Banking
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Can I make a deposit into an expense account for refunds, or should I set up a contra account for those? Specifically, I have a refund from our third party payroll vendor that is for tax reconciliation. I can either tag this to the payroll tax expense account, or create some sort of contra-income account. Which route do I take, or is there a better way to record this? Thanks!
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I have a problem with transactions not updating from my Bank of America account. Quickbooks has acknowledged that this is a problem with Bank of America accounts more broadly and "attached my account" to the case being worked on by a Product Egngineer. A "proadvisor" asked me to call in a special number to get help. Guess what - this special number told me that there is a fix, but it hasn't been rolled out to the product yet, and in order for me to get it, I have to pay between $2600 and 4000 for it. I'm in shock - I pay for the proudct, it's not workiing and is a product issue admitted to by their own customer service team, and now I need to pay this insane amount for a fix? Has anyone else experienced this? I'm pretty sure this qualifies as deceptive business practices.
Hi. When I am going through the bank transactions and categorising them, despite having sorted the chart of accounts by number the list is all muddled when trying to categorise a transaction to a particular ledger account. Is there any way to sort the accounts by number in the banking section as well as in the chart of accounts?
Hi there, Do we need to convert the bank transactions excel or CSV file into .QBO file format to be able to import it into QB Enterprise 2021? In QB it looks like we can import excel files (utilities - import -excel) but when I do mapping it doesnt give me option to chose transactions, just costumers, vendors or accounts. Someone (very known for QB lessons) on youtube said we need to convert it into .QBO file format. Was he just advertising the converter software or indeed we need that? Thank you for any help! P.s. please do not tell tell me how to connect direct to bank or to use any other method. I have the data in excel files already - bank statements with description date and amount.
setup undeposited funds account
How would I set this up in QuickBooks online? My accountant told me the money "is considered taxable income to the IRS but will be excluded from taxable income at the state level". Thanks in advance for your help!
When entering details for multiple lines for a split transaction, the total at the bottom initially displays the receipt total INCLUSIVE of tax, but once the cost for the 1st line is entered EXCLUSIVE of tax, the total at the bottom reverts to the 1st cost and proceeds to add the costs of the individual lines so the total no longer includes tax and doesn't match the receipt.
Hi! My client's 2020 reconciliation is not yet reconciled. September 2020 was the last reconciliation. Now she wants me to bypass 2020 and start 2021. Can I start reconciling 2021 even though 2020 is not yet reconciled up to December 2020? Thank you.
Is there a way to view a contractors routing number and bank account number who is already setup for direct deposit in qucikbooks online?
I transferred money last week and now it wants me to verify the account again that I'm sending it to
In error, before I knew how to manage two businesses on Quickbooks online, I added all the banking for both. The chart of accounts I use is the same and picks up the other banking transactions as well. I need to delete the other banking for the other company on both Qbook accounts but am afraid I will lose everything for the 2020 tax yr. Thoughts on how to proceed?
QBO successfully matches credit card transactions to open bills when these transactions are automatically uploaded from my online banking platform. I created and uploaded a csv file for the credit card transactions that cannot be accessed from my bank's online platform. However, QBO cannot match these specific transactions to open bills. I cannot find a thread that addresses my issue and two different QBO support employees were not able to solve this issue. Each credit card transaction's date, category, amount, etc. are identical to the corresponding open bill. The transaction is not reconciled or cleared. I cleared my cookies and cache. I cannot move forward until I resolve this issue. Any technical advice is greatly appreciated.
There seems to be no reason it selected these random transactions to load, but didn't load others.
Account link with ORNL Federal Credit Union quit working. login and password is correct
I tried the update option but that still won't import anything before November. I can't figure out how to get anything prior to November of 2021 to import. I used the credit card all year long so there should be a bunch more transactions showing earlier in the year. Any ideas? Thank you!
I am having a lot of trouble, Hoping someone can help. For background; I set up 5 accounts (following the Profit First Method):* Income* Operating Expense* Profit* Tax* Owner's Pay. (These are all sub accounts of a main BANK account.) Every time I receive a deposit or payment, it primarily is deposited into the Income account (some into Op Ex, but infrequent). From there, I make disbursements through my bank to the other "buckets" or accounts. For example, if I get a deposit of $1,000 in my income account, the $1000 is divided and transferred to the other 4 accounts. The income then have a zero balance. These show up as XFERS from one account to the other, and there are several. I connected my bank account to Quickbooks and although I was able to reconcile all 5 accounts down the penny, it is showing some crazy balances (Quickbooks) vs. my bank balances which are correct. The Quickbooks balances are way way way higher. I cannot find any duplicates and don't know whe
Every payment I receive flows into one account, but a portion of that money is set aside for one specific client. I created a chart of accounts for the client. Now I need to record an expense for that chart of account. How do I that? Right now, it's only showing as an expense from my checking account register. I want to see the balance in the client's chart of accounts go down with the expense.
