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Archive for the 'Transactions' Category

How to Set Up Aging Reports in QuickBooks QuickTip

Thursday, September 27th, 2012

QuickBooks Due Date or Transaction Date Reports

QuickBooks can generate your aging reports either by using the due date of your invoices and bills, or by using their transaction dates. Aging reports track unpaid invoices or bills by showing how much is currently due and how much is overdue. You can tell QuickBooks whether you want to generate your accounts receivable and accounts payable aging reports starting from the due date on your invoices and bills, or from the date you wrote an invoice or received a bill. To specify which type of aging report you want QuickBooks to generate:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Reports & Graphs icon on the left pane and click the Company Preferences tab.
  3. In the Aging Reports section, choose Age From Due Date or Age From Transaction Date by clicking the corresponding radio button.
  4. Click OK to save this setting.

How to Enable Progress Invoices in QuickBooks QuickTip

Thursday, September 6th, 2012

Partial Billing in QuickBooks

In QuickBooks, progress invoices are connected to estimates; you start by creating an estimate for the job, and then as you complete each phase of the job you move items from your estimate to a progress invoice (a partial billing). Using progress invoicing in QuickBooks allows you to invoice your customers in stages, as each invoicing plateau arrives, rather than all at once at the end of the job. You can create an invoice for part of the estimate, and you can show how much of the estimate you have already billed to the customer. In QuickBooks, when you use estimates to create progress invoices, you can track your estimated costs and compare them to your actual costs. In order to do progress invoicing you must create estimates, as the progress invoices are based on the estimates. To enable progress invoicing in QuickBooks:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Jobs & Estimates icon on the left pane and then click the Company Preferences tab.
  3. Be sure that the Do You Create Estimates box has the Yes box checked.
  4. Choose Yes in the Do You Do Progress Invoicing box, and decide whether or not you want zero amount items printed by checking the Don’t Print Items That Have Zero Amount box, or not.
  5. Click OK to save these options.

How to Enable Estimates in QuickBooks QuickTip

Friday, August 24th, 2012

Using Estimates in QuickBooks

For certain customers or certain types of jobs, it may be advantageous to create estimates. A QuickBooks estimate looks very much like an invoice, and you fill out the fields in the same manner as you use for invoices. It’s important to understand that creating an estimate doesn’t impact your financial records. An estimate isn’t an invoice, but it can be the basis of an invoice (or multiple invoices if you choose to send invoices as the job progresses). In QuickBooks, when you create your first estimate, a nonposting account named Estimates is created in your chart of accounts. The amount of the estimate is recorded in this QuickBooks account, but nothing will show up on your Profit and Loss statement because an estimate isn’t a sale and will not affect your bottom line. To use estimates you must first enable the preference. To do that:

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Jobs & Estimates icon on the left pane and then click the Company Preferences tab.
  3. In the Do You Create Estimates box, choose Yes.
  4. To have QuickBooks alert you if you attempt to use the same estimate number, click the Warn About Duplicate Estimate Numbers checkbox.
  5. Click OK to save your settings.

 

How to Enable Aliases in QuickBooks QuickTip

Sunday, August 5th, 2012

Using QuickBooks Aliases to Match Online Transactions

In Quickbooks, an alias is a way to match the payee name on an electronic payment to a vendor name in your QuickBooks company file, when the names don’t match. You can use an alias to let QuickBooks know how to match a downloaded transaction if you entered the transaction in your bank register (or your credit card account register) and the payee name in the downloaded transaction doesn’t match the payee name on the register, or if you didn’t enter the transaction in your bank register (or credit card account register) and the payee name doesn’t match an existing vendor name when you select the option Add One To Register.

It’s not uncommon for a payee name on a downloaded electronic payment to differ from the vendor name that you use in your QuickBooks company file. For example, you might have a vendor named BigBank that automatically deducts payments from your account, but the bank uses the name BB4445 (which might be your loan account number) when creating online payments. To match the payment with the correct vendor in the Online Banking Center you could change the name of your vendor to BT4445 in your QuickBooks file. However, this will only work if the only payments to this bank are for this loan. If you have multiple loans or other types of payments to this bank and you’re tracking them in different accounts, using a loan number as a vendor name doesn’t work—so you must create an alias.

Before you can create aliases you must first enable the Payee Aliasing feature in the Checking category of the Preferences dialog. To be sure the feature is enabled:

 

  1. Choose Edit | Preferences from the QuickBooks menu bar.
  2. Click the Checking icon on the left pane to open the QuickBooks Checking preferences, and click the Company Preferences tab.
  3. In the Online Banking box, check to be sure that the Payee Aliasing Is On radio button is checked. [Note: The Payee Aliasing option will not appear in the Preferences dialog unless you have enabled a bank account or credit card account for online banking.]
  4. Click OK to save this setting.

How to Apply Price Levels in QuickBooks QuickTip

Wednesday, August 1st, 2012

Linking Price Levels to Customers in QuickBooks

After you enable and create price levels in QuickBooks, you can then apply a price level to customers. Remember, once a price level is linked to a customer, sales transactions for that customer reflect the price level automatically. To apply price levels, for each customer:

1.      Choose Customers | Customer Center from the QuickBooks menu bar.

2.      Click the Customers & Jobs tab and double-click the customer’s listing.

3.      Enter a price level in the Price Level field of the Additional Info tab by using the drop down list.

4.      Click OK to save the setting.