Category Archives: QuickBooks Online

QuickBooks Online | Fraud Protection

Software: Intuit QuickBooks Online, Singapore

QuickBooks Online does not permanently “lock” up the transactions, it allows the authorized user to amend the transaction when a genuine mistake was made.

To prevent unauthorized modification, QuickBooks Online has a “Closing the Books” protection feature, which administrator can set a closing date and a password, to prevent unauthorized user from saving a transaction which was dated before the closing date.

You can find the “Closing the Books” feature under the sub-menu of the Company Preferences.

QuickBooks Online Singapore - Closing the Books

To prevent financial fraud, QuickBooks Online has a built in Audit Log, which tracks all the changes made in the transaction. Besides the new and edited transactions, QuickBooks Online does provide a log file which shows the user logged in and out from the system.

QuickBooks Online Singapore - Audit Log

 

QuickBooks Online | Multiple Accounts Receivable Accounts

Software: Intuit QuickBooks Online Singapore (QBO)

The QuickBooks Desktop accounting software allows user to select a different Accounts Receivable account when preparing a Sales Invoice transaction. Some users may have set up multiple Accounts Receivable accounts such as Trade Debtors, Other Debtors, and Inter-companies; and use them accordingly in the relevant transaction.

QuickBooks - Multiple Accounts Receivable account

However, the multiple Accounts Receivable accounts feature is missing from the QuickBooks Online (QBO).

QBO Sales Invoice

QBO automatically associated the relevant accounts receivable to the transaction currency of the sales invoice. This feature may simplify data entry, but for those users who intend to move on to QBO, but need to have the multiple Accounts Receivable account, may have to stay on to the QuickBooks Desktop till the feature is added into the QuickBooks Online (QBO).

 

QuickBooks Online Singapore | Is Location better than Class?

Software: QuickBooks Online Singapore ( QBO )

You can use either Class or Location feature in QBO (QuickBooks Online Singapore) to segregate your financial report. Although both class and location looks similar, they are different. You should consider carefully before using them.

Class:

When Classes are used, they get attached to the detail portion of transactions. They do not get associated with the header accounts. Therefore, since a P&L pulls information from the transaction detail, it can be customized by Class and be correct. However, a Balance Sheet by Class report will never be correct, since it pulls data from headers. (Remember, the Class data does not get saved with the header—actually, no where can a bank account, loan account, etc., all headers, cannot be linked to a Class.)

QBO assumes that all data pertains to just one company, so it will always provide just a single Balance Sheet, and not one split in Classes.

 

Location:

Accounts Payable, Accounts Receivable and Payroll transactions may have amounts in “Unspecified” because Bill Payment, Receive Payment and Paycheck transactions can’t be split by locations.

If you have either Bill Payment, Receive Payment or Payroll transactions that involve multiple locations, the transaction will reflect “Unspecified” and will either need to be split into transactions that only involve one location or correct the location with a journal entry.

https://qboe.custhelp.com/app/answers/detail/a_id/1242/kw/1242/r_id/103898

If you just need to segregate based on a per transaction basis, then you may consider using location. However, if you require to tag the detail lines of a transaction, then Class will be a better choice. That is, multiple classes per transaction (Do check the limitation in using either class or location).

Usually, I tend to use Class for project tracking, type of products/services, or region, etc. As I can tag different line items or account with a different class. The Location is more about tracking the multiple stores or departments. In some cases, both Class and Location are being used in a QBO company file.

Get a QuickBooks consultant if you are not sure which is a better solution for your business.