Category Archives: QuickBooks 2015

Where to locate the “Use Undeposited Fund as a default deposited to account” checkbox in QuickBooks?

Software: #QuickBooks #accounting software

It’s same, but different.

Although, Intuit QuickBooks and Reckon QuickBooks (has renamed to Reckon Accounts) have a similar user-friendly navigator, the features and reports could be different.

Those users who have switched from Reckon QuickBooks to Intuit QuickBooks may realize that the checkbox for “Use Undeposited Fund as a default deposited to account” has moved to a different location.

QuickBook Accounting Software

In Reckon QuickBooks, the “Use Undeposited Fund as a default deposited to account” checkbox is in the Edit menu > Preferences > Sales & Customers > Company Preferences tab; whereas in Intuit QuickBooks, it is located at Edit menu > Preferences > Payments > Company Preferences tab.

The “Use Undeposited Fund as a default deposited to account” checkbox need to be unchecked if you want to select the bank account for depositing the fund when receiving payment from the customer.

Multiple Sales Orders to one invoice

Software: Intuit QuickBooks accounting software

QuickBooks allows you to consolidate multiple Sales Orders into one Invoice.

Sales Order is used to track the orders from customers, backorders, and some users may also have used the Sales Order to track the consignment goods to customers. When the customer name is being picked up in the invoice, a list of Sales Order under the customer name will be listed. User can pick up the relevant Sales Order(s) and opt whether to invoice in full or selected items from the Sales Order(s).

Sales Order

The Sales Order number, which tagged next to the item, helps finding the relevant Sales Order if a discrepancy arise.

GST on advance payment

Software: QuickBooks accounting software

Assume your GST cycle is quarterly, ends in March, June, September, and December. You have issued an advance payment of $10,000 before the 7% GST to a supplier in the month of October 2015 via a Write Cheque transaction.

If the advance payment received forms part payment of the supply, GST is chargeable.


The double entry of the above advance payment is:

Debit the Advance Payment (Other Current Asset) 10,000
Debit the GST input 700

Credit the Bank 10,700

In the month of January 2016, the supplier sends you the Bill of $50,000 before the 7% GST. You recorded the supplier bill in QuickBooks via an Enter Bill form. Under the expenses tab, select the relevant expense account and enter 50,000 with the 7% GST (QuickBooks will calculate the GST amount automatically). Then, use the Advance Payment account on the following row, enter a negative value of 10,000 with 7% GST code. The total outstanding of this bill will be 40,000 before the 7% GST.

Screen Shot 2016-01-21 at 10.26.22 PM

The double entry of the bill is:

Debit the Expense 50,000
Debit the GST input 3,500

Credit the Advance Payment 10,000
Credit the GST input 700
Credit Accounts Payable 42,800

The above two transactions are in a different GST cycle. The Advance Payment is in the December 2015 GST cycle, whereas the Bill is under the March 2016 GST cycle.