Do More with QuickBooks
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I find it difficult categorising my transactions with the right term. I run a shop, hence buy a lot of stock. Do I categorise it as stock asset or something else? When I was using Quickbooks self-employed I just categorised it as cost of goods sold. But here I find it harder to choose a category.
Eg: I am importing 'Customer A' (ID=5) from a QB(UK) account to a QB(US) account, via API. During the import, can I change the customer ID of 'Customer A' from 5 to 25 so that when the 'Customer A' is imported to QB(US) account, the new ID of the 'Customer A' will be 25.
I dont want to leave a negative balance (or credit) on the customer account, I want to register the difference as Exchange Gain
the new category is not available for selection
We previously only used Quickbooks to push out invoices and to produce statements at the end of each month. As we did our book keeping manually. Because we now have to submit our VAT digitally, I have been entering our bills etc. into quickbooks. However because we have never submitted any previous files to HMRC and have never closed the accounts each year and never entred any of our bills before; Quickbooks is showing a VAT liability of £1000000's. Can anyone help to gid rid of this amount and let us file this quarter only. Kind Regards john
