For some businesses, another firm is both a customer and a vendor. If you’ve invoiced that firm (as a customer) while they have billed your company as a vendor, they may opt to pay the net amount owed for simplicity and to preserve their own cash balance. In that case, you’ll need to find a […]
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 […]
How Do I Reduce the Cash In My Cash Drawer To Deposit the Funds In My Bank Account?
To reduce the amount of cash in your cash drawer and deposit the funds in your bank account, you need to record a cash drawer payout. If you have POS integrated with QuickBooks financial software, it’s valuable to understand how cash in a cash drawer is accounted for in QuickBooks. Cash payments from customers are […]
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 Are Payment Methods?
As the name suggests, Payment Methods are a list of the ways by which a customer can make a payment. They’re maintained on the Lists->Customer & Vendor Profile Lists->Payment Methods menu selection as 1 of 9 profile lists for Customers & Vendors. This particular profile list is only used for Customers. A Payment Method can […]
What Is a Payment Item and How Should I Use One?
A Payment Item is a type of Item maintained on the Item list, which is accessed on the Lists->Item List menu selection. See our article on all of the Item types supported by QuickBooks for more information. A Payment Item is used to record a partial payment on an Invoice or Statement made before the […]
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 […]
How Do I Make a Bank Deposit?
Always keep in mind that your goal when recording a bank deposit in QuickBooks is to match what you record to what you actually deposit. That means matching the transaction date, the amount, and the bank account to which you make the deposit. The steps to make a bank deposit in QuickBooks depend on your […]
What Is a Sales Receipt and When Should I Use One?
In QuickBooks a Sales Receipt is a form to simultaneously record credits increases) to the accounts associated with the Items entered on the Sales Receipt and a single, offsetting debit to either the Undeposited Funds account (if that preference is selected) or another user-selected account, which must be either a Bank, Accounts Receivable, or Other […]
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