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
Read MoreGetting setup for payroll with your QuickBooks Enhanced Payroll subscription is quick and easy if you take a few steps to have the information you need handy. You must have an EIN for your business in order to set up payroll. Assuming you already have an EIN, here is a list of what you need
Read MoreThere are different methods for handling consignments in various bookkeeping systems. In QuickBooks, one very efficient way to account for consignments is to incorporate the use of Sales Orders. Sales Orders are “non-posting” transactions, so they will not affect your financials or your Inventory on hand levels. You can set up your QuickBooks Inventory system
Read MoreEntering time worked for employees and contractors into QuickBooks can be accomplished using one of two options: “Use Weekly Timesheet,” or “Time/Enter Single Activity.” The Single Activity selection will allow you to track up-to-the-minute activity. I always recommend using 15-minute increments in time entry to make both entry and other calculations easier to do. The
Read MoreInventory items are tracked items that you sell to your customers. These items can also be used as parts to build inventory assemblies with. When creating your Inventory items, you should opt to make them “double-sided.” This means that when you purchase an item, the appropriate expense/COGS account will reflect this item on your Income
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