Reports and accounting
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Hi,Accounting end of year question.Was sending my Profit and Loss (2024) to my accountant and saw it was showing Net Operating Income of $24,000 or some change (after business expenses, it is $3,000 or so in the negative).But I am still in the middle of a job where I issued an invoice for $50,000 and the customer still has $24,168.18 of credit and the job is not complete. Here is my setup:The job is called '508' and I had issued a $50,000 invoice and customer has paid it, into Accounts Receivable. I make all payments into sub-accounts accordingly (Plumbing, Electric, Framing, HVAC, etc.). Accountant said I have to do this:Move the $24,168.18 to Accounts Payable ( Prepay 508 on account) from revenue. Dr Revenue 508 $24,168.18Cr Accounts Payable- 508 $24,168.18 But how do I do this? Not sure what does he mean? Thanks,Baylight Contracting
After looking for a long time and not finding exactly what I needed, I figured it out and wanted to make a post to help anyone else. I have an accountant who actually does this for me when I file taxes, but my quickbooks was a mess because I didn't categorize these correctly originally. YOU CAN ONLY TAKE A 179 OR MULTI YEAR DEPRECIATION, NOT BOTH. I'll use whole numbers for simplicity. I bought a truck in 2022 with a loan for $50,000 AccountDebitCreditTruck 1 Asset50,000 Truck 1 Loan 50,000 Then I used the 179 Deduction under vehicle expenses. This will show up on your P&L Vehicle expenses. (S-Corperations take note if you take Shareholder distributions higher than the 179 deductions, they will appear on your personal tax returns as capitol gains at a rate of 15% in taxes) AccountDebitCreditTruck 1 Asset 50,000Vehicle Expenses: 179 Deduction50,000 Two years pass and I decide I need a bigger truck, I've now paid it half of
Hello, Thanks in advance for your help! We pay an annual State fee for our LLC. Californai --Franchise Tax Board. Is this just a regular expense account?! Thank you!
I had customer job columns in my previous QBO Plus version, but after downgrading, the columns disappeared. May I know if this isn’t a basic feature for QBO, or which Plus feature this is under that Essentials doesn’t have?
Hi - When entering a vendor credit on the Enters Bills screen, there are 2 tabs - Expense and Item. When setting up the vendor credit, how do you determine which GL account to use? In this scenario, these are parts that had already been bought and paid for using a PO. Later on, the vendor has given us a credit. Can you list the steps on how to find which GL account was used for the PO transaction? I believe that will help us determine which GL account to list when entering the bill credit. If it matters, we use QuickBooks Desktop Enterprise. Note: To get to screen in QB for vendor credits, I went to menu bar Vendors - choose Enter Bills - near top of Enter Bills screen click the bubble for "Credit" - use drop down list to select the correct vendor. Then, you'll see the Credit screen, and 2 tabs below - Expenses , Items. Thank you in advance for your feedback!
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On the home dashboard, I see a rolling 12-month line graph of sales. I'd like to see that in 24 months, or better 36 months or all dates, just to see the flow of revenue throughout the months that's normal for my business. I've been trying to get this to happen for a few hours, can't find it. Any help? Quickbooks Online Simple Start.
The customer would like for me to send them a credit memo, but I am not sure how to produce that from an overpayment.
I have a car sales business dealing with large clients. I get a percentage brokerage fee on the car producer side and car consumer side. I never take possession of the car. Advise on how to record the books on both the producer and consumer and still show the brokerage.
COSTS - HOW DO I GET THE COST VALUE ENTERED ON PRODUCTS & SERVICES LIST FOR NON-INVENTORY ITEMS TO SHOW UP ON REPORTS
I’m using the instant pay feature on my emailed invoices and I’m wondering if once my customers have paid if it sends them an emailed receipt of the transaction?
Hello I am fairly new to business in the USA, so please forgive me if my questions are simple. Before April 2024, I had another business bank account that had to be closed due to fraudulent activity. A check was issued and I opened another bank account with another institution, which also coincided with me joining quickbooks. In Quickbooks, I entered the check transaction from the former bank account as an "opening balance", however my reports are now incorrect because the deposits vs withdrawals for the first quarter (Jan-Mar 2024) are all bundled into the opening balance. How can I rectify this? Do I change the opening balance to the Dec 31st 2023 balance, and then enter all transactions for Jan-Mar 2024 manually? If so, how do I do that? TYIA.
Hello, I have a payment that included interest. This interest was not included on the original invoice (so therefore it resulted in an overpayment). I did a journal entry to move the excess amount to interest, but now I have a credit and a debit in the AR aging report that net to zero that I need cleared. I am on Quick Books desktop version. Any ideas?
Customer now submitted a physical payment but I can not enter due to invoice stating paid even though payment was taken out. I issued a refund receipt.
We have a accounting application and we want to export our data in Quickbook online using API. In our application we maintain QtyInHand location wise. How can we achieve same in QuickBook online?
Hello, I am using QuickBooks Desktop. When I create a P&L report for year ending it does not show me all my transactions from customers. Under customer transactions report it does show all the transactions. I have checked the Item List to make sure all the information is correct but I didn't see any errors.
I'm trying to run a transaction report for last year that has Vendor, Amount, Category, Date, Memo. While I've found several transaction reports none of them allow me to add the category so I can summarize all expenses from last year by category AND list out all the transactions so the managers can confirm they agree with the category/account that the expense was booked to, I've added a screenshot of the columns available. I can add split and it shows some of the categories but if there are multiple I've seen several posts going back to 2021 and I don't have any of the reports mentioned. I'm getting a bit frustrated, it seems like it should be really easy. Thanks for any help.
We switched from QuickBooks Desktop to QBO this year and there are a number of things that don't work as well as Desktop did, particularly with respect to reporting. I'm disappointed (really annoyed) to find that when I run income and expense reports for classes, the report simply adds all the numbers and doesn't net the debits and credits. The attached pdf illustrates the "incorrect" (pulled directly from QBO) versus the "correct" (manually manipulated in Excel) report for one class, Is there a solution that will make the report correct this issue? It seems like a coding problem. Any thoughts are appreciated.
Hello,We have subscribed to QuickBooks Desktop Enterprise 2024.I am attempting to generate and print a report that includes: Items → Customers → Months.Could you please assist me in creating and printing this type of report?Thank you in advance!Best regards,
Hello,when accepting expenses in bank transactions on qb mobile app, I then have to go back to expenses tab to add receipt attachments. can receipts be added in the bank transactions directly before accepting expenses? it would save so much time.
With Quickbooks essential and QB Online Payroll Core can we set up a view only user?
I have some non inventory products that are showing up in COGS or Services. When I go to the product and edit, the correct income account is already showing. Does anybody know where it could be pulling from and how to fix it?
