Tutorials

How to Schedule Automatic Backups in Quickbooks Desktop

Data loss can prove disastrous to your business. If you lose accounting data, for example, you may have to rebuild it from the ground up by reviewing all of your bank and financial records. With Quickbooks Online, though, you can take advantage of automatic backups to protect against data loss. Automatic backups will ensure that your business’s accounting data is regularly and automatically backed up.

What Are Automated Backups?

Automated backups are exactly what they sound like: backups that are created automatically and without manual intervention. They are available in all versions of Quickbooks Desktop. Whether you use Quickbooks Desktop Pro Plus, Premier Plus or Enterprise, you can take advantage of this feature.

Quickbooks Desktop supports manual backups as well. Both automated and manual backups involve copying your company file. Your company file, of course, contains all of your business’s accounting data. While they both serve the same purpose of backing up accounting data, only automated backups are performed automatically.

Scheduling Automated Backups: What You Should Know

How do you schedule automated backups in Quickbooks Desktop exactly? The option to schedule automated backups is available under the “File” menu. After loading Quickbooks Desktop and switching to single-user mode, go to the “File” menu and select “Back Up Company,” followed by “Create Local Backup.”

You should see a new window after selecting “Create Local Backup.” In this window, choose the option for “Local Backup” and click “Next.” You can then choose the location for the backup. You’ll be able to navigate to your computer’s storage drive while choosing the specific directory to which the backup will be saved.

You’ll have to verify the backup file before proceeding. This is done by selecting the “Complete verification” option. When selected, Quickbooks Desktop will test the backup file. After the verification process has finished, select the option for “Save it now and schedule future backups.” Quickbooks Desktop will then create a backup while also allowing you to schedule additional backups for the future.

Quickbooks Desktop will display a confirmation message notifying you that your backups have been scheduled for the specified date. Of course, you can still create backups manually. Automated backups are simply an alternative solution. With automated backups, you can rest assured knowing that Quickbooks Desktop will back up your company file on the specified date. You can even schedule automated backups for intervals, such as every Monday or every Friday.

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Express vs Custom Installation for Quickbooks Desktop: What’s the Difference?

Unless you plan on using a third-party hosting service, you’ll have to install Quickbooks Desktop on your computer. There are third-party service providers that can provide you with access to Quickbooks Desktop. You can sign up for their service, after which you can access Quickbooks Desktop over the internet. Without this service, though, you’ll have to install Quickbooks Desktop locally on your computer.

When installing Quickbooks Desktop on your computer, however, you’ll have two options: express and custom. Both express and custom installation will place the necessary files on your computer so that you can run Quickbooks Desktop. With that said, express and custom installation aren’t the same. They are designed for different purposes and require different steps to perform. What’s the difference between express and custom installation exactly?

What Is Express Installation?

Express installation is exactly what it sounds like: It’s the fastest way to install Quickbooks Desktop. Intuit recommends express installation when installing Quickbooks Desktop for the first time, reinstalling Quickbooks Desktop, or when moving Quickbooks Desktop to a new computer.

When installing Quickbooks Desktop, you should see an option for “Express.” For Express Installation, click this option and select “Next,” followed by “Install.” The accounting software will then install itself on your computer. Once the installation is complete, you can select “Open Quickbooks” to launch the accounting software. Express installation is the fastest, as well as easiest, way to install Quickbooks Desktop.

What Is Custom Installation?

Custom installation, on the other hand, allows you to choose specific options when installing Quickbooks Desktop. It requires a bit more work, and it takes longer than the express installation. Intuit recommends custom installation when hosting company files on a server or when using a multi-user network.

To perform a custom installation, choose “Custom and Network Options” during the installation process. You can then select the option that best describes how you intend to use Quickbooks Desktop.

Unlike with express installation, custom installation allows you to choose where the Quickbooks Desktop files are installed. This is done by selecting “Change the install location.” With this option, you can select the directory on your computer’s storage drive where the files will be installed. Custom installation allows for a higher level of customization than express installation. The downside is that it takes longer and requires a bit more work.

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How to Change a Recurring Payment in Quickbooks

Does your business sell subscription-based products or services? If so, you may have recurring payments. Recurring payments are common with subscription-based products and services. They consist of regular payments that are automatically deducted from customers’ accounts.

While recurring payments are automated, you can still change certain information about them. Quickbooks Desktop makes it easy to change recurring payments. To learn more about recurring payments, including how to change them in Quickbooks Desktop, keep reading.

What Is a Recurring Payment?

As previously mentioned, a recurring payment is a series of automated payments that’s dedicated from a customer’s account automatically. When a customer subscribes to a product or service, he or she will typically agree to make regular payments over a given period. The subscription may consist of monthly payments, or it may consist of annual payments. Regardless, recurring payments are deducted automatically from the customer’s account. When the billing date rolls around, money will be transferred from the customer’s account to your business’s bank account.

Steps to Change a Recurring Payment in Quickbooks Desktop

How do you change a recurring payment in Quickbooks Desktop exactly? When logged in to Quickbooks Desktop, visit the Online Service Center and choose “Processing Tools,” followed by “Manage Recurring Payments.” You can manage all of your business’s recurring payments in this section.

Maybe you want to change the frequency of the recurring payment, or perhaps you want to change the customer’s name or billing address. Regardless, you can modify information such as this from the “Manage Recurring Payments” section. Just click the customer’s current name, at which point Quickbooks Desktop will reveal several customizable fields. Go through these fields until you find the information that you want to change. You can then click the “Edit” button to customize the field with new information.

Keep in mind that when you change the terms of a recurring payment, you’ll need to obtain reauthorization from the respective customer. Increasing the amount of a recurring payment, for instance, will require authorization from the customer. Regardless, you can easily change a recurring payment in Quickbooks Desktop. You just need to find the customer in the “Manage Recurring Payments” section and edit the appropriate field or fields. Depending on the type of information that you change, the customer may have to authorize the change.

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How to Upload Receipts to Quickbooks

Accounting requires the use of receipts. When you purchase products or services from vendors, you’ll probably receive a receipt revealing the transaction. Vendor transactions such as this are expenses. Therefore, you can use receipts to track your business’s expenses for accounting purposes. If you use Quickbooks, though, you might be wondering how to upload receipts to your account. Quickbooks offers several solutions for uploading receipts, which you find listed below.

Upload Receipts From Your Computer

You can upload receipts directly from your computer. Whether it’s a digital receipt — such as a receipt emailed to you from a vendor — or a scanned copy of a paper receipt, you can upload it to your Quickbooks account from your computer. In Quickbooks Online, click the “Transactions” menu and select “Receipt.” You should then see an option for “Upload from computer.” Selecting this option will allow you to choose the receipt on your computer so that it uploads to your Quickbooks account.

Upload From Google Drive

Quickbooks Online supports receipts from Google Drive. You may want to store your business’s receipts in Google Drive rather than your computer. Google Drive is simply a cloud storage platform. By using it, you won’t have to consume storage space on your computer. To upload receipts from Google Drive, go back to the “Transactions” menu and select “Receipt.” Rather than choosing “Upload from computer,” though you’ll need to choose “Upload from Google Drive.” You can then choose the receipt from your Google Drive, which will be automatically uploaded to your Quickbooks account.

Upload From a Smartphone

Another option is to upload a receipt from your smartphone. Regardless of what type of smartphone you own, it probably has a built-in camera. You can use this camera to take a picture of a receipt, after which you can upload the photo to your Quickbooks account.

To upload a receipt from your smartphone, you’ll need the Quickbooks Online mobile app. It’s available free to download for Android and Apple devices. Once downloaded, open the Quickbooks mobile app and tap the menu icon, followed by “Receipt snap.” You can then take a photo of the receipt, followed by choosing “Use this photo.” The photo will be uploaded to the app, which will transfer it to your Quickbooks account for accounting purposes.

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How to Manually Add Transactions in Quickbooks

Transactions are the building blocks of accounting records. When running a business, you’ll need to keep records of all business-related transactions. Some of these transactions may be classified as expenses, whereas others may be classified as revenue. Regardless, you’ll need to keep records of them.

Quickbooks, of course, can automatically record your business’s transactions. When you create an invoice, for example, it will track the transaction as revenue. With that said, you can manually add transactions in Quickbooks as well. It’s a quick and easy process that consists of the following steps.

Step #1) Access the Account

All transactions are tied to an account. To manually add a transaction in Quickbooks, you’ll need to access the respective account.

You can access accounts in Quickbooks by navigating to the Chart of Accounts. In Quickbooks Online, the Chart of Accounts is found under the “Accounting” menu. Click the “Accounting” menu on the homepage and choose “Chart of Accounts.”  You can then search through the available accounts to find the one for the transaction. After locating the appropriate account, click the “Actions” column for it and choose “Account history.

Step #2) Add the Transaction

You can now add the transaction to the account. Assuming you’ve already accessed the account, you should an option to “Add journal entry, Add deposit or Add cheque.” Click this option and search for the transaction that you want to add.

Quickbooks will require you to enter some information about the transaction. There are several fields that you’ll need to complete. After completing the required fields, click “Save.” The transaction should now be added to the account. That’s all it takes to manually add transactions in Quickbooks.

What About Editing Transactions?

Along with manually adding transactions in Quickbooks, you can edit transactions as well. Editing a transaction is easy. You can search for the transaction in your account register. After pulling it up, you can then edit any of the transaction’s fields.

Keep in mind that some fields may be grayed out. To edit these fields, you’ll need to click the “Edit” link. Just go through the fields while editing adding or removing the necessary information. Like with adding transactions, you’ll need to save your changes by clicking “Save.” Hopefully, this gives you a better idea on how to manually add and edit transactions in Quickbooks.

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How to Track Billable Expenses in Quickbooks

Does your business have billable expenses? All businesses have expenses. Expenses are products or services that your business purchases to facilitate its operations. Billable expenses, however, are a specific category of expenses. Billable expenses are those incurred by your customers and billed to your business. If your business has billable expenses, you’ll need to track them. Fortunately, you can easily track billable expenses using Quickbooks.

The Basics of Billable Expenses

As previously mentioned, billable expenses are expenses incurred by your business and billed to your business. It’s not uncommon for businesses to allow their customers to purchase products or services, after which the businesses will reimburse the customers for those purchases. Billable expenses such as this are particularly common among business-to-business (B2B) companies. The problem with billable expenses is that they require extra work to track. You’ll need to keep a record of which customers made these purchases and how much money they spent so that you can reimburse them.

Enable Billable Expense Tracking

To track billable expenses in Quickbooks, you must enable this feature. The option to enable expense tracking is found under the “Account and Settings” menu. When logged in to Quickbooks, click the gear icon and choose “Account and Settings.” From there, select the “Expenses” link. Look for the option labeled “Bills and expenses” and click the pencil-shaped icon next to it.

Assuming you followed these steps correctly, you should see an option for “Track billable expenses and items as income.” Make sure the box adjacent to this option is unchecked. If there’s a checkmark in the box, click the box so that the checkmark is removed. You don’t want Quickbooks to track billable expenses as income. Rather, you want Quickbooks to track it as debt. As long as there’s no checkmark in the box, Quickbooks shouldn’t track the billable expenses as income. You can complete the process by clicking the “Save” button.

In Conclusion

Billable expenses are common among businesses. Many businesses, especially B2B companies, allow their customers to make purchases while reimbursing them at a later date. If your business falls under this category, you’ll need to track its billable expenses. You can track billable expenses using Quickbooks. There’s an option to enable billable expense tracking in the “Account and Settings” menu. Once enabled, Quickbooks will automatically track all of your business’s billable expenses.

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How to Record a Guaranteed Payment in Quickbooks

Are you trying to record a guaranteed payment? Guaranteed payments are used to provide compensation to partners or other individuals for performing work. While most businesses have employees, some of them have partners as well. These partners aren’t on the business’s payroll. Instead, the business will pay its partners by using guaranteed payments. In Quickbooks, you can record a guaranteed payment in just a few simple steps.

Step #1) Create a Check

The first step to recording a guaranteed payment in Quickbooks is to create a check. You’ll essentially use a check to pay the partner, after which you can choose the option to save it as a guaranteed payment. This is done by selecting the “Banking” menu in Quickbooks Desktop and choosing the “Write Checks” option. From there, you can select the bank account associated with the check from the “Bank Account” menu.

Step #2) Choose the Partner

You’ll also need to choose the partner for whom you are recording the guaranteed payment. As previously mentioned, guaranteed payments are those used to compensate partners, as well as other individuals, who perform work on behalf of your business. You can choose the partner by selecting the “Pay to the Order Of” menu. After selecting this menu, you should see a list of all known partners, vendors and other business associates. Just scroll through the list until you find the partner for whom you are recording the guaranteed payment.

Step #3) Choose the Account

The third step to recording a guaranteed payment in Quickbooks is to choose the account. Assuming you followed the steps listed above, you should see an “Action” column. Under this column is a list of accounts. Choose the guaranteed payment account that you created. Quickbooks will require you to enter some other basic information in the available fields. When finished, select “Save & Close.”

That’s all it takes to record a guaranteed payment in Quickbooks. If you aren’t comfortable recording guaranteed payments yourself, you may want to hire an accountant to do it. Nonetheless, Quickbooks simplifies the otherwise complex task of recording guaranteed payments. It only takes a few steps. Recording a guaranteed payment involves creating a check, choosing the partner and choosing the account. Once recorded, the guaranteed payment will show up your business’s general ledger. Just remember to double-check the partner to make sure it’s correct.

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How to Record Credit Card Purchases in Quickbooks

Do you use a credit card for your business-related purchases? There’s no denying the fact that credit cards are convenient. When used for business-related purchases, they’ll keep all of your expenses organized so that they aren’t mixed together with your personal expenses. You’ll still need to record these purchases, however. In Quickbooks, you can record credit card purchases in just a few easy steps.

Steps to Recording Credit Card Purchases

Recording credit card purchases in Quickbooks involves the use of a record. You’ll need to create a bank transfer record for each credit card purchase. To do so, log in to your Quickbooks account and click the “Banking” menu, followed by “Transfer Funds.” You should then see a list of all your bank accounts. Choose the bank account that you wish to use for the credit card purchase from the available list.

After choosing your bank account, look for the “Transfer Funds to” option. For this section, you’ll need to choose the credit card that you used to make the purchase. You may only have a single credit card, or you may have a half-dozen or more credit cards. Regardless, find the credit card that you used to make the purchase and select it in the “Transfer Funds” section.

You can repeat these steps for each credit card purchase that you make. Just remember to create a bank transfer record, followed by a transfer record to the appropriate credit card. Quickbooks makes it easy to record credit card purchases.

The Basics of Recording Credit Card Purchases in Quickbooks

When you record credit card purchases using this method, Quickbooks will assume that you paid for the credit card purchase using the bank selected that you previously selected. With that said, you’ll still need to match the credit card purchase with the event. Check out this help article from Intuit for more information on how to match transactions. t

In Conclusion

Many businesses use credit cards to purchase inventory, supplies, equipment and over products or services related to their operations. If your business falls under this category, you’ll need to record the credit card purchases. Fortunately, Quickbooks makes it easy to record credit card purchases. You can create a bank transfer record, after which you can choose the option to transfer funds from that bank account to the credit card.

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5 Reasons to Switch From Quickbooks Online to Quickbooks Desktop

What version of Quickbooks do you currently use to track your business’s finances? If you currently use the cloud-based version, you may want to consider switching to one of the desktop versions. Intuit offers several desktop versions of its popular accounting software, including Quickbooks Pro 2021, Quickbooks Premier 2021 and Quickbooks Enterprise 2021. Upgrading to a desktop version can prove beneficial for the following reasons.

#1) Work Offline

Quickbooks Desktop allows you to work offline. This alone is reason enough to consider upgrading. With Quickbooks Online, you’ll only be record transactions and make other changes to your business’s finances if you have an active internet connection. Quickbooks Desktop is locally installed, so it doesn’t require an active internet connection.

#2) One-Time Cost

As you may know, Quickbooks Online requires a subscription. The entry-level version of Quickbooks Online is about $15 per month, but some of the higher-tiered versions of it can cost over $50 per month. Quickbooks Desktop, on the other hand, doesn’t use a subscription payment model. You’ll only have to pay a one-time fee, after which you can use it indefinitely.

#3) Features

Both Quickbooks Online and Quickbooks Desktop are loaded with features. With that said, Quickbooks Desktop has more features than its cloud-based counterpart. Whether you choose Quickbooks Pro 2021, Quickbooks Premier 2021 or Quickbooks Enterprise 2021, you’ll probably discover that it offers more features with which to track your business’s finances than Quickbooks Cloud. By switching to Quickbooks Desktop, you can take advantage of these features.

#4) Payroll

You can use Quickbooks Desktop to manage your business’s payroll. Quickbooks Online doesn’t offer payroll management. Payroll management is exclusive to Quickbooks Desktop. It allows you to set up automatic deposits for your employees, perform time tracking, generate send tax forms, and much more. You can learn more about payroll management by clicking this link. Regardless, payroll management requires Quickbooks Desktop. You won’t find this option available in Quickbooks Online.

#5) Hosting Available

It’s also worth noting that hosting is available for Quickbooks Desktop. Hosting is an optional service that involves a third-party company hosting the Quickbooks Desktop on your behalf. With hosting, you’ll essentially get the benefits of both Quickbooks Online and Quickbooks Desktop. The third-party company will install and host the software on its own server. You can then access Quickbooks Desktop over the internet.

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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.

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