QuickBooks Attached Documents addresses the need for security by providing 4 levels of application permissions across 8 areas of QuickBooks functionality under an account overseen by a single user. Users log into Intuit’s secure servers using an email address and password. While we’re on the subject of security, there’s one small drawback: the password is […]
Are There Restrictions On Making General Journal Entries To A/R and A/P Accounts?
Yes, there are a few restrictions on making General Journal Entries to Accounts Receivable (A/R) and Accounts Payable (A/P) accounts. Normally, the preferred way to change the balance in an A/R or A/P account is by recording transactions, such as customer invoices or vendor bills. However, sometimes it’s more convenient to make a General Journal Entry. […]
What Are Sources and Targets?
Sources and targets are important concepts to understand reporting in QuickBooks and use of the Advanced Find function. Sources and targets are terms assigned by Intuit to describe transactions. In most instances, the source of a transaction is the summary or total of the transaction. For example, the source of a check includes the amount […]
What General Ledger Account Types Does QuickBooks Support?
QuickBooks supports 16 total general ledger account types in its Chart of Accounts. Each account is assigned a single account type, which can be changed, subject to certain restrictions. 5 Income/Expense Account Types for the Profit & Loss (P & L) Statement Income Expense Cost of Goods Sold Other Income Other Expense 11 Asset/Liability/Equity Account […]
How Can I Use Reports To Assist Rebuilding a Damaged Company File?
QuickBooks reports can be a valuable complement to the process of rebuilding a damaged company file (.qbw). After running the Rebuild Data utility, Intuit recommends that you proceed through these steps in the order listed to identify data damage that the rebuilding process repaired and to confirm that further data problems don’t exist. 1. Examine […]
What Should I Do If My Accrual Basis Balance Sheet Is Out Of Balance?
A balance sheet in QuickBooks can be produced on either a cash or accrual basis. A balance sheet that’s in balance is one where total assets are equal to the sum of total liabilities plus total equity. Sometimes, if your company file (.qbw) has become damaged, this fundamental accounting relationship can be broken because of […]
How Does QuickBooks Calculate and Record a Home Currency Adjustment?
In QuickBooks the home currency adjustment is calculated based on the difference between the exchange rate recorded with each transaction and the exchange rate as of the home currency adjustment. It’s calculated on: Open Accounts Payable transactions in a foreign currency Open Accounts Receivable transactions in a foreign currency Balance sheet account balances for which […]
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