Contra means to offset. It’s common in small businesses to offset the outstanding balance between receivables and payables when the customer is also your supplier. If you use QuickBooks Online (QBO), you could use a journal method to reconcile the balances.

The process of unbundling a product in QuickBooks Online is straightforward.

Besides pricing and ease of use, ease of amending errors in QuickBooks is one of the reasons why business owners, bookkeepers, and accountants love using QuickBooks. Of course, although QuickBooks allow you to amend the transaction, it does not imply that you are allowed to do so. For example, you discovered that you made a […]

Use a bank deposit feature from the QuickBooks Online (QBO) +New menu to record a refund from the supplier and offset it with the supplier credit you entered.

Retention is money withheld by the customer of a contract (project); protect the customer against incomplete or defective works.

Small businesses are usually more concerned about cash flow and day-to-day operation, but having a budget is extremely important when moving towards a new normal. With limited resources, it is more crucial to monitor the performance in an uncertain market.