Tag Archives: QuickBooks Malaysia

Password alone is not safe!

QuickBooks Online (QBO) is a cloud-based accounting system, using a web browser to access your accounting data. No software program installed on your local computer, and the data (company file) hosted in Intuit’s secure cloud server.

The advantage of using a cloud-based system is that you do not need to invest in a computer server to host your data; it is a cost-saving, especially for a new startup. 

You always have the updated software version, do not need to worry about compatibility, or migrate the database from one version to another.

You can access your account anywhere, anytime. Be it at home or office, either using a Windows or macOS, open up a web browser, go to the QuickBooks Online (QBO) sign-in page, enter your ID and password. That’s it! 

Remotely accessible is essential these days when working from home is the norm.

A browser-based software solution is simple to use and convenient to access, but password alone is not safe! Anyone with your credentials can access your account and make unauthorised changes. Scary.

To protect you from password thieves, you can and should set up two-step verification. 

What is two-step verification?

Two-step verification is an extra security layer on top of your usual sign-in ID and password. A one-time security code will send to your mobile phone number whenever you sign-in to QuickBooks Online.

How to set up two-step verification?

QuickBooks Online two-step verification
QuickBooks Online two-step verification
  • Click on the User Profile icon (at the top-right corner of the QBO page) after signing into QuickBooks Online with your credentials. 
  • Click on the Manage Your Intuit Account link.
  • Select Manage Sign In & Security option from the User Account page.
  • Check! Ensure you have entered your mobile phone number correctly.
  • Switch on Two-step verification.
  • Select Text Message in ‘How should we contact you?’ option (you can opt for Voice Call if that is better for you).
  • Close and exit your setting.

How does two-step verification work?

On the subsequent sign-in to QuickBooks Online, you will receive a 6-digit security code via SMS message or voice call depending on your setting. Then, enter the 6-digit security code into the Verification Code box shows on the web browser to continue accessing your QBO file(s).

Two-step verification protecting your account by making sure it is you that sign in to QuickBooks Online; an extra layer of protection you should set it up to safeguard your valuable financial data.

Contra QuickBooks’ Credit Memo with Sales Invoices

Software: Intuit QuickBooks Desktop accounting software

Credit Memo (aka Credit Note or Adjustment Note) is an accounting document given by the seller to the buyer for goods or services returned. A refund of the credit amount can be given or offset against the future purchase.

Use the “Create Credit Memo/Refund” feature in QuickBooks to record the return of goods/services from a customer. QuickBooks gives the user an option to retain as an available credit to offset against the future purchase, give a refund immediately, or apply to an invoice when the credit memo saved. Among the three options, “Retain as an available credit” is most commonly used.

quickbooks-credit-memo

“Retain as an available credit” is use to contra the credit memo against the future purchases. Let’s say you have issued a credit memo and some invoices for a customer. When making payment, the customer can opt to apply the credit memo to the outstanding sales invoices. In the QuickBooks’ Receive Payment transaction, click the “Discount & Credit” button after you have highlighted the sales invoice and apply the credit memo to an invoice accordingly.

Join my QuickBooks training class to explore how QuickBooks can help in your business.

Define Fields in QuickBooks Desktop accounting software

Software: Intuit QuickBooks Desktop Accounting Software
Data field is a place, a container, in a database which stores information. For example, when recording a contact in QuickBooks, the Company, Phone, Address, etc. are data fields.

QuickBooks allows the user to define up to 7 Custom Fields in Name (Customer, Vendor, and Employee) and 5 in the item (The item such as Inventory, Service, Inventory Assembly, etc.). You can insert the Name’s Custom Fields in the Header section of an invoice form and the Item’s Custom Field in column section of the template. The Custom Fields are non-calculative, it is a text field for inputting static information.

define-fields

For example, you require a field to capture since when the contact starts buying from you. You may add a Custom Field in the Name and label it as “Customer Since”. Whenever you create a customer, add the date in it. You can use the Custom Field in the item to capture information such as size, colour, product measurement, etc.

Besides inserting the custom field into a template, you can pull it out to the relevant reports or use it in the Find function.

Although QuickBooks has limited custom fields available, it should be enough for most of the small businesses to manage their accounts.