Software: Intuit QuickBooks accounting software When recording the outstanding sales invoices as of the crossover date (usually is the closing date of the last financial year) into the Quickbooks accounting software, you can consider recording every outstanding invoices instead of as a lump sum owed by the customer. For example, Customer ABC owes you 5 […]

Software: Intuit QuickBooks accounting software When you reconcile the bank account, you have to ensure that the “Difference” is 0.00 before you click the “Reconcile Now” button. The problem could be due to omitted transaction or typo error such as you recorded $121.20 instead of $112.20. Find out your mistake instead of force reconciling the […]

Software: Intuit QuickBooks When creating a general journal, you can only associate a tax (GST) amount to the tax account (GST Payable account), the taxable amount will not be able to associate with the tax account. If you were to make a general journal of: Debit Expense 1000.00 Debit GST Payable account 70.00 Credit Bank 1070.00 The […]

Software: QuickBooks accounting software Assuming the company is giving an interest free loan of $10,000.00 to “Staff A” and will deduct $500.00 monthly from his salary as a repayment for 20 months. Before recording this transaction into QuickBooks, first you need to setup the Staff Loan account as an Other Current Asset type of account. […]

Software: QuickBooks accounting software Assuming your financial year (fiscal year)  is from Jan to Dec and you paid an insurance premium of $1,200.00 in the month of Aug 2013 for 6 month period from Aug 2013 to Jan 2014. You can use a write cheque function in QuickBooks to record this payment transaction. In the […]

Software: Intuit QuickBooks 2013 One of the great features in Intuit QuickBooks 2013 is the sub-window at the right side of the Create Invoice transaction, which shows the customer transaction summary. Once the customer is being selected from the Customer:Job field, the customer transaction summary for this customer will be automatically generated. The Customer Transaction […]