Category Archives: Intuit QuickBooks 2013

QuickBooks | To Print

Software: Intuit QuickBooks accounting software

When recording the cheque payment using the Write Cheque function, you may wonder where to record the cheque number. By default the cheque number field, “NO”, is grey out and prevent user from editing.

QuickBooks - To Print

To input the cheque number manually, you can uncheck the “Print Later” checkbox and record cheque number in the “NO” field.

QuickBooks - Cheque Number



QuickBooks | GST Accounts

Software: Intuit QuickBooks accounting software

Instead of having a GST payable account, which consolidate both the GST Input and the GST Output, you may consider separating it into two accounts; GST Input account and GST Output account.

From the Chart of accounts list, create the GST Output account as an Other Current Liabilities account type and GST Input as an Other Current Assets account type.

Then, when creating the Tax Agency, IRAS, you associate the “Track tax on sales separately to” with the GST Output account, and associate the “Track tax on purchases separately to” with the GST Input account.

QuickBooks - Tax Agency

Note: some user may prefer to create both the GST Input and GST Output account as an Other Current Liabilities account type and set these two accounts as a sub-account of the GST Control. This method gives you a net GST Payable or Receivable in the Balance Sheet report.

QuickBooks - GST accounts



QuickBooks | The Landing Cost

Software: QuickBooks accounting software

Landing cost is costs such as insurance, freight, etc., which incurred during importing of goods. Some accountants may expense the landing cost off, but some may prefer to cost the landing cost into the product unit cost.

Assuming the actual unit cost for product A1001 is at $100 each and A2002 is at $200 each. You estimated that the landing cost is at 10% of the actual product cost When entering the bill in QuickBooks, you may use the “actual cost + landing cost” instead of “actual cost” alone. That is, $110 each for A1001 and $220 each for A2002. This will increase the actual bill by 3,000 (assuming 100 pieces each was to be purchased).

Next, you add an additional item, landing cost, and enter negative 3,000 in the amount field. This will reduce 3,000 from the bill and return to the actual amount due to the vendor). You may create Landing Cost as an Other Charge item and associate it with the Landing Cost expense account. The double entry for this bill transaction will be:

Debit Inventory asset: 33,000
Credit Landing Cost: 3,000
Credit Accounts Payable: 30,000

QuickBooks - The Landing Cost

When you received the Forwarder bill, assuming 3,500, you charge it to the Landing Cost expenses. The double entry for this bill transaction will be:

Debit Landing Cost: 3,500
Credit Accounts Payable: 3,500

There is a difference between the actual landing cost and the one you estimated (10% of the product unit cost), you may go back to the actual bill and amend the product unit cost and the landing cost accordingly or you may pass a General Journal to adjust the cost of goods sold account. I will prefer the second option, especially if forwarder bill was received after I did the month end closing. The double entry for the General Journal will be:

Debit Cost of Goods Sold: 500
Credit Landing Cost: 500