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We are in the hospitality industry we have loads of suppliers we pay for good and services . Am looking for clarification how to record the following i.e as a bill or expenses Self employed housekeepers - they are paid dependant on hours workedEnergy bills - they are not always the same amount dependent on usage ( do we create a bill or expense)Linen launderingConsumables - teas, coffees, toiletries Commission paid to third parties for example paid to online travel agentsThank you in advance
Scenario:Bank Acc G (in GBP) transferred amount X of EURO into Bank Acc E (in EUR). Bank G only keeps GBP here thus the EURO was changed from GBP on a certain exchange rate and charged a fee, total one GBP transaction showing on the Bank Acc G feed. What we hope:When matching, we could split this single transaction into: a transfer part + an Expense for the fee. But QBO does not allow this. We have searched the community here multiple times, seeing similar questions but didn't find a good answer to it. Question:How would you handle this? We could split into two expenses, but a transfer really isn't an expense. We could match to a journal record, but it seems equivalent to a split on expenses. I understand "transfer" is only a syntax sugar in that it's just a debit and a credit involves two accounts. But if possible in the QBO marked clearly as Transfer is still better for the eye and preferred. Any suggestions? Thanks in advance for any helps, sorry if this has been
Hi, I connected my Paypal account and imported all the transactions. Some payments and receipts are in dollars, and some are in pounds. Q1. Does QB automatically convert the dollars to pounds for the purpose of the tax P&L calculation? Q2. If yes, then where do I find the exchange rate it used? Q3. Is the exchange rate calculated at the time of the transaction, or at the time of the import? Q4. If it does not convert, then presumably I need to edit every transaction. How do I do this? Any help appreciated. Cheers
I've been looking for a while but have no idea under what category I should file my Paypal fees ?I receive £90 and then have a separate charge of £3.26 as the fee. It automatically categorizes this under Professional fees, is this correct?
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Using QB Self Employed and the adding manual cash payments isn't working correctly.No date or customer fields.
We have a wine bar and serve food .We have multiple transactions can and card. The till splits the end of day receipt into dry and wet sales ..How do I enter this into Quick books as I do not know which purchases have been made by card or cash? Thanks
Good day, how do I change the setup so when an estimate or invoice is generated you only have to enter the including VAT amount?
I am reporting this bug to support, but if you use the IOS app, then from 7th April 2020 QBO leaves the ship-to address empty on the invoice, although it’s been entered. The web app version works fine, but all our users work on the road, so always use the IOS app. This is across all our QuickBooks accounts, so must be happening to everyone.
I just opened a QB Self-employed account for the purposes of managing expenses, evaluating my tax returns and invoicing. I was under the impression that I could generate and send invoices to clients and they would be able to pay invoices using credit cards or PayPal. However, I am told this functionality doesn't exist for Self-Employed accounts (which blows my mind). How are other self-employed people handling this issue? I've found QB Invoicing. Does that integrate with my self-employed account or is that a separate entity? I just want one place to be able to manage both expenses and invoice payments.
Hi GuysI've recently gone self employed and am using QBSE. I was using Ltd company double entry book keeping before and I don't know if I'm just being overcomplicated.I've generated an invoice and a customer has paid it by BACS.For now, I've marked the invoice as paid, and I've marked the income as Business income.Really I would like to "pay" the invoice with the money received - to tie them together, but I can't find a way to do that - I know it's not really necessary, but its just what im used to and I like things tidy. Is there a way to do this or not? Thanks
I buy products that are subject to VAT and some that are not from the same supplier. How do I split these up when entering the data as I only have the one invoice from them?
Hi,Whenever I pay for anything on Paypal I use my card rather than my Paypal balance. This creates two transactions in my accounts then. One on paypal, and one on the bank I pay from. I usually exclude the paypal transaction (since it doesn't affect my balance at all), and then add the transactions to the correct account in my books.Firstly, I want to ask am i doing this right? and secondly, If i am doing this correctly, i want to know if i am able to set up a rule to automatic exclude the transactions in paypal and then set up a rule to add them on my bank card (most of the payments are to regular suppliers). Would really appreciate any help with this,ha
