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 […]

Software: Intuit #QuickBooks Desktop #accounting software The ledger balance of the bank account as at the last financial year-end closing can be use as the opening balance of the bank account in QuickBooks, or derive the opening balance from the closing balance of the bank statement and record the un-presented cheque and deposit separately. Most […]

Software: Intuit #QuickBooks #accounting software A debtor (the customer) can also be your creditor (the vendor) if you purchased goods and services from them. You get an error of “This name is already in use…” if you try to add a vendor with the same name as the customer into QuickBooks or vice versa. The […]

Software: Intuit #QuickBooks #accounting software Data verification is a process in QuickBooks to check for data integrity of a company file. Under the backup option, you can have a complete, quicker or no verification done during backup. By default, it is recommended to have a Complete Verification. QuickBooks will run a thorough check of the […]

Software: Intuit #QuickBooks #accounting software Overpayment — The amount paid is greater than the amount due. An accounting software helps the business owner track the receivable and payable efficiently and minimises accounting error such as overpayment. When an overpayment occurred, you can either give a refund or keep it as a negative receivable and offset […]

Software: Intuit #QuickBooks desktop #accounting software You have to File Tax Return after the GST cycle. File Tax Return is a QuickBooks internal process, which contra the GST Input and GST Output account and transfer the balances to the Receivable or Payable account. It is not a process of filing tax with the Comptroller of […]