Tag Archives: quickbooks accounting software

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.

How to record landing cost in QuickBooks?

Software: QuickBooks Desktop

Advance payment is a payment made to the supplier before goods received. It debits the advance to the supplier account, which is an Other Current Asset and credits the accounts payable. It gets complicated when including the landing cost in the product average cost; often, the landing cost has excluded from the advances made.

Assuming the goods purchased is worth $100,000, and the landing cost is $4,000 (the shipping and insurance). You record the Bill as debits advance to the supplier and credits the accounts payable of $100,000 since no goods have received. Then, do a pay bill when due; the payment debits the accounts payable and credits the bank.

QuickBooks Advance to supplier by account

You can record the $4,000 landing cost via the Enter Bill or Write Cheque method depending on whether any bill received from the forwarder. It debits the landing cost expense and credits the accounts payable when using the Enter Bill, and credits the bank if write cheque method has applied instead.

QuickBooks Frieght charges

A dummy bill has to record in QuickBooks to update the stock on hand when goods received. Select the product with the total cost of $104,000; this amount inclusive of the $4,000 landing cost. Then, deduce the $4,000 landing cost expense and the $100,000 advances paid. This dummy bill:

Debit the inventory assets account 104,000

Credit the landing cost 4,000
Credit advance to the supplier 100,000

QuickBooks dummy bill

There shouldn’t have any outstanding amount unless the advances difference from the billable amount.

The cost of sales will realise when there are sales of the product. It reduces the inventory cost and debits the cost of goods sold when an invoice has added to QuickBooks.

Book a demo today to find out how to use QuickBooks to manage your business finance.

Refund an overpayment in QuickBooks

Software: QuickBooks Desktop accounting software

You have an option in QuickBooks Desktop accounting software to offset the overpayment received with the outstanding invoices via set credit feature or refund customer the overpaid amount.

Highlight the outstanding sales invoice from the customer payment transaction, click the Set Credit button and select the credit (overpayment) to offset with the invoice. You have to do the offset process a few times if the overpaid amount is supposed to knock off with multiple invoices.

On the other hand, you need to amend the original customer payment (the overpaid transaction) if you need to create a refund to the customer. At the lower left corner of the customer payment window, select the ‘Refund the amount to the customer’ radio button and click the ‘Save & Close’ button to continue with the refund.

Refund from customer payment in QuickBooks

You will see a payment transaction window on the following page, and then select the relevant bank account, payment mode and change the date if required.

Refund overpayment in QuickBooks.png

QuickBooks will update the accounts receivable and bank account once you have clicked the OK button.

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