Reports and Accounting
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We are a UK registered charity. As such, we are required to distinguish in our accounts between three categories of income/expenditure: Unrestricted, restricted and designated. How is it best to do this in QBO?
I have created asset accounts in the online version, they appear on a balance sheet report.the accounts are loaded into the iOS mobile app, however the iOS app balance sheet report does not show the new asset accounts.
Bounceback Loan is recorded as Liability account. Previously balance tallied up as recorded expense for interest with the loan repayment from the current account banking feed. No repayments were made for 6 months, how do I update the balance owed? (Tried to record the monthly additional interest as an expense, but this isn't something that has been paid and makes my current account balance incorrect).
I need to be able to export a complete transaction list for analysis in a spreadsheet. But the exported transactions won't balance because for creditor/equity accounts debits show as negative and credits show as positive. Is there a way to extract the data with correct positive/negative numbers?
I am running the standard budget v actual report with variances in QBO. Where expenditure is greater than budget the variance shows as negative (red) which is fine, but on the income side where the income is less than the budget it shows as positive (black), whereas as it is adverse I would expect it to show red. Am I missing something?
You guys always refer to related posts. So - any chance you can answer the questions I posted earlier? It's now 7.36pm........I've been contacting QB customer support since 4pm for the same simple questions.The customer support people are utterly clueless; and the 'moderators' here seem to like crop-dusting............addressing emails without actually providing any answers.
Hi All, I'm in a trial with QB right now.Trying to set up a COA.1. Can't find a way to see the pre-existing numbers or lists of accounts created by QB. Is there a way to see this? (none of the articles I've found or been referred to are any help). 2. The instructions about 'turning on numbers' within the COA to see what accounts QB has randomly assigned to my transactions/vendors do not actually follow the way the website works. Eg, batch edit, show numbers. The only numbers which can be turned 'on' are VAT numbers, NOT coa numbers. I'd appreciate your help.
Hi Team, At the time of migration from QuickBooks desktop Enterprise to QuickBooks desktop Premier, the credit card opening balance when importing to Chart of Accounts was incorrect. The amount in the chart of accounts should have reflected £279.61 instead of £416.49. We have identified our mistake and would like to reflect the correct opening balance.I went to the chart of Accounts and selected the account 'Credit Card' and edited the amount by putting the correct amount £279.61, by doing so this has an impact to share capital account. My share capital increases by £136.88.Any suggestions on how can i edit the credit card opening balance without impacting my original P&L, Balance sheet account. If you are telling me i should record under opening equity balance - Just to let you know i do not have this account type. Kind Regards,Shaun Gonsalves
Hi, I am looking for some advice in setting up equity accounts and recording drawings made from them.The business is a simple partnership and we intend to draw a monthly sum as wages. One partner has made an initial investment, but the other starts with zero equity. Profits to be shared 50:50. This monthly sum is not intended to reduce Partner 1's equity, further drawings to reduce that will be made when funds allow. Following one of the guides, in the Chart of Accounts I set upPartner's Equity with sub accounts Partner's Equity - Partner 1 and Partner 2.How do I record the monthly drawings, especially given Partner 2 technically starts at zero?Do I need to make a journal entry, crediting some profit to the equity accounts that I can then draw on (and record as an 'expense'? If so, which "account" gets debited? It is my understanding that retained funds are allocated for this purpose at year end, but what about mid-year? In addition to the above question, when I set up the ac
Accounts to 31st December 2021 were prepared and when subsequent accounts to 30th June 2022 were prepared changes had occurred in the Cost of Sales & Stock asset for which there is no evidence of and transactions on the audit Log or other reports. Between 7th July & 4th August the figures had again changed for both periods with no relevant modifications etc in the audit log. How is this possible?
How Can I activate "Bank accounts" on the home page?
Hi, is anyone else experiencing rounding discrepancies when submitting their monthly CIS returns? The report totals showing within Quickbooks don't match up with what's being reported to HMRC. Last month it was a discrepancy of 5p, and this month 4p. I know this is only pennies, but I expect much more accuracy than this with my accounting platform. :-/
Can anyone direct me as to how I can see turnover for a set period with the sales and hours shown separately.. We have a shop where we supply only, and supply and fit, and need to see the turnover for each. If anyone can help it would be greatly appreciated.
Hi allWe need to complete a self assessment for HMRC as a sole trader. We would like to add 10% of our utility bills (mainly electricity) as a expense. We pay all our utilities via personal account not connected with QB or our business (which we have a dedicated account for). What is the best way to do this? Thanks
I recently started a Ltd company, and I need to put my purchases into categories. Nothing seems like a clear place to log things...This is a building/renovation firm.What category would I use for tools/equipment that I purchased e.g. a hammer?What category would I use for products that I purchased for use in the job e.g. a piece of wood?What category would I use for a specialist company working on site e.g. a new water supply? Thanks in advance
Hello, I’m new to business and I have a question regarding the sale of second hand goods. This is a theoretical situation. If I traded a sofa for a TV for personal use before I had the intention of selling it for business, how should I record the value of the product? If I’m no longer able to produce a receipt for the sofa and I’m not sure how much it’s currently worth, how should it be recorded on my accounts when I’ve sold the TV for £100? I need to know what my profit margins are, but I wouldn’t have an accurate way of getting a price of the sofa. Thank you!
I have set up the VAT report correctly. It does shown the no vat entries, that is all. The report is for an internal review before submission which our accountant does. It is for a custom period of 3 months
