Tag Archives: business

QuickBooks Customer Account Number

Software: QuickBooks Desktop accounting software

You can search for a customer by the account number from the Customer List but not when recording a sales invoice. Hence, the customer account number may not be as useful as the customer name in QuickBooks.

QuickBooks Customer Profile

QuickBooks search and display the Customer Name instead of the company name when creating invoices; therefore use the company name for the customer name field may be more logical for B2B businesses.

QuickBooks Sales Invoice

Let’s say you assigned account number AC123 for customer ABC Pte Ltd. To record this in QuickBooks, you may enter the Customer Name as ABC, the Company Name as ABC Pte Ltd, and AC123 into the account number field. The system picks up ABC Pte Ltd if you enter ABC in the ‘Customer:Job’ field when preparing an invoice.

QuickBooks Customer Account Number

QuickBooks Customer Name and Company Name.png

You may use Student ID, which is unique, as the Customer name if you are using QuickBooks for school. Mobile phone number is also unique, which you can use it as a Customer Name if you are operating a car repair shop. Alternatively, you can join both code and name in the customer name field such as ID-CompanyName (example: 63360300 – Solarsys Microsystem Pte Ltd).

QuickBooks Accounts Receivable Ageing Summary Report only shows Customer Name. It’s good to record a few transactions and test the results before deciding on what to use for the Customer Name field.

QuickBooks is simple, easy for small businesses to manage their business finance. Book a demo today to find out how you can use QuickBooks for your business.

Product Code and Supplier’s Code

Software: MoneyWorks accounting software

Product code is a unique number (or alphanumeric) use to identify an item. The unique product code for reselling a product can be different from ordering from the supplier, the supplier code.

For example, you own a retail shop selling Television. You sell various brands and models which purchase from multiple manufacturers and distributors. To keep a searchable inventory list, you may create the product code such as:

ABrand32LEDTV
ABrand43LEDTV
ABrand52LEDTV
BBrand32LEDTV
BBrand41LEDTV
BBrand61LEDTV
CBrand52LEDTV
CBrand61LEDTV

Sort inventory by brands helps in stocktaking, especially in a consignment or SOR (Sales or Return) business model. The product looks neat and searchable but may mean nothing to a vendor when you place an order. Vendor may have their unique product code, the supplier’s product code, which you are required to show on the purchase order.

SupplierCode

Use the Lookup (Detail.StockCode, “Product.SupplierCode”) function in the form to find the supplier’s product code of the item. You still use the internal unique product code in the order transaction, but prints the supplier code instead.

To automate the ordering process, add the usual supplier in each item; this generates a Purchase Order from the Sales Order once you have insufficient quantity on hand.

MoneyWorks is simple but yet powerful, sign up a demo to understand how to use MoneyWorks to manage your inventory and finance.

QuickBooks transfer fund

Software: Intuit QuickBooks Desktop

QuickBooks has an easy way of recording a transfer fund from a bank to another. You may have a bank for trading and another to facilitate the repayment of a loan or for payroll purposes which you may require to ‘top-up’ from time-to-time,

From the Transfer Fund wizard, record the amount, To and From bank account, enter an exchange rate if it is a foreign currency transfer and hit the ‘Save & Close’ button and the system will take care of the transfer fund in the accounting system without you worry about the double entry.

QuickBooks transfer fund.png

You can delete a transfer from the Edit menu if you discover a mistake made after the transfer fund. Although QuickBooks has a deleting feature for the transfer, you should not remove any bank related transaction if reconciliation has already done. You should consider passing a general journal to reverse the entry instead.

Contact us if you are considering upgrading your older version of QuickBooks Desktop.