We think you should use account numbers in your general ledger, but we think it’s more important that you’re consistent in either using them correctly or not using them at all. To use account numbers, you need to enable that preference by visiting the Edit->Preferences menu and clicking on the Company Preferences tab of the […]
What Is the Closing Date and How Do I Set It?
The Closing Date in QuickBooks is a setting that indicates the date through which your books have been closed. Normally, books are considered closed after they’ve been reviewed, all adjusting entries have been made, and reporting has been completed to investors, lenders, or tax authorities. It’s used to protect data from inadvertent modification by making […]
How Do I Clear the Closing Date or Re-Open My Books?
The Closing Date in QuickBooks is a setting that indicates the date through which your books have been closed. Normally, books are considered closed after they’ve been reviewed, all adjusting entries have been made, and reporting has been completed to investors, lenders, or tax authorities. Since the Closing Date is only an access restriction, sometimes […]
How Do I Enable Automatically Invoicing Customers For Reimbursable Expenses?
The first step to automatically invoice customers or clients for reimbursable expenses is to set a QuickBooks preference. For more information on handling reimbursable expenses, see our related articles on what distinguishes a reimbursable expense from other expenses, invoicing a customer for reimbursable expenses, removing expenses from the list of billable expenses to be invoiced […]
What Distinguishes a Reimbursable Expense From Other Expenses?
A reimbursable expense is an expense that you expect to invoice to a customer or client either at the actual cost or with a markup. QuickBooks includes features to distinguish reimbursable expenses from other types of expenses and to track which reimbursable expenses have in fact been invoiced to a customer. For more information on […]
How Do I Invoice a Customer for Reimbursable Expenses?
In order to easily invoice a customer or client for reimbursable expenses, you first need to make sure your QuickBooks installation is properly configured for this task. Your configuration depends on how you intend to account for reimbursable expenses. For more information on handling reimbursable expenses, see our related articles on enabling automatically invoicing customers […]
Does QuickBooks Have Limits On the Number of List Items and Transactions That Can Be Entered?
Yes. There are 2 kinds of limits: physical and practical. Let’s consider each in turn. QuickBooks faces these physical limits: 2 billion transactions 10,000 accounts in the GL chart of accounts 14,500 names (customers, vendors, employees, and other names – combined) 14,500 items (which include inventory items) 10,000 classes 100 price levels The above list […]
What Are Special Account Types?
QuickBooks maintains approximately 13 different Special Account Types. These types are assigned to individual accounts in a company’s chart of accounts. The assignment of a Special Account Type to an account permits that account to carry out a special function. AccountsReceivable UndepositedFunds InventoryAssets AccountsPayable PayrollLiabilities OpeningBalanceEquity RetainedEarnings UncategorizedIncome CostOfGoodsSold PayrollExpenses UncategorizedExpenses Estimates PurchaseOrders Special Account […]
What Is the Undeposited Funds Account and Why Should I Use It?
The Undeposited Funds account is an Other Current Asset account that’s automatically created by QuickBooks to record funds received by a company that are not immediately deposited in a bank account. When you record customer payments by clicking on the Customers->Receive Payments menu selection, you’re recording individual receipts. In actual practice, these individual receipts are […]
What Is Class Tracking and How Do I Enable It?
A class in QuickBooks is a single-purpose tool to classify income and expense transactions. Class tracking is not used for balance sheet accounts. It’s also not a way to group customers, jobs, or vendors. To do that, use a Type, which can be managed on the Lists->Customer & Vendor Profile Lists menu selection. To use […]
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