When to Use Journal Entries in Quickbooks

Do you use Quickbooks to track your business’s finances? The popular accounting software offers dozens of helpful features, one of which is journal entries. You can create journal entries to post transactions directly to your business’ general ledger. Being that Quickbooks can automatically update itself with your business’s transactions, though, you might be wondering when to use journal entries.

Transferring Funds Between Income and Expense Accounts

You may want to use journal entries when transferring funds between income and expense accounts. Income accounts, of course, are those that are used to receive money from customers. Expense accounts, on the other hand, are those used to pay for your business’s expenses. When transferring funds between these two types of accounts, you can use journal entries. Journal entries allow you to record the transfer of funds between an income account and an expense account.

Manually Record Debits

Another instance in which you may want to use journal entries is to manually record debits. Some accounting methods revolve around manually recording transactions. If you use one of these accounting methods, you should take advantage of journal entries. You can create journal entries to manually record debits. As you may know, a debit is a transaction that involves funds leaving your business and going to a vendor, supplier or another party.

Manually Record Credits

Like with debits, you can use journal entries to manually record credits. Journal entries support both debits and credits. While debits involve funds leaving your business, credits involve funds entering your business. Regardless, you can use journal entries to manually record both debits and credits.

Tips on Creating Journal Entries

Creating journal entries in Quickbooks is a breeze. In Quickbooks Online, you can create them by clicking the “+ New” button at the top of the screen, followed by “Journal entry.” All journal entries require an account. When creating a journal entry, you’ll need to choose an existing account under the “Account” drop-down menu.

You’ll also need to enter an amount for each journal entry. Journal entries for credits should have a positive amount, whereas journal entries for debits should have a negative amount. After completing all of the required fields, click “Save and close.” The journal entry should now be added to your business’s general ledger.

Did this tutorial work for you? Let us know in the comments section below!

How Do Snapshots Work in Quickbooks Desktop?

Quickbooks Desktop offers several Snapshot tabs. Using them, you can view certain types of information about your business in a single place. It’s a simple but useful feature that many business owners overlook. Even if you’ve encountered the Snapshots tabs in Quickbooks Desktop, though, you might be wondering how they work. This post offers an introduction to the Snapshots tab by revealing what they are and how they work.

The 3 Types of Snapshot Tabs

In Quickbooks Desktop, you’ll find three Snapshot tabs. They include the Company Snapshot tab, the Payments Snapshot tab and the Customer Snapshot tab. The Company Snapshot tab features information about your business. The Payments Snapshot tab features information about your recorded payments. Finally, the Customer Snapshot tab features information about your customers. You can switch between these Snapshot tabs by clicking your desired tab at the top of the screen. Quickbooks Desktop shows the three Snapshot tabs in the upper-left corner.

Steps to Adding Content to a Snapshot Tab

You can add content to any of the Snapshot tabs in Quickbooks Desktop. When you add content to a given Snapshot tab, you’ll customize it. Adding content to a Snapshot tab will change its layout by updating it with new types of information or content.

To add content to a Snapshot tab, click the “Add Content” button. This should expand the content gallery within the Snapshot tab. Once the content gallery has loaded, click “Show preview” to see a list of all available types of content. Go through this list until you see the type of content that you want to add to the tab. After finding the desired type, click “Add” next to it. Quickbooks Desktop will then add the content to the Snapshot tab. Just remember to save your changes by clicking “Done” when you are finished.

Steps to Removing Content From a Snapshot Tab

In addition to adding content to a Snapshot tab, you can remove content from a Snapshot tab. Removing content from a Snapshot tab is a breeze. All you have to do is pull up the Snapshot tab in Quickbooks Desktop, followed by clicking the “X” button in the corner of the content. Each piece of content should have an “X” button. Clicking this button will remove the content from the Snapshot tab.

Did this tutorial work for you? Let us know in the comments section below!

How to Record a Supplier Credit in Quickbooks

Has your business received a refund from a vendor? Vendors, of course, are product suppliers. They are responsible for supplying businesses with products so that the businesses can resell them to their customers. It’s not uncommon, however, for vendors to issue refunds. Maybe you ordered the wrong products, or perhaps the vendor overcharged your business. Regardless, when a vendor issues a refund, you’ll need to record it.

What Is a Supplier Credit?

You can record vendor-issued refunds in Quickbooks Online by creating supplier credits. A supplier credit is exactly what it sounds like: a credit given to your business by a vendor or supplier. It’s designed to eliminate the debt incurred by the refunded transaction. Whether your business has received a single refund or a dozen refunds from vendors, you can create a supplier credit for each of them.

Steps to Creating a Supplier Credit

To credit a supplier credit in Quickbooks Online, click the “+ New” button on the home screen of your account, followed by “Supplier Credit.” Quickbooks Online will then prompt you to enter some basic information about the refund. You’ll need to choose the name of the supplier, and you’ll need to enter the amount of the refund, the date of the refund and the billing account used for the refund. After entering this information, select “Save and close.”

Now that you’ve created the supplier credit, you can enter the refund in the “Bank Deposits” section of your Quickbooks Online account. Go back to the home screen account of your account and select the “+ New” button. Rather than choosing “Supplier Credit,” though,” choose “Bank Deposit.” You should see an option to add deposits. Recording a supplier credit requires adding a deposit for the refund.

When adding a deposit, you’ll need to enter the name of the vendor that issued the refund in the “Received from” field. You’ll also need to select the Accounts Payable account associated with the refund. Finally, you’ll need to enter the amount of the refund in the “Amount” field. You can then choose “Save and close” to finish the process.

Assuming you followed these steps, the supplier credit should now be recorded. Keep in mind that you’ll need to repeat these steps for each supplier credit. Supplier credits are refunds issued by vendors. When a vendor issues a refund, you’ll need to record a supplier credit.

Did this tutorial work for you? Let us know in the comments section below!

Help! I Accidentally Deleted a Class in Quickbooks

Quickbooks makes it easy to track different categories of transactions. Using the popular accounting software, you can create classes. A class is a custom category that’s used for tracking purposes. You can create classes for different locations, customer audiences, product groups and more. You can then assign the classes to the appropriate transactions. Assigning a class to a group of related transactions will allow you to track them. You can run reports for a specific class to see all of the transactions to which it was assigned.

Class tracking is one of the many features that’s included in Quickbooks. You can create classes to track different categories of transactions, such as those mentioned above. You can also delete classes that you’ve previously created but no longer need. But what if you accidentally deleted a class that your business still uses? Fortunately, you don’t have to start from scratch. You can restore the deleted class so that it returns to your Quickbooks account.

Steps to Restoring a Deleted Class

If you accidentally deleted a class, you can restore it in just a few simple steps. Start by logging in to your Quickbooks account and click the “Settings” menu at the top of the page, followed by “All Lists.” You should see an option for “Classes.” Selecting this option will bring up your previously created classes.

After selecting the option for “Classes,” look for the print icon. Next to this icon is another “Settings” menu. Selecting the “Settings” menu will reveal an option to show all of your inactive classes. Deleted classes are inactive, so you’ll need to choose this option. You should then see all of your inactive and deleted classes. Browse through these classes until you find the class that you wish to restore. Quickbooks should have a “Make active” option next to each class. To restore the deleted class, select this option, after which can you save your changes and exit Quickbooks. The deleted class should now be restored, in which case you can assign it to your business’s transactions.

It’s important to note that deleting a class doesn’t technically remove it from your Quickbooks account. When you delete a class, it simply becomes inactive. Deleted classes aren’t gone forever. They are just inactive until you restore them. You can restore deleted classes by pulling them up the “Classes” section of your Quickbooks account and choosing the option to make them active again.

Did this tutorial work for you? Let us know in the comments section below!

How to Track Donated Products Using Quickbooks

Does your business regularly donate its products? Product donations are a common practice among businesses. If you have leftover inventory that you can’t sell — or inventory that will take an excessively long time to sell — you may want to donate it. Aside from helping others in need, donating the products will grant your business a tax deduction. You can typically write off the donations to lower your business’s tax liability. To do so, however, you’ll need to track the donated products.

Steps to Tracking Donated Products in Quickbooks

If you use Quickbooks Online, you can track donated products in just a few easy steps. Start by logging in to your Quickbooks account online and clicking the “+ New” button at the top of the homepage. Next, select the “Sales Receipt” option under the “Customers” menu.

You should see a drop-down menu for “Deposit to.” Clicking this menu will reveal a list of all of your business’s connected bank accounts. When tracking donated products, you’ll need to choose one of your business’s bank accounts from this list.

For the field labeled “Product/Service,” select the type of product that you donated. Like with bank accounts, Quickbooks will reveal a list of all of your business’s products. You can scroll through this list to choose the type of donated product. For the “Rate” option, change the value to zero. You can then click “Save” to complete the process.

Don’t Forget to Create a Journal Entry

You’ll need to create a journal entry when tracking donated products in Quickbooks. A journal entry will provide a record of the donation or donations. You can create a new journal entry by clicking the “+ New” button on the homepage, followed by “Journal Entry.” For the “Account” section, select the bank account that you used to track the donation. You’ll have to enter a few more pieces of information, including the cost of the donated products. You should also choose “Cost of Goods Sold (COGS) as the account for the donated product. When finished, click “Save and close.”

In Conclusion

Donations aren’t performed exclusively by consumers. Many businesses perform donations as well. If your business regularly donated its products, you’ll need to track them. Tracking donations will create cleaner records while allowing you take advantage of their tax deductions. Just follow the steps outlined above to track donated products in Quickbooks.

Have anything else that you’d like to add? Let us know in the comments section below!

The Beginner’s Guide to Using Tags in Quickbooks

Have you come across the tag feature when using Quickbooks? Quickbooks supports tags. You can create tags to categorize and track your business’s transactions. Because it’s an optional feature, though, many business owners overlook tags. Creating tags, however, can streamline many accounting processes while promoting cleaner records in the process.

What Are Tags?

In Quickbooks, tags are labels that you can attach to relevant transactions. You can attach them to your business’s invoices, expenses, bills and other transactions. They won’t affect the values of the transactions. Rather, tags are used for reference purposes. With tags, you’ll have an easier time finding and tracking specific types of transactions. You can create tags for different types of transactions, after which you can attach them to the appropriate transactions. Rather than going through all of your business’s transactions, you can then search for a specific tag.

How to Create Tags

To get started, you should create tag groups. Tag groups, as the name suggests, are groups of tags. You can create them by going to the “Settings” menu and choosing “Tags.” On this page, click the “New” drop-down menu and select “Tag group.” Quickbooks will then ask you to enter a name for the tag group. You can also choose a color for the tag group. When finished, select “Save” to finish the process. You should now have a new tag group to which you can add tags.

Creating new tags is a breeze. While editing any transaction form, including invoices, you should notice a field labeled “Tags.” Just enter a unique name in this field and click the “Add+” button. You will then have the option of placing the newly created tag in one of your tag groups. Tag groups will nearly organize your tags while also allowing you to track the transactions with which they are used more easily.

View Tag Insights

You can view insights involving your tags as well. This is done to reveal how all transactions featuring a particular tag are performing. To view tag insights, click the “Banking” menu, followed by “Tags.” Once you’ve located the tag group, click the “Run report” link under the “Action” menu. Viewing tag insights can prove useful in determining which tags are outperforming the other tags.

Did this tutorial work for you? Let us know in the comments section below!

Help! Quickbooks Won’t Let Me Send More Than 100 Emails

Quickbooks doesn’t just allow you to generate reports regarding your business’s finances. In addition to generating invoices, receipts, estimates and other financial reports, it allows you to email them to yourself or your accountant. With that said, Quickbooks may return a message indicating that you’ve hit your limit. After sending 100 emails, you may receive this message. Why does Quickbooks limit the number of emails you can send, and how do you overcome this limit?

The 100 Email Limit

There’s a 100 email limit in place for all Quickbooks Online trial accounts. Quickbooks Online is the cloud-based version of Intuit’s popular accounting software. It’s available as a Software-as-a-Service (SaaS). You can sign up for a Quickbooks Online account, after which you can manage your business’s finances from a secure web portal.

You can take a metaphorical test drive of Quickbooks Online, however, by signing up for a trial account. The trial account comes with limitations, one of which involves emails. You’ll be limited to sending no more than 100 emails. Upon reaching this limit, you won’t be able to send any more emails from Quickbooks until you have a paid account.

How to Upgrade to a Paid Account

To overcome the 100 email limit, you’ll need to upgrade your Quickbooks Online account from a trial account to a paid account. You should notice a link in the notification indicating that you’ve reached the 100 email limit. There’s a green-colored “Subscribe” link. Clicking this link will take you to the Quickbooks subscriptions page where you can choose a paid account.

Alternatively, you can upgrade to a paid account by clicking the “Gear” icon on the homepage of Quickbooks Online and choosing “Account and Settings.” For the “Billing & Subscriptions” section, choose the type of paid account that you’d like to upgrade to. You should now be able to send additional emails. More importantly, you’ll have full access to all of the features in Quickbooks Online.

In Conclusion

Quickbooks Online has a 100 email limit for trial accounts. If you’re still using a trial account, you won’t be able to send more than 100 emails from it — at least not until you upgrade to a paid account. Upgrading to a paid account will remove this limit while allowing you to take advantage of all features in Quickbooks Online.

Did this tutorial work for you? Let us know in the comments section below!

How to Add Employees to Your Payroll in Quickbooks

Have you recently hired one or more new employees? If so, you’ll need to add them to your payroll. Assuming you use Quickbooks as your business’s primary accounting software, you can update your payroll with new employees. Quickbooks has a built-in payroll feature. With this feature, you can add new employees to your payroll or remove existing employees from it. How do you add new employees to your payroll in Quickbooks exactly?

Steps to Adding Employees in Quickbooks Online

If you use the payroll feature of Quickbooks Online, you can add new employees to your payroll by logging in to Quickbooks and selecting “Payroll,” followed by “Employees” and then “Add an employee.”

You will then see a screen with optional fields about the new employee. In these fields, you can enter the new employee’s name, date of hire and email address. After completing these fields, select “Done” to complete the process. The new employee should now be added to your payroll.

Steps to Adding New Employees in Quickbooks Desktop

If you use the payroll feature of Quickbooks Desktop, on the other hand, you’ll need to make sure that you are logged in as the admin. This is done by selecting “Edit,” followed by “Preferences.” For the “Payroll and Employees” menu, choose “Company Preferences.” You can then select “Employee Defaults.”

While logged in as the admin, go to the “Employees” section and choose “Employee Center.” On the next screen, choose the option for “New Employee.” Quickbooks will then ask for some basic information about the new employee. You can enter the new employee’s name, Social Security number, address and phone number. When finished, click “OK” to complete the process.

Quickbooks Online isn’t the same as Quickbooks Desktop. While they both have a payroll feature, the former is cloud-based, whereas the latter is locally installed. You can still access Quickbooks Desktop from the internet. There are authorized third-party hosting providers, such as My Vao, that offer Quickbooks hosting services. When adding new employees to your payroll, you’ll need to consider which version of Quickbooks you use to track your business’s finances.

Keep in mind that Quickbooks will automatically add the new employees to your list of “Active employees” after following the aforementioned steps. It will show the new employees, however, as “incomplete” until you enter their tax information about other required information.

Did this tutorial work for you? Let us know in the comments section below!

How to Use Advanced Reporting in Quickbooks

Advanced Reporting is a native feature in Quickbooks Enterprise. If you use this premium version of Intuit’s popular accounting software, you can take advantage of Advanced Reporting. It’s included as a native feature in Quickbooks Enterprise. Before using Advanced Reporting, though, there are a few things you should know.

What Is Advanced Reporting?

In case this is your first time hearing about it, you might be wondering what Advanced Reporting is exactly. Basically, it’s an optional feature that allows you to customize your reports. With Advanced Reporting, you can create custom reports that specifically include — or exclude — data. You will still be able to run traditional reports that follow Quickbooks’s predefined format. Advanced Reporting is simply an optional feature that gives you the freedom to run and create custom reports as well.

Steps to Using Advanced Reporting

Assuming you have an active subscription to Quickbooks Enterprise, you can use Advanced Reporting. First, however, you’ll need to enable this feature. Advanced Reporting is disabled by default. To enable it, you’ll have to contact the Quickbooks Desktop support center. When requested, they will enable Advanced Reporting in your account.

Once enabled, Advanced Reporting will allow you to customize the data in your reports. You can still run reports. Rather than using the standard formats, though, you can customize the data of these reports. The Quickbooks Library offers a plethora of customization tools, some of which include tables, charts, text and utilities. To customize a report, go to the Quickbooks Library and choose one of these tools.

Right-clicking on any data section of a report will allow you to customize it. Simply right-click the area that you want to customize and choose “Properties.” Quickbooks will then reveal information about how to customize it. You can choose the “Dimensions” tab to add groups or totals to the report. Alternatively, you can select “Expressions” to add a column to the report. When adding a column to the report, Quickbooks will reveal options for customizing tables and fields.

Quickbooks Enterprise offers more features than some of the lower-tiered versions of Intuit’s popular accounting system. Advanced Reporting is one such feature that’s included in Quickbooks Enterprise. It’s designed to help you create advanced reports. With Advanced Reporting, you can customize the data of your reports.

Did this tutorial work for you? Let us know in the comments section below!

How to Resolve Missing Transactions in a P&L Report

Profit and loss (P&L) reports make it easy to analyze your business’s revenues and expenses. Available to view in Quickbooks, they consist of all recorded financial transactions for a given period. You can run a P&L report to see how much money your business earned and how much money your business spent during a given period. When running a P&L report, though, there’s a chance that one or more transactions will be missing from it. How do you resolve missing transactions in a P&L report exactly?

Check Accounts Receivable and Bank Accounts

If you’re missing one or more transactions in a P&L report, you should check your accounts receivable and bank accounts. While most transactions should appear automatically in the P&L report — assuming they occurred during that time — this doesn’t apply to all transactions. Customer payments, for example, may only appear in your accounts receivable or bank account. Quickbooks won’t display them in P&L reports.

Look for Bill Payments

Another type of transaction that may not appear in a P&L report is bill payments. Bill payments are expenses that involve your business paying a service provider. Common types of bill payments include utilities, internet service, marketing services and more. When you come across a missing transaction in a P&L report, you should consider whether or not it’s a bill payment. Bill payments will only appear in your accounts payable or bank account. Like with customer payments, Quickbooks won’t display them in P&L reports.

Consider Deposits

You should consider whether or not a transaction is a deposit if it’s missing from a P&L report. Deposits will only appear in a P&L report if they are linked to an income account. If there’s a transaction that’s not linked to an income account, Quickbooks won’t display it in P&L reports. Of course, you can avoid this headache by using Quickbooks’ invoice and payments system. The invoice and payments system will automatically record deposits appropriately.

It’s frustrating when you run a P&L report, only to discover that it’s missing a transaction. Maybe the transaction is a customer payment, or perhaps it’s a bill payment. Regardless, you should take the time to resolve the missing transaction so that it doesn’t throw off your business’s financial records.

Did this tutorial work for you? Let us know in the comments section below!



Please read our documentation file to know how to change colors as you want