Category Archives: QuickBooks

QuickBooks journal entry number

Journal entry (a.k.a. General Journal) numbering has to be sequential and unique.

Journal sequential numbering can be one sequence for the entire account, different type of journal has a different prefix, or change the order annually or monthly. Each method has its advantages and applies according to the accounting requirement.

Change the sequential numbering monthly may be flexible when adding a backdate journal but may accidentally used a past period journal number for the current month.

Assuming the last journal number for January is JV2101023 (i.e. JV is the prefix, 21 is for the year 2021, 01 for January, and the last three digits is the running number for the month). When adding a new journal for February, the journal number will jump to JV2101024 by default. You have to amend the journal number (e.g. JV2102001) manually before saving the transaction.

Backdated journal

Assuming you are doing the March account and wish to enter a journal for January. You have to:

  • Search for the last journal number used in January.
  • Amend the journal number and save your January journal entry.
  • Then, amend the journal number again to the current sequential numbering when entering a journal for the current period.

You can use the Advanced Search feature in QuickBooks Online to find the last journal number used if you are not using a logbook (an older method of keeping track of the running number).

Advanced Search locates at the bottom of the recent transaction list, which can view by clicking on the Search icon at the top of the QuickBooks Online page.

Then, set your search condition in the Search Wizard page such as the transaction type has to be ‘Journal Entries’, the ‘Entry No.’ contains your ‘journal prefix’ (e.g. JV2101 to find all the 2021 January journal entries). Next, sort the ‘No.’ (Journal number) column if your journal number does not follow the date order.

QuickBooks (QBO) advanced search

That’s it. You found your last journal number used.

Working from home as a default is challenging for a smaller firm when IT resources is limited. Having a cloud-based system (or remotely accessible) is a necessity rather than a luxury these days. Book a QuickBooks demo today to find out the benefit of having a cloud-based accounting system.

Select all transactions when reconciling bank in QuickBooks Online

The objective of reconciliation is to match the transaction and balances between the ledger and the bank statement and pick up data entry errors. You can either select the cleared transaction one at a time based on the statement sequence or selecting all transactions first and then unchecked those uncleared transactions. Use whichever method works better for you, but the latter is less common as it may prompt to mistake (e.g. same payment amount but for a different person or company).

However, if you still prefer to select all transactions and unchecked those uncleared transactions can do so by selecting the first radio button (on top of the first transaction). QuickBooks will prompt you to confirm your option; click on the ‘Yes, select all’ button to continue selecting all transactions.

QBO Bank Reconcile
QBO - select all transaction in reconcile

This method could be workable if most of the transactions are electronically transferred (e.g. PayNow) and only have a handful of cheques to monitor, or in a scenario whereby you are rushing to clear the backlog.

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QBO – Online Delivery Invoice

An invoice is an official document from the seller to the buyer. It can be:

  • Handwritten
  • Print from a word processor, spreadsheet, or accounting software
  • Digital copy (e.g. PDF)
  • E-invoice
  • HTML format (e.g. QBO’s Online Delivery)

Digital copy is to save the invoice into a digital format (e.g. PDF – Portable Document Format) and email it to the customer. Digital invoice has become common these days when most people are working from home. 

The e-invoice, on the other hand, refers to electronic invoicing. It is an electronic document created, exchange and process between businesses. The accounting software generates the invoice, send it to the e-invoice network (e.g. PEPPOL – Pan European Public Procurement On-Line) via the access point, and deliver it electronically to the customer. You may consider subscribing to Link4 (the e-invoice access point provider) if you are currently using QuickBooks Online (QBO). 

Online Delivery is a term used by QuickBooks Online to deliver an HTML formatted invoice via email. It tracks the progress from the moment the customer opens up the email to making payment. Although it is HTML formatted, the recipient can print a copy for filing, or you can consider attaching a PDF copy to benefit those who prefer to receive invoices in a traditional invoice format.

How to set up Online Delivery in QBO?

QuickBooks Online account and settings for Online Delivery Invoice

Sign in to your QuickBooks Online account, click on the Gear icon and select Account and Settings from the list. Then, go to the Sales tab and scroll down to the Online Delivery section to turn on the feature. 

Send an invoice.

Then, click on the Save and Send button on the invoice will email a copy of the invoice to the customer in HTML format. The invoice activity (e.g. when the customer has opened up the email) tracks at the bottom of the invoice.

QBO - Online Delivery Invoice
Online Delivery Invoice
QBO - monitor the invoice progress
Monitor the invoice progress

QuickBooks Online is a small business accounting software. Sign up for a demo to find out how to leverage cloud-based accounting software.