Tag Archives: QuickBooks

Invoice in multiple currencies

Software: QuickBooks Desktop Accounting Software

You can record bill or issue invoice in foreign currency once you have set up to use the multiple currencies feature in QuickBooks.

A currency has to tag to each name set up in QuickBooks. For example, you tag USD to Customer A if you trade with him in USD and invoices issued will link to the USD Accounts Receivable account automatically.

QuickBooks - Multiple Currencies

Multiple Customer A has to be created if you are trading with him in multiple currencies. For example, you create two names in Customer Centre if Customer A buys from you in both USD and MYR. One set as USD and another in MYR. QuickBooks treats them as a separate entity and will both show in the receivable report separately.

 

Date and time you prepared the QuickBooks report

Software: Intuit QuickBooks Desktop Accounting Software

QuickBooks, by default, added a Date and Time stamp on the report, this helps to reduce confusion over the validity of data. I guess this is a good reporting feature if you print lots of reports; however, you can remove the stamp if you think otherwise.

Click the Customise Report button, which is on the top left corner of the report, to open up the Modify Report wizard. Then, uncheck both the ‘Date Prepared’ and ‘Time Prepared’ checkboxes from the Header/Footer tab to remove the date and time stamp from the report.

QuickBooks Report

That’s it. You have modified your report. If you are using it often, then memorise it. Memorising is like creating a ‘template’, it saves the report setting instead of having to modify the report each time you print it.

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QuickBooks’ Vendor Balance report does not capture the records correctly

Software: Intuit QuickBooks accounting software

You did a few general journal transactions with the Accounts Payable account, but these journal transactions did not capture in the Vendor (Supplier) Balance report. Why?

The Accounts Payable is part of the Current Liabilities, which is a ‘Control’ accounts capturing all the bills and payments related to Vendors, whereas the Vendor Balance Detail Report is like a sub-ledger, sum up the transactions by each vendor.

Based on the relationship between the accounts payable and the Vendor Balance report, unless the account used is not an account payable type, any transactions which tagged with the account will show in the report.

If you preferred using the General Journal than entering Bill to record amount owing to the Vendor may have created the ‘accounts payable’ as a Current Liabilities type of account accidentally instead of an Accounts Payable type. Hence, it doesn’t capture into the Vendor Balance report due to wrong account type used. Although the account name (Accounts Payable) could be the same, the account type is different.

Accounts Payable

To resolve the problem, create a new account with the correct account type and amend the transactions if there is a mistake made. You should consult the accountant before you make any changes to the record as it may affect the financial report. QuickBooks may allow you to make changes to the database, but it does not imply that you can change it (Especially if the account has closed or transaction is in the previous financial period).