Tag Archives: QuickBooks desktop accounting software

Reset QuickBooks invoice sequence number

In our previous post, we mentioned resetting the invoice sequence number for the new year.

Invoice number has to be unique and sequential.

Both QuickBooks Desktop and QuickBooks Online do not have a system preference to set the invoice running sequence. If you prefer to have a yearly sequence number for †he invoices (e.g. IN20-10001 for the year 2000 and IN21-10001 for 2021), you can overwrite the invoice number when entering the first invoice in 2021. The subsequent invoice will follow the new order until you reset it again.

Reset QuickBooks invoice number
Reset QuickBooks invoice number

The same concept applied when switching from a manually invoicing system or another computerised accounting system to QuickBooks. You enter the first invoice with your preferred invoice number, and the next invoice generated will then follow the new sequence. And, of course, you can continue with your existing running sequence. Example: the last invoice entered in your old accounting software is 4321, you enter the first invoice in QuickBooks as 4322, and the next invoice number generated from QuickBooks will continue as 4323 automatically.

There are some differences between the Desktop and Online version. Some features in QuickBooks Desktop may not be available in the Online version. Consider sign up a trial or attend a demo if you have been using QuickBooks Desktop for years and thought of switching over to the online version.

How to duplicate a template in QuickBooks?

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 the existing template is another option to quickly creating a set of templates for your business.

QuickBooks Duplicate Template

Highlight the template, click the template button at the bottom of the template list window and select duplicate to create a duplicate copy. Then, open the duplicated copy and rename or amend the fields accordingly. That’s it, done!

QuickBooks Template Type

QuickBooks 2020 Desktop accounting software is available. Contact us if you like to upgrade.

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.