0
votes
1answer
303 views

How do I set up a budget in Quickbooks 2010?

I am treasurer for our school's PTO, and I use QuickBooks Premier Nonprofit Edition 2010. I am trying to track budgets of two different types, and I can't figure out how to do it properly in ...
1
vote
0answers
156 views

Accounting for escrow payments in Quickbooks?

I am using Quickbooks 2011 Pro. I want to bill my tenants ahead each month for a utility (water) that itself bills once a quarter in arrears. When the water bill arrives, I want to make the next ...
2
votes
1answer
68 views

How do you account for a cash payment by a customer in which some is used for payment to a vendor?

I am using Quickbooks Pro 2011. I received a $750 cash payment from a customer, then used $150 of it to pay a vendor's invoice, creating a bank deposit of $600. I can't figure out how to credit the ...
1
vote
0answers
179 views

What is a Typical Quickbooks Workflow?

I would appreciate a coherent outline of a typical Quickbooks workflow. Basically a list of what should be done and when/where from inception all the way down to reconciliation of downloaded ...
0
votes
1answer
363 views

How do I deduct from Sales Tax Payable in Quickbooks?

(This question could probably use a better title) My current process for paying sales tax works as follows: I collect payments against invoices from clients throughout the month As I collect these ...
0
votes
1answer
176 views

Sales taxed amount in Accounts Receivable?

When I enter a new invoice for a client, for example $1062.50 ($1000 + MA sales tax) do BOTH Accounts Receivable AND Sales Tax Payable go up by the following? Accounts Receivable +1062.50 Sales Tax ...
1
vote
1answer
2k views

How to report a bill was paid in journal entry?

I have a couple bills in my name in QuickBooks from business expenses that I paid for personally. I have since paid myself back ("paid the bill") but it was during the early months of my business (no ...
2
votes
1answer
2k views

How to record expense sheet as journal entries in Quickbooks Online?

Let's say I own a business and I make 3 business-related purchases on my personal credit card in August. Given the following example expense report: 08/01/2011 - $20 - Web Hosting 08/05/2011 - $130 ...
2
votes
1answer
316 views

How to account for money earned and spent prior to establishing business bank accounts?

In terms of QuickBooks... How does a newly started business, an LLC in my case, account for payments received and money spent PRIOR to having organized business bank accounts in place? Is there a ...
3
votes
1answer
135 views

How important is reconciling accounts for a small LLC (Quickbooks)?

We are in our first year of starting a small LLC. We are using Quickbooks Online and things are going well. The only exception is that, due to our lines of credit and bank accounts being personal ...
2
votes
1answer
676 views

Quickbook Balance Sheet showing strange numbers (to me at least)

I have been using quickbooks for some time (less than a year) and today when I was looking at my balance sheet I noticed something that seems really strange to me. My Total Assets number is $300,000. ...