Is your Quickbooks company file corrupt? File corruption is a common problem. It occurs when data becomes damaged. Being that all of your business’s financial transactions are stored in the company file, you’ll need to protect it from corruption. Fortunately, Quickbooks offers a tool for fixing problems with your company file. Known as the rebuild data tool, it can restore your company file back to working order so that it’s no longer corrupt. How do you use the rebuild data exactly?
Steps to Using the Rebuild Data Tool
In Quickbooks Desktop, you can use the rebuild data by clicking the “File” menu on the home screen, followed by “Utilities” and then “Rebuild Data.” You will then be prompted to create a backup of your company file. Creating a backup is important because it ensures that if something goes wrong, you can revert the changes to restore your original company file. After creating a backup of your company file, Quickbooks will begin to repair your original company file.
Keep in mind that the rebuild data tool can take a while to complete the repair process. Depending on the size of your company file, it may take anywhere from five to 15 minutes — sometimes even longer. Once complete, you should see a message indicating that the rebuild data tool has finished repairing your company file. You can then select “OK” to complete the process.
Verify Your Company File
It’s recommended that you verify your company file after using the rebuild data tool on it. Verification is designed to check the data within your company file for errors. If the rebuild data didn’t work, verification will reveal it.
You can verify your company file by going back to the “File” menu on the home screen and selecting “Utilities,” followed by “Verify Data.” This alternative Quickbooks tool will then verify your newly rebuilt company file. Assuming no problems are discovered by the tool, you can click “OK” when it finishes. If the tool does find one or more errors, you should try rebuilding it again. Rebuilding your company file for a second time can often fix errors.
Your company file is essential for accounting. It contains all income and revenue transactions that your business has performed as well as the accounts with which it performed them. If there’s a problem with your company file, you can use the rebuild data tool. Just remember to follow up by using the verification tool shortly thereafter.
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When using Quickbooks to keep track of your business’s finances, you may come across the option to create a vendor credit. It’s a native feature in Quickbooks Online. If you use the cloud-based version of Intuit’s popular accounting software, you can create vendor credits. What is a vendor credit in Quickbooks exactly, and how do they work?
Overview of Vendor Credits
A vendor credit is exactly what it sounds like: It’s a monetary credit that’s applied to a vendor. Vendor credits are used in instances when a vendor refunds your business for a purchased product or service. Regardless of the industry or market in which your business operates, you’ll probably need to purchase products and services from various vendors. Maybe a vendor overcharges you, or perhaps a vendor wants to give you a discount for a recent purchase. Regardless, if a vendor refunds your business — either partially or wholly — you should create a vendor credit.
How Vendor Credits Work
As previously mentioned, vendor credits are used to record refunds issued by a vendor to your business. Vendors may refund your business for any number of reasons. If you purchase a product or service from a vendor and that vendor later issues your business refunds, you’ll need to record it. Of course, that’s why Quickbooks offers vendor credits. You can create a vendor credit to record a refund issued to your business from a vendor.
Tips for Creating a Vendor Credit
You can create a vendor credit in Quickbooks by selecting “+New” from the home screen, followed by “Vendor credit.” From there, click the “Vendor” menu and choose the vendor for whom you are creating the credit. Quickbooks will display a drop-down menu consisting of all your business’s vendors. You can scroll through this list to find and select the appropriate vendor. After choosing the vendor, enter either the category details or item details for the credit. When finished, click “Save and close.”
Now that you’ve recorded the vendor credit, you’ll need to deposit the money given to your business from the vendor. This is done by selecting “+ New” from the Quickbooks home screen, followed by “Bank Deposit.” Next, choose the bank account in which the vendor deposited the refund. After completing the required fields, select “Save and close.”
To recap, a vendor credit is a record that’s used when a vendor refunds your business. You can create them in Quickbooks Online. With a vendor credit, the refund will be properly tracked and accounted for.
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Quickbooks Desktop supports a variety of different orders, including sales orders. Sales orders, in fact, are an integral component of the software’s accounts receivables workflow. If you allow customers to pay after their products have been delivered or their services have been completed, you may want to use sales orders. What are sales orders exactly, and how do you create them in Quickbooks?
What Is Sales Order?
A sales order is an accounting record that connects an order to a customer and an invoice. This feature is available in both the Premier and Enterprise versions of Quickbooks Desktop. Sales orders are used to track products and services that customers have purchased but haven’t received. Not all businesses need to use them. Rather, only businesses with accounts receivables will typically benefit from the use of sales orders.
How to Enable Sales Orders
Before you can create a sales order in Quickbooks Desktop, you’ll need to enable this feature. This is done by signing in to your Quickbooks account and selecting the “Edit” menu, followed by “Preferences.” On the left-hand menu, choose “Sales & Customers,” followed by the “Company Preferences” tab. You should then see an option for “Enable Sales Order.” Clicking the box next to this option will enable sales orders in your Quickbooks account.
How to Create a Sales Order
Assuming you’ve enabled sales orders in your Quickbooks account, you can proceed to create one in just a few simple steps. While on the Quickbooks home screen, select “Sales Orders/Create Sales Orders.” Next, select the customer for whom you are creating the sales order from the “Customer: Job” menu.
You will then need to enter some information about the sales order, such as the date and sales order number. Quickbooks also allows you to add discounts to sales orders. If you want to apply a discount to the sales order, right-click anywhere in the item list and select “New.” From the “New Item” window, choose the “Type” menu, followed by “Discount.” You can then enter the amount of the discount that you wish to give the customer. After entering all other information about the sales order, you can finish the process by selecting “Save & Close.” You should now have a completed sales order that’s ready to be sent to the respective customer.
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