Software: QuickBooks accounting software In my earlier post, Advance payment to supplier, I did mention that you can pay advances to supplier via a write cheque method. Besides viewing the transaction in Accounts Payable Ageing report, you can view it from your Unpaid Bills Detail report too. This advance payment transaction which you had entered […]

Software: QuickBooks accounting software You had been entering transactions daily into QuickBooks. Do you know the transactions which were recorded today by either you or your colleagues? How to find the transactions which were entered today? From Edit menu, select “Find” function. In the Find wizard, go to “Advanced” tab, Select “Entered/Modified” field from the Filter […]

Software: QuickBooks accounting software When you received a Credit Note from supplier, you can use Enter Bill feature in QuickBooks to record this transaction. From Enter Bill window, select “Credit” radio button which at the top left hand corner of your Bill; QuickBooks will transform this bill into credit, you need not record it as […]

If your monthly depreciation for Motor Vehicle is $1,666.67, you can pass a journal to debit Depreciation Expense $1,666.67 and credit Dep Acc – Motor Vehicle account (Accumulated Depreciation account for Motor Vehicle). If the cost of the motor vehicle account is $100,000.00, the Balance Sheet will be presented as: Motor Vehicle Cost – Motor […]

If I took a loan from Bank for an amount of $70,000.00, I will journal it into my Loan principal account. For loan account, I usually create three accounts, one main and two sub-accounts, such as: Loan from Bank (main account) Loan Principal (Sub-account) Loan repayment (sub-account) For monthly repayment, I will be using a […]

Software: QuickBooks accounting software Usually, I preferred creating three accounts for each type of Fixed Asset. One will be the main account and two sub-accounts underneath for cost of Fixed Asset account and accumulated depreciation account. Example: Motor Vehicle (main account) Cost – Motor Vehicle (Sub-account) Dep Acc – Motor Vehicle (Sub-account) When purchased a […]