Tag Archives: QuickBooks desktop accounting software

QuickBooks Chart of Accounts

Software: QuickBooks Desktop Accounting Software

The Chart of Accounts in an accounting system is a list of accounts, which categorised into Incomes, Cost of Sales, and Expenses to form the Profit and Loss statement; and Assets, Liabilities, and Equities of the Balance Sheet.

The Accountant has to create the chart according to the organisation requirement and comply with the accounting standard.

QuickBooks Account

The Chart of Accounts is under the Lists menu of the QuickBooks Desktop accounting software. Click the Account button at the bottom of the list window to add, edit, or delete an account. You can also use the ‘Subaccount of’ feature to group accounts; for example, you can group Basic Salary, Bonus, Overtime Pay, and CPF to the Payroll expense account. This ‘subaccount of’ feature allows you to expand or collapse the accounts within the Profit & Loss or Balance Sheet report.

Expand view:

Payroll
– Basic Salary 10,000
– Bonus 5,000
– Overtime Pay 3,000
– CPF 3,600

 

Collapse view:

Payroll 21,600

For those who prefer to work with an account number, it can be turned on from the Preferences (under the Edit menu). QuickBooks account number support up to 7 characters, which should be sufficient for most of the small businesses. However, you should not use account number feature if your computer has turned on non-English languages such as Chinese, Japanese, Thai, etc. For example, a ‘?’ will be inserted between the account number and account name, and cause an error when the Chinese language has turned on.

Consult your accountant if you have a problem in organising the Chart of Accounts.

Sign up a free QuickBooks demo to find out more on how to use QuickBooks to manage your business finance.

QuickBooks is using the currency code instead currency symbol

Software: QuickBooks Desktop accounting software

In our earlier post, we mentioned that QuickBooks is using the currency symbol set in the Window Operating System (OS) when multiple currencies feature is not turned on. That is, QuickBooks print £ before the invoice total if the setting in the Operating System is £.

However, QuickBooks will switch to currency code instead of the currency symbol when multiple currencies feature has turned on. For example, if you set the base currency as Singapore Dollar, which the currency code is SGD, all base currency invoices will print SGD before the invoice total instead of placing the currency code ‘S$’ before the invoice total.

currency code in QuickBooks

Using currency code is better than currency symbol when involving multiple currencies. For example, the currency symbol for Renminbi is ¥ and Japanese Yen is also ¥; or US Dollar, HK Dollar, Australian Dollar are all using $. Whereas the currency code for these currencies is different; Renminbi is CNY (or RMB is also commonly use), the Japanese Yen is JPY, the US Dollar is USD, HKD for HK Dollar, AUD for Australian Dollar, etc.

As you can see using the currency symbol before invoice total is perfectly alright when your business is only dealing with the local currency, such as Singapore Dollar. However, having a currency code before the invoice total is less confusing when you trade internationally with multiple currencies.

Note: You cannot turn off the multiple currencies feature once it has turned on.

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Currency Symbol on the QuickBooks Invoice

Software: QuickBooks Desktop accounting software

QuickBooks desktop, by default, uses the currency symbol set in the Window operating system. For example, the Total field on the invoice will print as € if the currency symbol set in the Window is € unless you have multiple currencies turned on, which QuickBooks will follow the setting in the customer profile.

Currency Symbol on QuickBooks invoice 1.png

Depending on the Window operation system, the currency symbol setting is in the Control Panel or Setting page for the Window 10. Search for the Currency Symbol setting and change it accordingly. You may have to close the QuickBooks program before you made changes to the Window setting and may require to restart the computer after changing.

Currency Symbol on QuickBooks invoice 2.png

QuickBooks is a user-friendly accounting system which suitable for small businesses. Sign up a free demo to discover how to use QuickBooks for your business.