Category Archives: QuickBooks Online

QuickBooks 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.

Bank Reconciliation

Although you can record the opening balance of the bank account in QuickBooks with the ledger balance, we prefer to use the bank statement closing balance instead. As the later can show the deposit in transit and the cheque, which issued but not yet presented at the bank reconciliation.

However, if the bank’s ledger balance has used as an opening balance and you realised a cheque issued in last financial year but has not yet presented in the following month, then a journal is needed to adjust the opening balance of the bank ledger.

You need to debit the bank account to increase the ledger balance and credit back the amount as a form of separating the cheque that has not yet presented from the bank opening balance.

You need to select both the original opening balance and the debit entry of the journal during the bank reconciliation and leave the credited amount of the journal as not presented.

Adding GST Summary to the QBO invoice template

Software: QuickBooks Online (QBO)

QuickBooks Online (QBO) does print the GST rate, GST amount and the amount payable excluding GST of a foreign currency invoice in Singapore dollars equivalent.

Although, you are not able to customise the template of the QuickBooks Online (QBO) like a QuickBooks Desktop version, you can “fine tune” the template by adding a GST Summary from the Company Setting, which includes GST Rate, Foreign Currency GST, SGD GST, and SGD Net.

QBO GST Summary

QuickBooks Online (QBO) is meant for user who loves simplicity. For those who require a little more complex than a QBO may consider the desktop version, which allow user to have multiple images, text boxes or even more than one sales invoice templates per company file.

A little issue with the QBO template

Software: QBO (QuickBooks Online) Singapore

Some users have complained that the SGD Net amount in the invoice print out has somehow changed to a negative value instead of the positive value which suppose to be the same as the SubTotal.

QBO sales invoice issue

There is no workaround, but you may temporarily disable the GST Summary from the preferences while waiting for the technical team to resolve it.