Tutorials

How to Create a Balance Sheet Report in Quickbooks

There’s no better way to assess your business’s financial health than by viewing a balance sheet report. This otherwise simple accounting shows you exactly how profitable your business was for a given period. On one side of the balance sheet you’ll see your business’s assets. On the other side, you’ll see your business’s liabilities. And at the bottom of the balance sheet, you’ll see the differences between these amounts reflected as equity. So, how do you create a balance sheet report in Quickbooks?

Steps to Creating a Balance Sheet Report

To create a balance sheet report in Quickbooks, log in to your account and click the “File” menu. Next, choose “Reports,” followed by “Balance Sheet.” You’ll then have the option to customize the date range.

When creating a balance sheet report in Quickbooks, the software will automatically use the current date by default. Of course, most businesses probably don’t need a balance sheet for the date on which they create it. Rather, they need a balance sheet report for a previous date, such as the previous month. Regardless, you can specify a time period for your balance sheet report by clicking the date field and entering your desired start date and end date.  When finished, Quickbooks will generate a balance sheet report for that time period.

What’s Included in a Balance Sheet Report?

A balance sheet report contains a breakdown of your business’s assets and liabilities for the specified time period. As previously mentioned, it contains two columns: one for assets and another for liabilities. This information is used to calculate your business’s equity for the time period for which the balance sheet report was created.

Regularly creating a balance sheet report will give you a better idea of how your business’s financial health. You’ll be able to see exactly how profitable your business was for a given time period. If your business had a strong period, you can attempt to replicate its success in coming months. You can also use a blance sheet report to show investors and lenders when seeking financing for your business.

Quickbooks supports a variety of accounting documents, one of which is a balance sheet report. This simple document shows your business’s assets and liabilities, which are used to calculate its equity.

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How to Delete a Vendor in Quickbooks

Has your business ended a contract with a business-to-business (B2B) vendor? Assuming you no longer purchase their products or services, you may want to delete them from your business’s Quickbooks account. Failure to do so means your business’s Quickbooks account may become congested with vendors whom you no longer use. Thankfully, you can remove vendors in Quickbooks by following just a few easy steps.

Steps to Deleting a Vendor in Quickbooks

To delete a vendor in Quickbooks, log in to your account and select “Expenses” under the main menu, followed by “Vendors.” Next, choose “Sales,” at which point you should see a list of all your business’s active vendors. Once you’ve found the vendor whom you wish to delete, click the “Edit” link.

After clicking the “Edit” link, you should see a box with an option for “Make inactive.” Clicking this box will prompt a message verifying that you want to delete the vendor. Assuming you click “Yes,” the vendor will be temporarily deleted from your business’s Quickbooks account.

How to Reactivate a Deleted Vendor

Even if your business no longer purchases products or services from a vendor, this could change in the future. Maybe the vendor offers you a better deal, or perhaps the vendor expands his or her product offerings. Regardless, you may want to reestablish a professional relationship with the vendor whom you deleted from your business’s Quickbooks account.

When you delete a vendor from Quickbooks, the vendor isn’t permanently removed. Rather, the vendor becomes “inactive,” meaning he or she won’t show up on your business’s Quickbooks account. If you decide to continue purchasing the deleted vendor’s products or services, you can reactivate the vendor.

To reactivate a deleted vendor in Quickbooks, perform the same steps as previously mentioned by clicking “Expenses,” followed by “Vendors.” Next, click the “Settings” icon, at which point you can select the option to show inactive vendors. After locating the deleted vendor, select the “Make active” option.

Keep in mind that you can delete customers as well. The steps are pretty much the same, except you’ll need to choose a customer rather than a vendor. Whether you delete a vendor, a customer or both, though, you can always go back and reactivate them later.

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How to Delete Multiple Transactions in Quickbooks

Do you have multiple transactions recorded that need to be deleted? It’s not uncommon for business owners to accidentally enter the wrong amount for a transaction or enter the same transaction two or more times. When mistakes such as these occur, you’ll need to delete the erroneous transactions so that they don’t harm your business’s financial records. If you use Quickbooks, though, you can perform a “batch delete” to wipe these erroneous transactions from your business’s financial records.

Requirements for Deleting Multiple Transactions

Not all versions of Quickbooks support the deletion of multiple transactions at once. Rather, this feature is only available in specific versions of Quickbooks. If you use Quickbooks Desktop Accountant 2017, Quickbooks Enterprise Accountant 2017 or a higher version, you can delete multiple transactions at once. If you use Quickbooks Online, on the other hand, you’ll have to delete the erroneous transactions individually.

Steps to Deleting Multiple Transactions

Assuming you use a version of Quickbooks that supports this feature, you can delete multiple transactions in just a few simple steps. To get started, log in to Quickbooks and change it to single-user mode by selecting the “File” tab, followed by “Switch to single-user mode.” Next, click the “Accountant” tab and choose “Batch Delete.”

After selecting “Batch Delete,” you should see a list of all your business’s transactions under the “Available Transactions” menu. As you go through this list, select the erroneous transactions that you’d like to delete. When finished, click the “Review & Delete” option. Quickbooks will then ask you if you’d like to back up the transactions before deleting them.

Of course, it’s always a good idea to create a backup. If you accidentally the wrong transactions, you’ll be able to restore them with a backup. Regardless, after choosing whether to back up the transactions, you’ll be prompted to confirm the deletion of the selected transactions. After clicking “Yes,” the transactions will be deleted.

Keep in mind that you can delete transactions individually in Quickbooks as well. If you only have a few erroneous transactions recorded, deleting them individually may be quicker. Just click the “Transaction Type” drop-down menu to view your recorded transactions, after which you can delete them individually. For many transactions, though, this may prove tedious, which is why it’s a good idea to delete them in bulk.

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How to View Adjusting Journal Entries in Quickbooks

Does your business have a dedicated accountant who’s responsible for keeping track of its financial records? If so, you may need to view his or her adjusting journal entries. Quickbooks allows accountants to adjust the total balance of accounts. Known as an adjusting journal entry, it’s typically used to fix typos and errors that could otherwise adversely affect a business’s financial records. But how exactly do you view the adjusting journal entries made by your business’s accountant?

Steps to Viewing Adjusting Journal Entries

Assuming you use Quickbooks, you can view adjusting journal entries made by your business’s accountant in just a few easy steps. After launching the software, choose “Reports” under the left-hand menu. Next, click the “Accountants Reports” button. You should then see a list of all the reports made by your business’s accountant. Scroll through this list of reports and click the one that you’d like to open.

If you want to add an adjustment column to a report, click the “Customize” link with which it’s associated. Next, click the “Change columns” link under the section titled “Rows/Columns.” You can then click the checkbox next to “Adj. column,” which should add it to your report. When finished, you can run the report by selecting the “Run report” option at the bottom. Quickbooks will then create the report containing the adjusting journal entry or entries.

What About Adjusted Trial Balances?

In addition to adjusting journal entries, professional accountants often create adjusted trial balances. Basically, an adjusted trial balance is an entry that lists the total balances of all accounts following the creation of adjusting journal entries. It’s often used by businesses to prepare financial statements, which may then be used to secure credit or other forms of financing.

In Quickbooks, you can view adjusted trial balances. This is done by going back to the “Reports” section, followed by searching for “Adjusted Trial Balance” in the search field. You can then choose “Adjusted Trial Balance” from the search results list.

It’s not uncommon for accountants to correct mistakes. After all, their job is to accurately record financial records, so they often go back to make corrections using adjusted journal entries. As a business owner, you can view adjusted journal entries by following the steps outlined above.

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How to Run a Vendor Expense Report in Quickbooks

When preparing your taxes for the previous year, you’ll need to break down your business’s expenses. Regardless of what type of business you manage, you’ll probably need to purchase products or services from vendors. The good news is that you can write off these purchases as business-related expenses on your taxes. First, however, you’ll need to run a vendor expense report to determine exactly how much you spent with each vendor.

Steps to Running a Vendor Expense Report in Quickbooks Desktop

If you use Quickbooks for your business’s accounting needs, you can run a vendor expense report in just a few easy steps. Start by logging in Quickbooks Desktop — not the cloud-based version of Intuit’s accounting software — and then click the “Reports” button at the top of the screen. From here, choose “Vendors & Payables,” followed by “Unpaid Bills Detail.”

At this point, you should see a list of all your business’s unpaid bills. Of course, this isn’t particularly helpful if you’re trying to determine how much money you spent for each of your business’s vendors. Therefore, you’ll need to select the “Customize Report” button on the unpaid bills screen, followed by choosing the “filters” tab. You can then set the filter parameters to “Paid Status.” When finished, select click the button labeled “Closed,” followed by “OK.”

With the filter parameters set to “Paid Status,” you should see a list of all the bills your business paid. If you have dozens or hundreds of paid bills listed, you may want to set a transaction date range to narrow down the results.

What About Quickbooks Online?

Quickbooks Online uses a different framework than Quickbooks Desktop. As the name suggests, it’s the cloud-based version of Intuit’s accounting software.

To run a vendor expense report in Quickbooks Online, you’ll need to choose the “Expenses by Supplier Summary Report” option. Keep in mind, this only shows how much money you or your business spent with its vendors.

As a business owner, you’ll inevitably spend money with your vendors to perform your business’s operations. Products and services are essential to all businesses, but it’s important that you track them for tax purposes. By tracking your vendor payments, you can lower your tax burden come April. Thankfully, Quickbooks makes it easy to view vendor expenses. Whether you use Quickbooks Desktop or Quickbooks Online, you can run a report that shows all your business’s vendor payments.

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What Are Capital Expenditures in Accounting?

Many entrepreneurs assume that capital expenditures are the same as expenses. While they can be classified as expenses, this doesn’t apply to all of them. Whether you run a small, medium or large business, you should familiarize yourself with the definition of capital expenditures. In this post, we’re going to break down this otherwise common accounting term, revealing it’s meaning and importance for business owners such as yourself.

Overview of Capital Expenditures

Also known as a capital expense, a capital expenditure is money spent towards a product or service for the purpose of improving a business’s long-term fixed assets. It’s not uncommon for businesses to reinvest their earnings back into their operations. When a business spends money on a product or service that extends the usable life of one of its long-term fixed assets, the purpose is considered a capital expenditure.

There are also operating expenses, which are located on the opposite spectrum as capital expenditures. While capital expenditures consist of business-related expenses — specifically those used to improve a fixed asset — operating expenses consist of money paid to acquire or inherit an asset’s operation. The main difference between the two is that capital expenditures are used to improve or extend the life of a fixed asset, whereas operating expenses are ongoing expenses associated with short-term assets.

Examples of Capital Expenditures

Now that you know the basic definition of capital expenditures, let’s take a closer look at some examples of them. Purchasing a fixed asset is a common example of a capital expenditure. If a product or service is designed to facilitate your business’s operations, it’s considered a fixed asset and, thus, a capital expenditure.

Upgrading a current asset used by your business could be considered a capital expenditure as well. A construction company, for example, may upgrade the model of a bulldozer or excavator. Depending on the model, construction companies may spend tens of thousands of dollars on bulldozer upgrades such as this, with each of these transactions being a capital expenditure.

Making repairs to a current asset owned and used by your business can also be considered a capital expenditure. If an asset, such as a machine, is damaged to the point where it adversely affects your business’s operations, you may want to repair it. If you spend money to repair an asset such as this, it’s considered a capital expenditure.

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How to Edit Recurring Payments in Quickbooks

Does your business bill its customers on a yearly or monthly basis? If so, you can set up recurring payments in Quickbooks. With recurring payments, customers will automatically be charged on their billing date.

You can easily set up recurring payments in Quickbooks by accessing Customers > Credit Card Processing Activities > Set Up Recurring Payments > Set Up Recurring Payments. But What if you need to edit one or more recurring payments? Even if you’ve already set up a recurring payment in Quickbooks, you can still change it. Quickbooks makes it easy to edit recurring payments. Here’s how you do it.

Steps to Edit a Recurring Payment

To edit a recurring payment in Quickbooks, you’ll need to first pull up the customer’s information. From the home screen, choose “Customers,” at which point you can locate the customer’s name. After pulling up the customer’s information, identify the section with the information that you want to change. You can then click the “Edit” button in this section to change the appropriate field or fields.

In Quickbooks, you can change information such as the customer’s name, phone number, the billing start date, the billing frequency, billing day of the month, billing end date, credit card number, credit card expiration date and more. Regardless, to change any of this information, you’ll need to locate the area in which it’s contained, followed by clicking the “Edit” button.

It’s important to note that Quickbooks only allows users to change yearly and monthly billing frequencies for recurring payments. You can choose an alternative billing, such as billing customers on a specific day of the month, but you can’t change the frequency if it’s not currently yearly or monthly.

In Conclusion

Setting up recurring payments is convenient for both businesses and their customers. With recurring payments, you won’t have to worry about manually collecting payments from customers. At the same time, customers won’t have to worry about paying their bill on or by the due date. Recurring payments automatically charge customers, making it a mutually beneficial way to sell products and services.

And if you use Quickbooks, you can easily set up, as well as edit, recurring payments for your business’s customers. Intuit’s popular accounting software fully supports recurring payments. If you need to set up or edit a recurring payment, refer back to this post for assistance.

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How Quickbooks Can Help Your Small Business Succeed

Quickbooks has become the definitive accounting solution among small business owners. It’s versatile, user friendly, and because it’s backed by Intuit, you can rest assured knowing that it works. Unless you’ve used it, though, you might be wondering how, exactly, Quickbooks can help your small business succeed.

Automatic Expense Recording

With Quickbooks, you don’t have to worry about manually recording all your small business’s expenses. You can take advantage of the software’s automatic expense recording feature. Basically, this involves synchronizing your business-related credit and debit cards to your Quickbooks account. Once sync, Quickbooks will automatically download all transactions from the respective cards, thereby eliminating the need to manually record all your small business’s expenses.

Payroll Management

Along with automatic expense recording, Quickbooks offers integrated payroll management. You can create and schedule paychecks for your business’s employees from within the Quickbooks software. When payday rolls around, your business’s employees will receive their paychecks.

Invoice Generation

You can even use Quickbooks to generate invoices for your small business’s customers or clients. Quickbooks features a built-in invoice generation tool that’s fully customizable. Using it, you can quickly create custom invoices for your small business’s customers or clients.

Inventory Management

If you run a retail business, you’ll be pleased to hear that Quickbooks supports inventory management. As a retailer, inventory management can make or break your small business’s success. If you fail to keep track of your store’s inventory, you may end up with a surplus of products that are difficult to sell. Quickbooks can help you manage your store’s inventory, however.

Desktop and Online Versions Available

You can choose from either the desktop or online version of Quickbooks. Known as Quickbooks Desktop and Quickbooks Online, respectively, they both allow you to easily keep track of all your small business’s revenue and expenses. Quickbooks Desktop, however, is more versatile in terms of features, whereas Quickbooks Online uses cloud technology to ensure a higher level of accessibility. Regardless, you can choose from either the desktop or online version of Quickbooks.

Improves Efficiency

Because of all these features, as well as other features, Quickbooks can improve the efficiency at which your small business operates. You’ll spend less time managing your business’s finances, and as a result, you can focus on tasks directly associated with your small business’s operations.

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How to Edit Paychecks in Quickbooks

Does your business have one or more employees on payroll? If so, you’ll need to compensate them for their labor. Intuit’s popular accounting software, Quickbooks, features a built-in payroll system. Using Quickbooks, you can easily create and send paychecks to your business’s employees. With that said, you may need to edit paychecks before sending them.

Editing Paychecks That Haven’t Been Submitted to Intuit

Assuming you haven’t submitted a paycheck to Intuit yet, you can edit it simply by clicking the “Back” button. Quickbooks’s Payroll Full Service allows you to make changes to your employees’ paychecks before you submit them to Intuit. Just click the “Back” button on the paycheck screen, at which point you can edit the fields.

Editing Paychecks That Have Already Been Submitted to Intuit

If you already submitted a paycheck to Intuit, you can still edit it — you’ll just need to perform a few additional steps. For Payroll Full Service, select “Workers” under the left-hand navigation menu and choose “Employees.” Next, find the employee’s name for whom you are creating the paycheck and click “Paycheck list.” You can then proceed to delete the paycheck, after which you recreate a new paycheck with the correct information.

The Basics of Creating Paychecks in Quickbooks Desktop

Creating paychecks in Quickbooks Desktop is a quick and easy process. Not to be confused with Quickbooks Online, Quickbooks Desktop lives up to its namesake by featuring a localized installation, meaning it’s installed and executed on your computer’s storage drive rather than over the internet.

To create a paycheck in Quickbooks Desktop, pull up the employee for whom you want to create it. Next, access the “Pay Employees tab.” From here, you can click “Create Paychecks” to open the paycheck creation window, followed by starting a scheduled payroll or an unscheduled payroll. After double-checking to ensure the information is correct, you can save and close the window to finish the process.

You can also edit paycheck numbers in Quickbooks. This is done by going back to the main home screen and clicking Banking > Use Register. Next, select the account associated with the paycheck. After opening the paycheck, you should see “Check Number” field, which you can edit to change the paycheck number.

In Conclusion

As your business grows, you may need to hire employees to accommodate its newfound success. Employees are the lifeblood that fuel a successful business’s operations. With that said, it’s important to stay on top of your business’s payroll when hiring and managing employees.

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How to Change Your Email Preferences in Quickbooks

Quickbooks offer seamless email integration so that you can receive copies of invoices, bills and other accounting reports via email. Once configured, Quickbooks will send these reports to your email account where you can easily access them at a later date. First, however, you’ll need to configure your email preferences in Quickbooks to take advantage of this feature.

How to Set Up Quickbooks for Outlook

If you use Microsoft Outlook as your email client, you’ll need to configure Quickbooks to use it. Start by logging in to Quickbooks and once on the home screen, choose “Edit,” followed by “Preferences.” Next, click the “Send Forms” link in the main menu, followed by “My Preferences.” From here, you should be able to select “Outlook” as your default email client. Click “OK” to save and complete the process.

How to Set Up Quickbooks for Webmail

You can configure Quickbooks to use webmail in just a few easy steps as well. If you prefer webmail over Outlook, go back to the Quickbooks home screen and click “Edit,” followed by “Preferences.” Next, click “Send Forms,” after which you can choose “Web Mail” and “Add.” You’ll then be asked to select your webmail provider from a drop-down list of available options. After selecting your webmail provider, you’ll need to enter your email address.

Assuming your webmail is secure, you should tick the option for “Use Enhanced Security.” This option will create a secured tunnel to protect your data from exposure. When finished, click “OK” to save and complete the process.

Troubleshooting Email Problems

You may encounter the following error message when attempting to send emails from Quickbooks to your Outlook account: “QuickBooks is unable to send your email to Outlook.” If this occurs, you’ll need to edit your admin privlidges.

To edit your admin privileges in Quickbooks, you’ll need to locate the Quickbooks.exe file on your computer’s hard drive and view its properties. After locating the file, right-click it and choose “Properties.” From here, you can choose the “Compatibility” tab, followed by unchecking the option for “Run this program as Administrator.” When finished, click “Apply,” followed by “OK.”

The reason for this error message is typically that Quickbooks is set to run in administrator mode. By disabling this option, you shouldn’t encounter the aforementioned error message.

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