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Questions tagged [quickbooks]

For questions relating to the use of the desktop version of QuickBooks, an accounting software package developed and marketed by Intuit. For the online version, use tag quickbooks-online.

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QuickBooks iif File Format for GST Taxable Transactions

How can a transaction be created with an iif file so it contains the auto-calculated Tax Amt and Tax Total? The following iif file does not create the required Tax Amt as shown in the image below: !...
0 votes
3 answers
81 views

Add to existing invoice, or create new invoice

Let's say I rent a car for $300 and I don't pay upfront. The car rental company issues me Invoice #1. I return the car and have used excess mileage, so owe an additional $50. I pay with my credit card;...
1 vote
1 answer
88 views

Quickbooks: how to keep track of mortgage installments as expenses?

I am new to Quickbooks. Anyone can help answer this quick question? I need some help figure out mortgage installments bookkeeping rules.
0 votes
1 answer
80 views

Trouble reconciling new account in Quickbooks - why is starting balance zero

I created a new checking account in QB 2021 Desktop. I want to start the fiscal year with 9/1/2021. So I created a general journal entry with a debit to the checking account for the balance in the ...
2 votes
2 answers
366 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 ...
0 votes
1 answer
527 views

How does one calculate their Gross Income using Quickbooks Online that is to be reported for Tax Filing?

Using quickbooks online, I'm able to generate my Profit and Loss statement and I see my Net Income for the year 2019. Is this the final Gross Income number that I will be reporting on my tax return or ...
1 vote
1 answer
175 views

What are the debits and credits in double-entry bookkeeping when someone pays in advance for a meal?

I'm doing some volunteer bookkeeping for a small nonprofit. If we have an upcoming event and people pay in advance for a meal, how do I enter that in a general ledger (updating Quickbooks for last ...
1 vote
2 answers
4k 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 ...
0 votes
1 answer
42 views

Can I import a list of invoices into Quickbooks Desktop as a CSV or Excel file?

I have an Excel spreadsheet containing data for a bunch of sales invoices, which I exported from another system. I want to import this to QB Desktop Pro. I'm a bit confused about IIF files vs. CSV/...
0 votes
1 answer
340 views

How to include purchase Tax on purchases in QuickBooks

I have prices of products I need to buy from a vendor. However, these prices do not include tax. How do I include tax for a product I am buying from a vendor in QuickBooks Desktop Enterprise: ...
2 votes
2 answers
2k 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 ...
1 vote
0 answers
56 views

Quickbooks Add-On Service Discontinued on 5/31

I am using QuickBooks Pro 2016. I received a notice that Online banking will stop working after 5/31. My question is if automatic bank transaction sync going to stop working only and/or the ability ...
1 vote
0 answers
21 views

Quickbooks online essentials: how to see a "Currency" column in the Accounts list?

The help text says I should be seeing a Currency column in the Chart of Accounts, I am in the "Essentials" version, and I'm not seeing "Currency". Is it possible to have different currencies for ...
1 vote
0 answers
655 views

Gnucash vs QuickBooks for both personal and business account

I'm considering keeping track of both personal and business accounts. I'm an old user of Gnu cash and I think I could manage with it. What would be the benefit to swapping to a new cloud accounting ...
0 votes
2 answers
3k 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 ...
0 votes
1 answer
4k views

Credit card expenses showing as Liabilities in QuickBooks

I have a business and I have a company credit card. I have linked this card with my QuickBooks online account. When I pull a "balance sheet comparison" report for the year, it is showing an amount in ...
2 votes
1 answer
290 views

Recording of personal property contribution to S-Corp in QuickBooks

I began an S-Corp, and I contributed a truck, computers, and furniture. How do I record these items in QuickBooks? What accounts do I use?
3 votes
1 answer
655 views

Coding Expenses to Vendors Without Entering a Bill in GnuCash? [closed]

In QuickBooks, when using the "Batch Transactions" window to enter transactions, I can allocate the transaction to a vendor without creating a bill. I.e., when I charge an "Office Expense" for copy ...
14 votes
6 answers
18k 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 ...
1 vote
1 answer
306 views

How do I set up Quickbooks for a small property rental company that holds its properties in separate LLC's? [closed]

My company is set up so that it has a Property Management LLC (PM), Property Holdings LLC (PH) and several real estate assets, each of which is held by the PH but is also its own LLC (props). It was ...
1 vote
1 answer
1k 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 ...
0 votes
1 answer
1k views

Transferring money from One business checking to another business checking

How do I classify in Quickbooks a cash transfer from one business checking account to another business checking account that are linked together. 2 separate businesses. My husband and I are the only ...
2 votes
2 answers
578 views

Quickbooks 2013 and higher no longer import Capital One [closed]

On Quickbooks 2013 Capital One now gives the message "Unsupported browser" when trying to download Capital One transactions. However, I'm running IE 11 on Windows Server 2012. Users have reported ...
3 votes
1 answer
979 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 ...
1 vote
0 answers
101 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 ...
3 votes
1 answer
2k 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. ...
1 vote
0 answers
351 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 ...
0 votes
1 answer
686 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
0 answers
726 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 month'...
3 votes
1 answer
114 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 ...
1 vote
1 answer
586 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 ...
0 votes
1 answer
893 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
1 answer
312 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 ...
2 votes
1 answer
3k 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 ...
3 votes
1 answer
5k 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 vote
1 answer
14k 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
1 answer
2k 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
1 answer
30k 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 ...
3 votes
1 answer
244 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 (...