Software: Intuit #QuickBooks #accounting software The general journal entry number has to be unique. You just need to set the first entry number and QuickBooks will automatically keep the running number in sequential order. For example, you enter the first entry number as J160801 and QuickBooks will automatically assign the next number as J160802, and […]

Software: Intuit #QuickBooks Desktop #accounting software You can tag a Sales Rep to a Sales Invoice or a Sales Receipt transaction. The double entry behind the Sales Invoice transaction debits sales revenue and credit accounts receivable account, or credit a bank account if you are using a Sales Receipt instead. If an inventory item sold, […]

Software: Intuit #QuickBooks #accounting software Businesses, especially when launching a new product, may give away product sample as a form of marketing. Although you are not selling a product, to correctly capture the cost of goods sold and the inventory on hand, a sales invoice transaction is used to record the delivery of the product […]

Software: Intuit #QuickBooks #accounting software Remittance agent helps a person/company remit the money from a country to another. In Singapore, you need to have a license from the Monetary Authority of Singapore (MAS) to operate a remittance service business. If remittance service is a form of payment method you used, you create the Remittance Agent […]

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 […]

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 […]