Posted onApril 20, 2021|Comments Off on Select all transactions when reconciling bank in QuickBooks Online
The objective of reconciliation is to match the transaction and balances between the ledger and the bank statement and pick up data entry errors. You can either select the cleared transaction one at a time based on the statement sequence or selecting all transactions first and then unchecked those uncleared transactions. Use whichever method works better for you, but the latter is less common as it may prompt to mistake (e.g. same payment amount but for a different person or company).
However, if you still prefer to select all transactions and unchecked those uncleared transactions can do so by selecting the first radio button (on top of the first transaction). QuickBooks will prompt you to confirm your option; click on the ‘Yes, select all’ button to continue selecting all transactions.
This method could be workable if most of the transactions are electronically transferred (e.g. PayNow) and only have a handful of cheques to monitor, or in a scenario whereby you are rushing to clear the backlog.
Posted onMarch 4, 2021|Comments Off on QuickBooks Online description and memo
Each detail line in the QuickBooks Online (QBO) transaction (e.g. Cheque or Bank Deposit) has a description box. The information in the description box tags to the ledger account (or item), and each line can have a different description. For example, when entering a cheque payment to staff:
Basic Salary for the month
17% Employer CPF
37% Accrued CPF
The memo box at the bottom of the transaction page serves a similar function as the description box; it provides more information about the transaction (e.g. the memo for the cheque payment to the staff could be ‘Salary for Jan 2021’).
So, what’s the difference between the description and the memo box?
The memo tags to the transaction header account (e.g. Bank, Accounts Receivable or Accounts Payable account), and the description is for the transaction detail account.
Let take a look at the cheque payment to the staff again. The journal behind the cheque is: DR. Payroll Expense DR. CPF Employer CR. Accrued CPF CR. Cash at Bank
You will notice that the memo information does not show in the detail line account (e.g. Payroll Expense or CPF Employer) but only at the Cash at Bank ledger (the transaction header account) when printing a General Ledger report.
Comments Off on QuickBooks Online description and memo
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?
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.