Although either method gives the correct ledger, I would prefer using the undeposited fund to the discount method since the statement format is my concern.

You enter the first invoice in QuickBooks with your preferred invoice number, and the next invoice generated from the accounting software will then follow the new sequence.

Software: QuickBooks Desktop accounting software A template is a preset document; a document with your company logo, fields and align according to your business requirement. You can customise template such as invoice, credit note, sales order, etc. from the template wizard under the Lists menu of the QuickBooks accounting system. Besides adding new, duplicate from […]

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 […]

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.

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.