Tutorials

How to Run Reports for Tagged Transactions in QuickBooks

Do you use tags to categorize and track your business’s transactions? Tagging transactions is a breeze in QuickBooks. While optional, QuickBooks allows you to create custom tags for transactions. Maybe you want to track all of the transactions from a particular store, or perhaps you want to track vendor-specific expenses. Regardless, you can use tags to categorize and track your business’s transactions.

Create Tag Groups

To use tags, you’ll need to create tag groups. A tag group is exactly what it sounds like: a group of tags. All tags are used to categorize and track transactions. Therefore, you’ll need to create tag groups so that you can apply them to the appropriate transactions.

The option to create tag groups is available in the “Settings” menu. After clicking “Settings,” choose “Tags.” Next, click the “New” drop-down menu and select “Tag group.” You’ll have to enter a name for the new tag group. You’ll also have to choose a color for it. When you are finished setting up the tag group, click “Save” to complete the process.

Run a Tag Report

You can run a tag report by accessing the “Bookkeeping” or “Banking” menu and choosing “Tags.” QuickBooks will then reveal a list of all your tag groups. Go through this list until you find the tag group for which you want to run a report. Click the “Run report” option under the “Action” column for the respective tag group.

QuickBooks will then generate a report for the selected tag group. You’ll be able to see all of the transactions associated with the tag group. If you want to run a report for a different tag group, simply repeat the aforementioned steps while choosing the appropriate tag group. QuickBooks will generate a report for the selected tag group You can generate reports for some or all of your tag groups by following these steps.

Edit Tag Groups

Of course, you can edit tag groups as well. To edit a tag group in QuickBooks, click the “Settings” menu and choose “Tags.” Find the tag group that you want to edit and select the “Run report” option. You should also see an option to “Edit tag” or “Edit group.” If you only want to edit the tag, you can choose the former option. To edit the tag group, choose the latter option.

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How to Void a Check From a Closed Period in QuickBooks

Do you have a check from a closed period that you need to void? QuickBooks makes it easy to void checks from a closed period. Assuming you recorded the check in QuickBooks, you can void it in just a few simple steps.

Step #1 Create a Deposit

Start by creating a deposit for the amount of the check. Why is this necessary? If you received a check during a closed period but didn’t deposit it, you’ll incur a liability. Therefore, you should create a deposit to record this liability. In QuickBooks, you can create a deposit with the amount of the check and record it to your “Other Current Liability” account.

Step #2) Create a Replacement Check

The next step to voiding a check from a closed period is to create a replacement check. The purpose of a replacement check is to pay the liability. You can do this by accessing the “Banking” menu and selecting “Make Deposits.” In the “Payments to Deposit” window, select the account to which you want to make the deposit. You can then enter the date and other information. Make sure you select “Other Current Liability” so that it pays the liability created by the original check.

Step #3) Reissue the Check

The final step is to reissue the check. Go back to the “Banking” menu and choose “Write Checks.” QuickBooks will prompt you to enter some information about the new check. After entering the necessary information, look under the “Expenses” tab. You should see the “Other Current Liability” option, which you’ll need to select. Selecting “Save” and then “Print” will complete the process.

Keep in mind that you can also create a journal entry to void checks from a closed period. In QuickBooks, journal entries are records that allow you to correct bad data. If you need to move money between two or more accounts — or if you need to fix an error — you can use journal entries. Journal entries even work for voiding checks from a closed period.

You can create journal entries in QuickBooks Online by clicking “+ New” and choosing “Journal entry.” You’ll have to select an account on the first field, and you’ll have to select a separate account on the second field. The second account should be the one that you are sending money to or receiving money from. Journal entries may sound confusing, but they are easy to use.

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Help! I Accidentally Added the Same Customer Twice in QuickBooks

If you accidentally added to the same customer twice in QuickBooks, don’t panic. You can always delete one of the customer profiles, or you can merge both of them together. QuickBooks makes it easy to deal with duplicate customer profiles. Rather than allowing duplicate customer profiles to throw off your business’s financial records, you can use one of these solutions.

How to Delete a Duplicate Customer Profile

Deleting a duplicate customer profile will prevent it from appearing on lists and menus. If you have two profiles for the same customer, you can delete one of them.

You can delete a duplicate customer profile in QuickBooks Online by accessing “Sales,” followed by “Customers.” Select the name of the customer whom you wish to delete. Clicking “Edit” will then bring up several new options, including the “Make inactive” option. Choosing the “Make inactive” option will essentially delete the customer profile. The customer’s transactions will remain on all associated reports, but you won’t find the customer on lists and menus.

How to Merge Two Customer Profiles

You can also merge two customer profiles together. Merging, of course, combines the data of the respective customer profiles. All of the customers’ transactions — as well as their other data — will be combined into a single customer profile.

To merge two customer profiles together, access “Sales” and choose “Customers.” Next, find and select the customer profile that you want to delete. When merging two customer profiles together, you’ll delete one of the customer profiles and keep the other. You should choose the customer profile that you want to delete during this step.

Clicking the “Edit” link will bring up new options. You should see a “Display name as” field. In this field, enter the customer profile that you want to keep. Clicking the “Save” link will then initialize the merging process. The two customer profiles will be merged together. Instead of having two customer profiles for the same customer, you’ll have a single customer profile. This merged profile will contain the data of both customers.

Keep in mind that you can’t merge customer profiles if either of them has any sub-customers. If you discover sub-customers on one of the customer profiles, you’ll need to convert the sub-customers into regular customers. After converting them into regular customers, you can then go back and merge the two customer profiles together.

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How to Invite Your Accountant in QuickBooks

Do you have an accountant who’s responsible for managing your business’s books? You aren’t alone. Research shows that over half of all business owners have an accountant. Assuming you use QuickBooks to track your business’s finances, you’ll probably want to invite your accountant to your QuickBooks account. By inviting your accountant, he or she will have access to all of your QuickBooks-stored accounting data.

Step #1) Sign In to QuickBooks Online

To begin, you’ll need to sign in to your QuickBooks Online account. QuickBooks Online is the cloud version of Intuit’s popular accounting software. You can use it with any major web browser. You’ll need to sign in to your QuickBooks Online account so that you can send an invite to your accountant.

Step #2) Add Your Accountant

After signing in to your QuickBooks account, you’ll need to add your accountant. Click the gear-shaped icon at the top of the home screen and choose “Manage Users.” You should see an “Accounting Firms” section. Enter the name of your accountant and his or her email address in this section.

Step #3) Send the Invite

Now it’s time to send the invite. In the “Accounting Firms” section is an “Invite” link. Clicking the “Invite” link will send an invite to your accountant. QuickBooks Online will send the invite to the email address that you specified in the previous step. Assuming you entered the right email address, your accountant should receive your invite.

Your accountant will have to create a user ID when signing in to your QuickBooks Online for the first time. The email invite will contain a link, which your accountant can use to sign in to your QuickBooks Online account. Assuming your accountant doesn’t already have a user ID, he or she will have to create one.

Step #4) Check the Status

You can check the status of the invite to see whether your accountant has accepted it yet. The status is available on the “Manage Users” page of QuickBooks Online. After sending your accountant an invite, you should see an “Invited” status on this page until he or she accepts the invite. Once your accountant has accepted the invite, the status on this page will change to “Active.” The “Active” status indicates that your accountant is now a registered user of your QuickBooks Online account.

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Flat View vs Hierarchical View in QuickBooks: What’s the Difference?

When using QuickBooks Desktop, you may notice an option to switch from flat view to hierarchical view and vice versa. QuickBooks Desktop supports two different view types: flat and hierarchical. You can access them in the Customer Center. Regardless of the view type, your data will remain the same. The view type simply changes the presentation of the data. What’s the difference between the flat and hierarchical view exactly?

What Is Flat View?

Flat view means that all items will be displayed on the same level. In QuickBooks Desktop, they’ll be aligned to the left. None of the items will be higher or lower than other items. Rather, flat view lives up to its namesake by using a flat, same-level display orientation for all items.

What Is Hierarchical View?

Hierarchical view is an alternative display option for items. It’s characterized by hierarchy. Hierarchy, of course, means that some items are higher or lower than other items. They aren’t on the same level. When given hierarchy, items have a parent. A parent is a higher-level item.

It’s important to note that items can have multiple levels of parent. An item placed directly under another item has a single parent. But parents can have their own parents, resulting in multiple levels. The bottom line is that flat view uses a same-level display orientation, whereas hierarchical view uses a hierarchical display orientation in which items have parents.

Choosing Between Flat View and Hierarchical View

You can choose your preferred view type in the Customer Center. Assuming you’re using a version of QuickBooks that supports this feature, click the “Customers” link at the top of the main menu and select “Customer Center.” Next, right-click anywhere on your customer list.

After right-clicking your customer list, you should see a list of new options. There’s a “Hierarchical View” option and a “Flat View option. Clicking these options will enable hierarchical view or flat view, respectively.

The view type is ultimately a matter of personal preference. Some business owners and accountants prefer to use flat view, whereas others prefer to use hierarchal view. As previously mentioned, the view type won’t affect your data. Whether you choose flat view or hierarchical view, it will only change the presentation of your data. Feel free to experiment with both view types to determine which one works best for your accounting needs.

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How to Troubleshoot an Overflow Error in QuickBooks

If you’ve encountered an overflow error when using QuickBooks, you’ll need to fix it. QuickBooks is a popular accounting solution. It’s beginner-friendly, loaded with features and integrates with other common types of software. When using it, though, you may encounter an overflow error. What causes overflow errors in Quickbooks, and how do you fix them?

Common Causes of Overflow Errors

Overflow errors can have different causes. If your company file has a field with a value greater than $9,999,999,999,999.99, for instance, you may notice an overflow error. All fields must be lower than this amount. It only takes a single field with an excess value to trigger an overflow error.

Discrepancies between the quantity of an inventory item and the value of the same inventory item can cause overflow errors. On its website, Intuit explains that inventory items with a quantity of 1 and a value of $18,000 may result in an overflow error

Something as simple as a corrupt company file can cause overflow errors. Your company file contains all of your accounting data. If it becomes corrupted, you may discover an overflow error when you attempt to open it.

Tips on Fixing Overflow Errors

One of the first things you should do after encountering an overflow error is to rebuild your data. In QuickBooks Desktop, the option to rebuild data is available by clicking the “File” menu and choosing “Utilities.” Rebuilding your data will recreate your company file. QuickBooks will prompt you to back up your company file first. Assuming you’ve already backed up your company file, you can proceed to rebuild your data. Rebuilding will often fix overflow errors, especially if they involve a corrupted company file.

If the overflow error was caused by a field with a value greater than $9,999,999,999,999.99, you can fix it by editing the problematic field. Find the field with excess value and change it to a lower value. QuickBooks can’t handle values larger than $9,999,999,999,999.99. In cases such as this, you may discover an overflow error. Fortunately, you can fix these overflow errors by editing the problematic field or fields.

Some overflow errors are the result of damaged transactions. To fix them, run a report to show the overflow error. You can then fix the damaged transaction by following the steps outlined here. Repairing the damaged transaction should resolve the overflow error.

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How to View PDF Files in QuickBooks

QuickBooks uses the Personal Document Format (PDF) for many of its files. Forms, for instance, are saved as PDF files. If you want to preview a form before printing it, you’ll have to open it as a PDF file. If your computer doesn’t have a PDF reader — or if your computer isn’t configured to use the PDF reader — you won’t be able to preview the form. How do you view forms and other PDF files in QuickBooks exactly?

Download a PDF Reader

You’ll need a PDF reader to view PDF files. PDF readers are programs that, as the name suggests, are designed to read PDF files. You can’t open PDF files in Notepad or similar word processing programs. While most PDF files contain text, they support other forms of content as well, such as images. Therefore, PDF files require the use of a PDF reader.

One of the most popular PDF readers is Adobe Acrobat Reader. It’s a free PDF reader offered by Adobe. You can use it to open and view PDF files. Other PDF readers include Foxit Reader, Nitro Reader and Javelin PDF Reader. Assuming you don’t already have one, you’ll need to download a PDF reader so that you can view PDF files in QuickBooks.

Set PDF Reader to Open Automatically

After downloading a PDF reader, you should set it as the default program for PDF files. If your computer runs Windows 10, click the “Start” menu, followed by the “Settings” icon. Next, click “Apps” and choose” Default apps.” Now scroll through the list of file formats until you see PDF. Clicking PDF will then allow you to choose the PDF reader that you previously downloaded.

Setting the PDF reader to open PDF files automatically will allow you to view PDF files in QuickBooks. You shouldn’t get an error message stating that you don’t have a PDF reader. As long as you’ve downloaded a PDF reader and set it to open PDF files automatically, you’ll be able to view them in QuickBooks.

In Conclusion

You can preview forms before printing them in QuickBooks. However, you’ll need a PDF reader to do so. QuickBooks uses the PDF format for its forms. If you don’t have a PDF reader, you may encounter an error message when attempting to preview forms.

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How to Create a Financial Forecast in QuickBooks

Creating a financial forecast can help your business prepare for the future. You’ll have a better understanding of how much revenue your business will generate and how much money your business will spend on expenses. While there’s no way to predict the future, creating a financial forecast is the next best thing. If you use QuickBooks Dekstop Premier, Enterprise or Accountant, you can create a financial forecast in just a few easy steps.

What Is a Financial Forecast?

A financial forecast is exactly what it sounds: a forecast of your business’s finances. It takes into financial data to “predict” your business’s future finances

QuickBooks supports two types of financial forecasts. You can create a financial forecast report manually by inputting financial data, or you can opt to create a financial forecast automatically using financial data from your business’s previous year of operations. Both types of financial forecasts serve the same purpose. They predict your business’s future finances. The former type of forecast simply requires manually inputting financial data, whereas the latter type of forecast leverages financial data automatically from your business’s previous year of operations

Steps to Create a Financial Forecast

To create a financial forecast, log in to QuickBooks and click the “Company” menu. Next, select “Set Up Forecast” under “Planning & Budgeting.” You should see an option to create a new financial forecast. Clicking this option will begin the forecast creation process. As long as you’re using one of the QuickBooks versions listed above, you can create a financial forecast by following these steps.

You’ll need to choose a year for the financial forecast. This is the year for which you want QuickBooks to predict your business’s future finances. While optional, you can also choose tracking elements. Maybe you can create a financial forecast for a Job, or perhaps you want to create a financial forecast for a Class. You can choose tracking elements such as these when creating a financial forecast for your business.

The final step is to select the type of financial forecast that you want to create. You can create one of two types of financial forecasts: a forecast created from scratch, or a forecast created using your business’s previous year of financial data. After selecting your preferred type, QuickBooks will generate a financial forecast. You can use this financial forecast to better predict your business’s future finances.

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How to Use the ‘Write Checks’ Feature in QuickBooks

Have you come across the “Write Checks” feature in QuickBooks? It’s available in the locally installed versions of Intuit’s popular accounting software. If you use QuickBooks Desktop, you can find this feature under the “Banking” menu. Selecting the “Banking” menu and choosing “Write Checks” will allow you to record payments. For a better understanding of this feature and how to use it, keep reading.

What Is the ‘Write Checks’ Feature?

The “Write Checks” feature in QuickBooks Desktop is designed to record payments. You can use it to record any type of payment that originated from one of your business’s bank accounts. Maybe you wrote a physical check to pay for a business-related product or service, or perhaps you used a debit card. If you make a payment from one of your business’s bank accounts, you can use the “Write Checks” feature in QuickBooks Desktop to record it.

How to Record a Payment With the ‘Write Checks’ Feature

To record a payment with the “Write Checks” feature, go to the “Banking” menu and choose “Write Checks.” You’ll have to enter some information about the payment. There are about a dozen options on the payment page. In the top-left corner, click the drop-down menu for “Bank Account” and choose the bank account from which you made the payment. You can only choose bank accounts that you’ve already added to QuickBooks. If you don’t see the bank account listed here, you’ll need to add it.

There’s a drop-down menu for “Pay to the Order Of.” As the name suggests, this menu represents the payee. You should select the person or business for which you issued the payment.

You’ll also need to specify a check number. QuickBooks will automatically enter a check number in this field depending on your preferences, but you can choose an alternative and custom check number if you prefer. Along with a check number, you’ll have to specify a date. The date field represents the date on which you want to issue the payment. There

QuickBooks Desktop allows you to print checks at a later date or process them online On the payment page, you’ll see a “Print Later” and “Pay Online” box. Just click the box for your desired payment method. There are a few other options that you’ll need to specify, but most of them are self-explanatory. When finished, click “Save & Close” to complete the process.

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How to Transfer Credits Between Jobs in QuickBooks

Has a customer overpaid you for a job that you recently completed? Rather than issuing a partial refund, you may want to transfer the credit to another job for the same customer. An overpayment will result in a credit. The customer will have a credit in the amount of the overpayment. While you can always refund the customer, another option is to transfer the credit. Assuming the same customer has another job open, you can transfer the credit to that job.

QuickBooks 2019 and Newer

If you use QuickBooks Desktop 2019 or newer, you can transfer credits in just a few simple steps. Start by opening the customer’s invoice to which are trying to transfer the credit. Assuming the customer has another job — and the customer hasn’t paid for it yet — you can transfer the credit to it. With the invoice open, you should see an “Apply Credits” option. Selecting the “Apply Credits” option will allow you to choose a credit from another job. When finished, click “Done,” after which you can confirm the change by clicking “Yes” when prompted.

QuickBooks 2018 and Older

Even if you use an older version of QuickBooks Desktop, you can still transfer credits from one job to another job. The process for transferring credits between jobs is a little more time-consuming with an older version. Nonetheless, it’s still possible.

With an older version of QuickBooks Desktop, you’ll have to create a clearing account to transfer credits between jobs. You can then transfer the credit to this clearing account. Next, you’ll have to connect the credit to a journal entry, followed by transferring the credit from the clearing account to the job. After completing the steps, you should be able to apply the credit to an invoice.

In Conclusion

It’s not uncommon for customers to have credits on their accounts. Maybe a customer overpaid, or perhaps you issued a customer a credit as a loyalty incentive. Regardless, you may want to transfer this credit to another job for the same customer. You can transfer credits between jobs in QuickBooks Desktop. The process is ab breeze with QuickBooks Desktop 2019 and newer. If you use an older version of QuickBooks Desktop, you’ll have to jump through a few extra hoops. Transferring credits, however, is possible with both new and old versions of QuickBooks Desktop.

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