How do the “Balance Due” field works in the QuickBooks accounting software?
Software: Intuit #QuickBooks #accounting software The “Balance Due” in the Sales Invoice is referring to an outstanding amount of a sales invoice after knocking off the payment received. It is useful for project-based business to show the balance due of a sales invoice when an advance payment has collected. You can use the Make Deposit […]
Read MoreHow to convert an inventory part to a demo equipment in the QuickBooks accounting software?
Software: Intuit QuickBooks #accounting software Some retailer or wholesaler may convert the existing inventory into a demo equipment for the showroom or as a loan set for testing. Your accountant may classify a demo equipment as a fixed asset aka non-current asset if the expenditure qualifies (Please check with your accountant if you have doubt […]
Read MoreHow to record a cooperative advertising in QuickBooks accounting software?
Software: #QuickBooks #accounting software A cooperative advertising is a sharing of advertising cost between you, the reseller, and the supplier (either the manufacturer or the wholesaler). Some businesses may call this as a marketing fund. Record the bill from the advertising company with the Advertising and Promotion expense account. You have to select the supplier […]
Read MoreQuickBooks Bank Reconciliation — Cheque issued but not yet presented
Software: QuickBooks #accounting software Bank reconciliation is a process of comparing the Cash Book against the Bank Statement. The objective of the bank reconciliation is to confirm the withdrawals and deposits presented in the Bank Statement have recorded in the ledger correctly. Although you can record the opening balance of the bank account in QuickBooks […]
Read MoreSetting up the GST in Reckon Accounts
Software: Reckon Accounts (formerly known as Reckon QuickBooks) The GST that has set in the Reckon QuickBooks 2007/08 or earlier version will migrate to the Reckon QuickBooks 2009/10 or latest version. However, if you tried creating a new company file in Reckon Accounts, the default GST items and code have localised to Australia. Unlike the […]
Read MoreWhere 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 […]
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