Expenses & Suppliers
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So I just discovered that the CEBA forgivable $10,000 is taxable while attempting to do my T2. In QBO, I had set up a liabilities account and moved the $40,000 bank deposit into it last year. What are the steps for me to correctly show the liability AND the $10,000 forgivable loan on my Income Statement?
Hey folks,RBC provided a partial refund for the Ownr costs (if you setup an RBC biz banking account with them after incorporating through Ownr).Cost of Ownr incorporation was $640 - paid for on personal credit card (because there was not biz credit card or bank account yet).RBC depositing $300 in the shiny new RBC biz account a couple of weeks later.How do you account for all this!?!! - Feels like RBC and Ownr are throwing down the gauntlet with our first challenge as new business owners with this!
Hello, I'm on subscription for QB Premiere Accountant Desktop 2021 CanadaI was excited to find this article, which reports that there is now Receipt Capture/Management capability in QBD:https://www.intuitiveaccountant.com/general-ledger/quickbooks-desktop-2021-receipt-management-plus-and-enterpri/ But, my QBD does not show a Receipt Management option in the Vendor dropdown menu.I've tried it from Accountant, and also by toggling to Premiere. Please can you tell me what am I missing? Thanks,JC
I have record an employee cash advance with cheque expenses menu, i am using account employee cash advance and bank account, but why the transaction is not showed up in my bank account transaction and in my balance sheet as well?
The company that I work for sells hot tubs and swim spas so we bought a forklift to move our tubs around our shop - and for easier loading & unloading as we do our own deliveries & pick-ups, occasionally.I need to know how to create a fixed asset that accounts for depreciation, as well as how to create the expense transaction properly. I'm not incredibly new to QBO, but we had hired a bookkeeper/accountant to train me on it, late last February, so I've only had a few days of training thanks to COVID hitting less than month after we had opened.So if anyone can also recommend a reasonably affordable accountant for me, that would be really amazing & greatly appreciated!
Hi, We use a third party platform that allows us to make sales using their customer base. They deduct their commission prior to depositing the net revenue into my account. How do I account for this commission? IE. I sold $1000 on their platform and they took $250 commission and deposited $750. I cannot record the $250 as an expense because I don't have that capital in an account to pay out of.
How do you input a restaurant receipt with tip, since it doesn't look like you can make up a category for tips?
I have an e-Transfer that shows in my Bank Feed that accounts for 5 separate bills that have been recorded with different vendors and dates (total amount matches the e-Transfer). I'm trying to match them up for payment, but the system doesn't seem to be recognizing them as reconciled. I've tried the "Add One to QuickBooks" button on the Bank Feed screen and selecting the five invoices. I've also trried the "Pay Bill" function from the Bill Tracker screen, but both are adding the payments to the top of the Banking Feed screen but not checking them off as reconciled or deleting the line from the bottom in the Downloaded Transaction box. I can't use the "Match" button, as it won't let me select more than one item to match to. How do I resolve this?
How default send invoice to client contact AND his accounts payable department?
I bought equipment with a loan for $11500 of which $1500 was paid in HST. I had set up the asset for $11500 and a long-term liability loan entry for $11500 but this did not show the $1500 I paid in HST to deduct it from HST collected in my business. I then tried to set the asset up for $10000 and add the HST which I would offset with the long-term liability of $11500 but could not find a way to add the HST. How do I set this up so the HST I paid to the company I bought the equipment from reflects on my books? Does this need to be a manual entry on the Tax submittal?
the physical cheque numbers do not match ref doc when completing bank reconciliation. how did this happen?
Many invoices that I receive from suppliers include many items. Some of items are subject to taxes but others are not. So, the total taxes are not based on the total amount of the invoice. But I cannot record manually the dollar tax amount. I currently must choose tax ratios to recognize the tax amount.Accordingly, I need to record manually taxes in a dollar amount on the Sales Tax Entry. Please advise the steps that I can manually record dollar amounts on the Sales Tax Entry when creating a new bill at the quick books online.
