Tag Archives: QuickBooks Hong Kong

Rename the field labels in QuickBooks template

Software: QuickBooks Desktop accounting software

Due to limited fields available in the template design, you may rename the field label to fine tune the QuickBooks accounting software towards your requirement.

For example, if you are not using the FOB field but require a Permit Number field in your Sales Invoice, you may rename the field label of “FOB” to “Permit No.”.

rename-label

Although both the data entry and print out is using the new field label (Permit No.), the field name remains as “FOB”. In the Find function or insert the data field into the report you still use the original name (FOB).

quickbooks-report

QuickBooks – The Undeposited Fund

Software: Intuit #QuickBooks Desktop #accounting software

Unless you turn it off, if not, Undeposited Fund account will be the default deposited to account when payment received.

undeposited-fund

You may feel that this feature (undeposited fund as a default deposit to account) is redundant if you prefer to record the deposit directly to the bank account instead of holding in the undeposited fund and make a deposit later.

The undeposited fund account can be useful if you have various payment modes such as cheque, cash, credit card, etc. The undeposited fund allows you to consolidate funds received and transfer to the bank when payment has cleared or physically deposited to the bank.

As a retailer, you may accept the voucher, which issued by the mall management, as a form of payment. You can use the undeposited fund to consolidate the vouchers and transfer to the bank when payment received from the mall management.

QuickBooks Refunds and Credits

Software: #QuickBooks Desktop #accounting software

A Credit Note (an Adjustment Note) is a sales form given by the seller to the buyer to correct the mistake made in the Sales Invoice or goods returned.

From the Customers menu of the QuickBooks accounting software select Create Credit Memo/Refunds to add a new Credit Note.

Assuming a customer has returned an item, which he has purchased at $254.80 before tax. You record the item with $254.80, a positive value, in the amount field. QuickBooks will automatically debit the income and credit the Accounts Receivable account. If it is an inventory item, QuickBooks will also debit the stock account and credit the Cost of Goods Sold account when you saved the credit note.

You have an option of retaining the credit note as an available credit, give a refund, or offset the credit with an invoice after saving the credit note.

credit-note

Although you did not enter the value with a negative, QuickBooks prints the Credit Note form with a negative in front of the credit value.