Banking & Currency
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I created a purchase order, received the items and entered the invoice. The invoice was paid by selecting the credit card being used instead of writing a check for payment. The credit card statement was received with a mix of personal and business expenses. For the business charges that were paid by credit card, how do I enter those so a check can be paid to the credit card company? I think I use the reconcile but it shows a beginning balance that is not correct. Possibly caused by my not doing something correctly in the past. I'm lost, any tips are much appreciated.
Also, do i need to reconcile the bank acconts? I would think so, as this would affect her financial statements
I uploaded my VISA statements into QuickBooks Online but now I have a hard time figuring out how to record the charges as expenses paid on the VISA. Honestly, I spent a lot of time trying to figure this out and I'm sure I'm just missing something very simple. It seems like I need to create a bill for the VISA statement but how do I link the bill to each expense? Can someone point me to an article or a video that explains step by step what to do after uploading the statements? Thank you very much in advance!
Sigh. i am trying to reconcile a bank account in a new QB file, but the person who set up the file for me did not enter an opening balance. If i edit the account, I have the option of changing the opening balance, which seems odd. I followed what i thought were the correct instructions to change the balance (entering it in the account register) assigning the balance to the Opening Equity account. It posts as a transfer, not a deposit, and i think this is the reason that the balance still shows as zero. Could someone please help me correct this? Thank you
Who's issue is it?
Hello! This is probably one of the silly questions but...How would you do it? Please bear in mind I'm an absolute begginer, I do not have an access to the bank, all I do is posting invoices and recording them on the ledger, then an accountant puts a payment into the account and I need to allocate it to the invoice I raised. Just a bit of backgroud :) Let's say that there's a company that pays us in advance an automatic payment that they calculate based on rates on their system. We then send them reports of how much we actually delievered during that period and the company takes it into the account and processes adjustments relating to that period with their next automated payments for the next period and so on... The thing is that for example, one month I invoiced them $1000 and they paid $1500. I allocated this payment to the transaction which left $500 of overpayment/unallocated cash. The next month the same thing happened and just this month, I posted my invoice
I’m new to Quickbooks and started using it from my 3rd quarter. Where do I have to write the undeposited cash balance from the previous quarter? Last quarter I financed my company with a few grants bank transfer. Now I'm transferring them back to my private account. How to categorize the transfer? Wherever i’m buying something from eBay, or Amazon without taxes, do I have to mark it as 0 tax “out of scope”, or “zero rated”? Is there difference between “supplies” and “office expenses” for my taxes at the end of the year?
