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1
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1answer
44 views

As a small business owner should I have a separate account for payroll? [closed]

Note: I'm currently using cash basis accounting. Just recently I've started using QuickBooks Online to keep track of my profit and loss as well as pay my employees. The problem I'm facing is that ...
0
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0answers
15 views

Quickbooks credit card reconciliation

When I put a payment into Quickbooks through the enter bills section and then pay it, when I go to reconcile the account the payment does not show up. Why would this be and how can it be placed in the ...
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0answers
42 views

Is is possible to add additional payment methods in QuickBooks Pro 2015?

I'm using QuickBooks Pro 2015. When paying a bill there are only two options for payment Method: Check or Credit Card. Is there a way to add additional payment methods? For example, what if a bill ...
7
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4answers
641 views

Why use accounting software like Quickbooks instead of Excel spreadsheets?

Some friends and I are starting a small landscaping cooperative, and are thinking about how we will manage accounting. Places we've worked in the past have used Excel spreadsheets to manage all of ...
0
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1answer
497 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 ...
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0answers
153 views

How do I reconcile a pre-payment on a credit card in Quickbooks?

I have two payments to credit card for the same period. One is tied to last month's reconciliation but the other one is just a prepayment because I wanted to charge the account over my limit, so I ...
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0answers
257 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
103 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 ...
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1answer
302 views

How can I make Excel handle fractions like Quickbooks?

When you have a fraction in Excel like 1.085 rounded to two decimals = 1.09. In Excel if you add a series of these fractions with displayed two decimals of precision you are really adding 1.085 and ...
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0answers
97 views

How do items get into the outstanding invoiceable expenses, mileage, and items tabs in QBs

I use Quickbooks Professional 2009. When creating a customer invoice there are four tabbed columns with content addable to the invoice: time, expenses, mileage, and ‘items’. I understand how time ...
3
votes
1answer
104 views

Returning invoicable time to 'outstanding time' pool

I use Quickbooks Professional 2009. When I create a customer invoice for a period with ‘outstanding time’ Quickbooks asks me to include it by checking off boxes; fine that works. But if I need to ...
2
votes
2answers
842 views

How to reconcile a credit card that has an ongoing billing dispute?

I currently have an ongoing billing dispute/inquiry on my American Express Business Charge Card that is causing me problems when reconciling this account in Quickbooks. Since my statement balance ...
0
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1answer
554 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
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1answer
231 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 ...
0
votes
1answer
480 views

Quickbooks custom field for computing a value

I'm have a newb question with Quickbooks. I'm a programmer and this shouldn't be that hard, but I'm not sure how to ask so Google isn't working for me. For projects my business bills for we charge a ...
2
votes
1answer
2k views

Paying myself a distribution caused a negative Owner's Equity account balance? Is this normal?

I just paid out my first distribution from my LLC. I wrote myself a check for $200 (example), using my business account and selected Owner's Equity. When I look at my summary of accounts, I notice ...
1
vote
1answer
4k 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
3k 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 ...
1
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1answer
859 views

Quickbooks Online “restore point”?

I am considering redoing a large portion of the way I have been managing my books in Quickbooks Online. I would like to create a "restore point" of some kind though, in cases I end up messing things ...
2
votes
1answer
531 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
164 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
15k views

How to record business income tax paid, in QuickBooks?

This is not a personal finance question, but I don't see a StackExchange site dedicated for business finance/accounting. So I'm asking it here. I run a small business (LLC) and using QuickBooks for ...
2
votes
1answer
1k 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. ...