicate sales invoice number data if each of your invoices have multiple lines of sales items. For example: If you create one invoice, but with multiple lines of different items that you sold within that one invoice,
Read MoreThis article continues the series ofcreating a report that shows your vendor or subcontractor expenses, for an insurance audit, from your QuickBooks Online software. However, unlike the first blog in this series, this article will included expenses that have been capitalized into a Work-In-Progress asset account, such as for Spec home builders. To recap the
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