Other Questions
Recently active
For Example, I am producing Mobile Phone. Mobile Phone has a HSN Code. I maintain Inventory for Mobile Phone. Inside Mobile phone many electronic and plastic components. So Each component has HSN code and Inventory. So All components together forms a Mobile phone. When I create an Invoice, I don't mention all components inside mobile phone. I just have a product called Mobile phone. When I sell the components inside mobile phone inventory automatically adjusted. How do I handle?
hello,i have imported chart of accounts of the attached file in QBO. how to enter the balances against the same in QBO ? Thanks .
Original commenter did not share additional details
How can i disable razorpay account from my QuickBooks account
It appears that “Unrealized Gain or Loss” is a QBO background function account, but the “Exchange Gain or Loss” account appears to be a normal account. Why do we have the option to show the unrealized gain/loss? I am confused about the entire concept. Unrealized Gain or LossWhat is the purpose of this account?I am unable to change the name of this account, why?How do you realize the gain or loss?Per US GAAP, unrealized gains or losses should be recorded in the equity section of the Balance Sheet. Why is currently on the Income Statement? Exchange Gain or LossWhat is the purpose of this account?Is this where the gain/loss on currency revaluation goes?We perform revaluing currency at month end, correct?
I am not sure my post went through , so here it is again. What if the money was paid straight to the loan owed. So you have no money to deposit. Example: I have bank 1; bank 1 has a loan of 10,000 so tractor 1 paid the loan off. No money was exchanged between myself and the others. I then bought equipment from tractor 1 and the loan they paid off was added into the price of the new equipment/loan through tractor supply. How is this recorded in QBO.
I'm confused as to what category would product samples fall under? Is it Supplies/Promotional or Advertising/Promotional? Or do I create my own category for this? It's just purely for expense purposes (I don't need to worry about the inventory). Thanks for your help!
The owner did not use credit card to pay. He took it from his personal bank account via direct debit.So I would have to create the direct bank account from the chart of accounts. Then post purchases as the expense and charge off to cash/ direct debit to make the payment to the supplier To record purchase as inventories Is this done through journal entry? and I then put it to current asset as inventories . and owners equity. so the accounts balance.. And to pay the owner we would credit by either check or bank deposit and debit the bank account. Please explain if this is what I should do.Not clear
To understand better, please refer to the below. I am a trader from India Exporting Agriculture commodity like Rice and Salt. I need to file Monthly GST. Example I have received order for Rice from a customer from Overseas. I need to supply 26 Metric Ton of rice packed in 25KG bags. So total 1040 bags. I place order with Rice mill for loose rice. I don't hold inventory for rice. If required I can hold inventory for transaction purpose. In order to Packing material for rice, I need to supply Rice Bags. Each bag we can hold 25KG rice. Bag supplier typically need Minimum order quantity of 5000 bags. So after 1040 bags usage balance 3960 becomes inventory. I can consume latter. When I invoice to my customer, I don't invoice Rice separately, Bag Separately. I invoice combined Invoice as belowExample my Invoice My Purchase price consists of- Loose Rice- Bag Cost- Delivery Transportation cost- Customs Charges- Ocean Freight and Shipment Charges- Forex Loss/
If I want to amortized a loan to the company . How is this been done in quickbooks? The owner used his personal funds to purchase items. This is posted as an expense in quickbooks and charged off against the bank balance as you will have to select cash or check to clear amount. Should I now create an entry in owners equity to record this as this amount has to be given back. Explain New to Quickbooks Janet
Hello Team, When I was subscribing Quickbooks Online Plus, there was an option called Accountant in users and it allows me to undo all the bank reconciliation by marking the transactions. But Currently Quickbooks team have removed that option from Quickbooks Online Plus without any notice and without providing an alternative option to users. When I inquired about the issue, they informed that Quickbooks online accountant have such option which need to be subscribed separately. However I was ready to subscribe the same to avail this option, but they want me to be a tax consultant or Chartered Accountant and need to subscribe minimum 10 number of licence instead of 1. Kindly let me know if anybody can help me with an alternative option or please provide me a Mail ID to compliant against this issue and get a solution.
