Some years back you purchased some stock item, B221, for a project. After the project ended you still have about 192 units of B221 left in store. You bought this item at a cost of $245.00 per unit. Now, the market value for this item dropped to about $220.00 per unit. So, how can you […]

In the Bank Reconciliation report there are three balances which you need to take note of: Beginning Balance Cleared Balance Register Balance   Beginning Balance is your physical bank opening balance.  In your Bank Statement usually will show as Opening Balance or Balance brought forward. Cleared Balance is your physical bank closing balance. In your […]

Some users who are doing accounts for law firm or payroll outsourcing firm did ask me how to use QuickBooks to manage their client’s fund which was temporary parted with them. Example: Client A parted $100,000.00 with you. Client B parted $150,000.00 with you. Client C parted $200,000.00 with you. You banked all these money […]

Some of the user did mention that when they creating a report using Custom Transaction Detail Report; the Foreign Open Balance field was not sum up at the bottom of the report. Comparing with the Open Balance column (Home Currency), the Open Balance field did sum up at the bottom but Foreign Open Balance was […]

In QuickBooks financial reporting, you are being giving two options; Accrual or Cash basis. Which reporting basis should you choose? Accrual basis reporting will present an income or expenses in Profit and Loss report at the moment when you record an income (invoice) or expenses (Bill).  Cash basis reporting will present an income or expenses […]

To use QuickBooks inventory module, first, you need to turn on the inventory module. To turn on the inventory module, you go to Edit menu, select Preferences. From the Preferences Window, click on the Item and Inventory icon on the left side of the Window to get into the Item & Inventory preferences. Next, go […]