How to Handle Down Deposits in Quickbooks

coins-1015125_960_720111Depending on your business’s line of work, you may have customers or clients who pay a partial amount of their bill. These “down payments” must be handled in a different manner than full payments. And failure to distinguish between the two could throw your books off. So, how exactly do you handle down deposits using the Quickbooks accounting software?

Before we begin, it’s important to note that down deposits are typically used as a “retainer” for either a service or product that has not yet been delivered. The business owner may ask the client or customer to make a down payment as insurance. Once the product has been delivered or service rendered, the customer or client pays the remaining balance. Of course, this is just one of the many ways in which down payments are used. Regardless of how you intend to use them, you can refer to the steps below to properly record them in Quickbooks.

Recording a down deposit is a quick and easy process using Quickbooks. Once you’ve received the initial down payment, go ahead and fire up your Quickbooks account software. From the main screen, select Customers > Receive Payment, at which point you should enter the account where the deposit will be made in the “Deposit To” field. You can also change the date of the down payment by clicking the “Date” field. This is completely optional, however, and should not affect the actual down payment transactions.

In the “Amount” field, enter the total amount of the down payment. You should include how much the customer or client initially paid for his or her down payment, not the amount of the product or service. In the “Check #” field, feel free to include the check number used by the client or customer. Much like the date, this is a completely optional step that should not affect the transaction in any way. Lastly, you can include a note about the down payment in the “Memo” field, which is also an optional step.

Next, make sure all boxes in the “Invoices and outstanding transactions” menu are empty and not checked. If you see any boxes checked, click them again so they are unchecked. Congratulations, you’ve just recorded a down payment using the Quickbooks accounting software! Just remember to go back and record the remaining payment after the customer or client has made it.

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How to Export Transactions Using Quickbooks

digital-marketing-1725340_960_720Quickbooks is the catch-all accounting solution for businesses big and small. It contains all incoming revenue and outgoing business-related expenses, all in one convenient location. Perhaps this is why it’s the #1 accounting software year after year.

There are times, however, when business owners may need to export their transactions from Quickbooks. If you’re preparing your taxes, for instance, you may want a separate copy of your transactions. Rather than going into your financial accounts, you should pull them from Quickbooks. This is a relatively easy and painless task that should only take a few minutes. So, if you need to export your transactions from Quickbooks, keep reading for a step-by-step walkthrough on how perform this task.

There are actually two different ways to export transactions from Quickbooks, the first of which requires a transaction type for two more customers, vendors or employees. If you need to analyze or exchange filtered data, you should use this option. This is done by logging into your account and choosing the Find window. After accessing the Transaction Type menu, choose Invoice followed by the Find button. This should reveal the location of your transactions, after which you can click the export button to export them.

The export window offers several different options, including the ability to save the exported data as a comma separated value or Excel workbook. Keep in mind that exports using the Excel format are only compatible with Microsoft Excel versions 2000 and newer. If you have an older version, you should choose a different file format for your exported transactions. Also, the Advanced tab offers several additional customization features, which can you choose if needed. After selecting your preferred options, click Export to export the transactions.

The second method for exporting transactions involving the Customer Center. To do this, open the Customer Center and select the customer whose data you would like to export. Next, click the Excel button in the toolbar, then click the Export Transactions menu in the window below. After choosing the Export menu, you should see the transactions from the customer. From here, you can filter them by changing the values in the respective drop-down menu, or you can leave them as is. Once finished, you can export the transactions by proceeding with the on-screen instructions. It’s important to note that exporting transactions using this method does not offer the ability to save the transactions as a .csv file. Rather, you’ll have to use a different option, such as Microsoft Excel.

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Help! Quickbooks Keeps Asking Me to Change My Password

password-866979_960_720Is Quickbooks asking you to change your password? Seeing this message appear every time you fire up the popular accounting software can be a nuisance. In most cases, you can fix this problem simply by changing your password. However, there have been reports of even this not working. So, what should you do if Quickbooks keeps asking you to change your password?

Seeing the password request is frustrating to say the least, but fixing it is actually quite easy. First and foremost, it’s important to note that password change requests are completely normal. Quickbooks — like many software and services — asks users to change their password on a regular basis for security purposes. The longer your password remains unchanged, the greater the risk of a hacker or other nefarious individual accessing your account and retrieving your sensitive data. More specifically, Quickbooks asks users to change their password once every 90 days. So in order words, you can expect to see a password change request notification once every three months.

But updating your password doesn’t always fix the problem, at least not for some users. There have been reports of Quickbooks continuing to prompt users to change their password, even after they’ve already done so. According to several sources, this is apparently a problem with the Quickbooks user rather than Quickbooks itself. To correct the problem, you’ll need to delete the problematic user, after which you can create a new one. Keep in mind, however, that only admins can delete and add new users, so you’ll need to log in as the admin to perform this operation.

To do this, fire up your Quickbooks accounting software and choosing Company > Set Up Users and Passwords > Set Up Users > under the “User List” menu, click the problematic user and choose “Delete User.” Next, click “Add User” to add the user back, giving them a unique password. This user should see a request to change their password the first time they log in, which is completely normal. Go ahead and change the password for the new user after you log in. Following this, however, Quickbooks shouldn’t ask you to change your password for another 90 days.

Hopefully, this resolves the issue you are having with Quickbooks asking you to change your password. And if you still have trouble with this issue, contact your Quickbooks hosting provider for additional assistance.

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Quickbooks Error H101, H202, H303 and H505

emotiguy-1654864_960_720Have you encountered the H101, H202, H303 or H505 error message when attempting to open your Quickbooks company file? It’s frustrating when errors such as these occur, especially when you’re trying to conduct other work like keeping track of your business income and/or expenses. However, Quickbooks provides these errors with unique codes so you’ll know what’s causing them and how to fix them.

The H202 error message, for instance, often appears when you attempt to open a company file located on a different computer, yet your copy of Quickbooks can’t reach the server on which the other copy is stored. The H202 error message may also occur when you have shared connections set up on your company but the actual Quickbooks software can’t connect to the host computer.

According to Intuit, the H101, H303 and H505 error messages may all occur when you attempt to work with a company file located on a different computer, but that computer needs additional installation and/or setup.

So, how do you fix these errors? First and foremost, download and run the Quickbooks File Doctor Tool. Available for free through Intuit’s own website, this tool is designed to identify and fix a wide range of problems. After downloading the tool to your computer, go ahead and open it, at which point it should scan your computer for possible problems associated with Quickbooks. If the tool finds any problems, it will provide recommendations on how to fix them.

If the File Doctor Tool did not find, or fix, the problem, you should verify your hosting next. This is done by accessing File > Utilities > at which point you should see whether or not your computer is hosting the company file. If your computer is hosting the company file, it will reveal “Host Multi-User Access.” If you see “Stop Hosting Multi-User Access,” select this option.  Choose “Yes” to confirm, followed by “Yes” in the “Company File Must be Closed” window. Repeat these steps for each computer. This should eliminate many problems associated with the H101, H202, H303 and H505 error messages.

In the event that you are still struggling to open your Quickbooks company file, contact your respective hosting provider for assistance. If you are using a Hosted version of Quickbooks, your hosting provider should offer help with problems such as these.

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How to Merge Accounts in Quickbooks

edit-1105049_960_720If you are currently using two similar accounts in Quickbooks, you may want to merge them into a single account. This is beneficial for several reasons: it keeps your transactions neatly together; reduces the risk of discrepancies; and improves overall efficiency. So, how exactly do you merge accounts in Quickbooks?

Before we begin, it’s important to note that merging is not reversible. If you merge two accounts and want to “undo” the process later, you are out of luck. The only solution is to manually edit the merged account and create a new account. For this reason, it’s recommended that you proceed carefully when merging accounts.

To merge two of your accounts, log into the Quickbooks accounting software and select the Gear icon > Chart of Accounts > in the Action column, select Edit for the account you wish to keep (not the account you wish to delete) > Copy the Name of the account and make a note of whether or not the Sub-account option is marked. If it’s marked as a Sub-account, you’ll also need to make a note of the parent account to which it is tied. When you are finished, click Cancel to return back to the Chart of Accounts screen.

Next, go back to the account that you want to delete and click the Edit link in the Action column. From here, paste in the Name, double-checking to ensure the Detail Type matches the account you are merging with it. If either of these accounts are sub-accounts, you’ll also need to make sure they are associated with the same parent. If only one of these accounts is a sub-account, you can make it a parent account by selecting the Sub-account option (see above). When you are finished, click Save, followed by Yes when it asks you to confirm that you wish to merge the two accounts together.

It’s also worth mentioning that there are certain accounts in which the Type is permanent and cannot be changed, nor can they be merged into an existing account. One example is an Uncategorized Asset account. If a user with Online Banking tries to change his or her Type to another type of a different account, they’ll receive an error message preventing them from doing so. This is because the account type is reserved for the Online Banking system.

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Quickbooks: How to Transfer Funds Between Accounts

light-bulb-1002783_960_72033Looking to transfer funds between your different financial accounts? Well, using the Quickbooks accounting software, you can do this and more. Intuit’s popular and long-running line of accounting software makes fund transfers between two or more accounts a breeze. For step-by-step instructions on how to do this, keep reading.

Quickbooks allows fund transfers between checking, savings and money market accounts, assuming these transfers are performed in your chart of accounts. Keep in mind, however, that you cannot transfer funds between A/P and A/R accounts. If you need to transfer funds from a savings account to a checking account, for instance (for the purpose of covering payroll), you’ll have to transfer the funds from your checking account to your petty cash account, simply because Quickbooks does not support this type of transfer.

So, when you are ready to transfer funds between two or more accounts, log into your Quickbooks accounting software and access the Banking menu > Transfer Funds > at which point you should see a new window appear > select the account that you wish to transfer funds from > select the account that you wish to transfer funds to > enter the amount of the transfer > save the transaction. Congratulations, you’ve just transferred funds between your accounts using the Quickbooks software!

Keep in mind that if you choose to transfer funds into your petty cash account, you must also move or withdraw the real funds too. So if you transfer $100 from your savings account to your petty cash account, you must then cash a check for $100 or withdraw $100 using an ATM card. Failure to perform this step could throw off your books.

You can easily perform this operation using an ATM withdrawal, however, by following just a few extra steps. Start by accessing the Baking menu > Transfer Funds > Transfer Funds drop-down arrow > select the bank account that you withdrew money from > Transfer Funds > Petty Cash or drawer account > enter the amount of the withdrawal > in the Memo field, enter ATM withdrawal > save the transfer.

Hopefully, this will give you a better idea of how to transfer funds using Quickbooks. Most business owners have more than one financial account, and it’s not uncommon for them to transfer funds between these accounts. Using the Quickbooks accounting software, you can perform these transfers in minutes. Just follow the steps listed above when you need to transfer funds between two or more accounts.

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How to Track Expenses by Class, Department or Location

at-1019738_960_720One of the perks of using the Quickbooks accounting software is the ability to track your expenses based on a variety of criteria. You can track any business-related expense by department lo location using something known as “classes.” Basically, each class is a unique field that’s used to track a specific type of expense.

Quickbooks allows users to assign classes to their transactions. You can use these classes to track expenses by department, type, location, or pretty much anything else. For instance, you could create a specific class for utility bills, another class for business-related travel expenses, and another one for taxes. Using these classes helps by keeping all of your related expenses neatly together.

When setting up class tracking in Quickbooks, though, there are a few things to consider. First and foremost, it’s important to note that class tracking should be set up on the basis of the type of reporting you wish to do. Also, you should consider the way in which your business will be segmented based on these reports.

It’s also a good idea to set up a genetic “catch all” class for miscellaneous expenses that do not fit into your classes. This class can be titled either miscellaneous or “other,” both of which are perfectly acceptable. This class should be used for all expenses that do not fit into your existing classes.

To set up class tracking in Quickbooks, simply choose Preferences > Edit > Accounting > Company Preferences. From here, select the “Use class tracking” option followed by “OK.” Quickbooks will then ask you to save the changes, at which point you should select “Yes.” In the Preference window that appears, select the “Payroll & Employees” button. Double-check to make sure the “Full payroll” is selected in the features section. Now, choose the “Job Costing, Class and Item tracking for paycheck expenses” option. If you wis hto assign a single class to a complete payroll, select “Entire paycheck.” But if you wish to assign multiple classes to each item in the paycheck, select “earnings item.” When you are finished, click OK to save the changes and close the window. Sorry if you were expecting more, but that’s all it takes to set up class tracking in Quickbooks!

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Creating a New Budget in Quickbooks

coins-1015125_960_720334Are you trying to create a new budget in Quickbooks? Well, you’ve come to the right place. Today, we’re going to walk you through the steps of creating a new budget in Intuit’s popular Quickbooks accounting software.

When you are ready to begin, go ahead and fire up your Quickbooks accounting software, at which point you should select Company > Planning and Budgeting > Set Up Budgets. This should open a new window titled “Create New Budget,” which as the name suggests allows users to create new budgets. Keep in mind, however, that if you’ve already created a budget, Quickbooks will display the “Set Up Budgets” window instead. If you see this window, you’ll need to select the “Create New Budget” icon to display the appropriate window.

Next, you need to specify the fiscal period for which you are budgeting. The buttons within the aforementioned window allow you to specify this information. If you are budgeting for 2016, for instance, simply choose the year 2016 by selecting the buttons.

You must now decide whether to create a profile and loss or balance sheet budget. When creating a profit and loss budget, you must choose the “Profit and Loss” button > Next > and then repeat the steps mentioned above. When creating a balance sheet, simply click the “Balance Sheet” button > Finish > and repeat the steps mentioned above.

So, what’s the difference between these two formats? Profit and loss budgets include budgets for the amount of revenue or expense that you expect for the defined period. On the other hand, a balance sheet budget is a budget for the ending account balance, or in other words the ending account balance for the asset, liability or equity for the defined period.

You aren’t out of the woods just yet, as there are a few other steps you must take to create a budget. In the “Additional Profit and Loss” window, you’ll need to specify the additional profit and loss budget. This step is only necessary, however, when creating a profit and loss budget, in which case you’ll need to choose the “Customer:Job” button to see the extended budget with the Job details, followed by “Class” to include the class in your budget or “No Additional Criteria.”

If you want to budget by class, you’ll need to enable class tracking. You can read through previous blog posts published here for more information on how to enable class tracking in Quickbooks.

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