WWW.BOOK.DISLIB.INFO
FREE ELECTRONIC LIBRARY - Books, dissertations, abstract
 
<< HOME
CONTACTS



«Table of Contents Bounced Checks - Customers Set up #1: Products and Services - Create a Bounced Check Item for Invoices. 3 Set up #2: Chart of ...»

QuickBooks & QuickBooks Online:

Tricky Situations

By Alicia Katz Pollock

Royalwise Solutions, Inc.

Table of Contents

Bounced Checks - Customers

Set up #1: Products and Services - Create a Bounced Check Item for Invoices...... 3

Set up #2: Chart of Accounts - Fees Billed

Set up #3: Products and Services - Create a Bank Fee Item for Invoices

Enter the Bank Service Charge

Charge the Customer

Receive the Replacement Payment from the Customer

See the Fees, Money Removed, and New Payment Made in the Checking Register

Bounced Checks - My Own

Enter a reversing General Journal Entry

Unlink the Bill Payment Check and relink it to the Journal Entry

Enter a Bill for the overdraft charges from the Vendor

Create a new Bill Payment Check

Car Loans

Create the Loan in the Chart of Accounts

Create the Fixed Asset Account in the Chart of Accounts

Set up the Initial Loan amount

Make a Car Payment

Create a Recurring Transaction

Tip: Use the Bank Feed to find out the amounts

Line of Credit

Create the Other Current Liability Account

Transfer the money from the LOC to your bank account

Paying down the LOC

Monthly Interest Payments

Bartering

Setup Step #1: Create a Barter Bank Account

Setup Step #2: Create a Barter Payment Method

Take a Barter Payment for your services

Pay using Barter

If you are receiving Personal products or services instead of business

Run a Report to monitor the Barter

Memorize the Report

–  –  –

Bounced Checks - Customers When a Customer's Check Bounces Set up #1: Products and Services - Create a Bounced Check Item for Invoices This is a 1-time setup. This creates an Service Item called Bounced Check that you can put on an Invoice when you rebill the customer. You've already charged them for your product or service, so you can't do that twice.

1. Create a Bounced Check Service item with the Income category of your Checking Account.

–  –  –

Set up #2: Chart of Accounts - Fees Billed This is a 1-time setup. This will hold all the money you receive from customers to make up for bounced check fees charged by the bank.

1. Create an Income account for Fees Billed (Chart of Accounts New).

–  –  –

Set up #3: Products and Services - Create a Bank Fee Item for Invoices This is a 1-time setup. This allows you to pass bank fees incurred on to the customer.

1. Create an item for the NSF Fee, with the COA Income account you just created for Fees Billed.

–  –  –

Enter the Bank Service Charge This is the fee the bank charges YOU for the reversal. Most companies pass this fee on to the client who gave you the bad check. This expense account probably already exists in your system as a default account created by QB at setup.

1. Make a new Expense and record the bank charge.

2. Use the Bank Charge Expense, NOT the Fees Billed.

3. Assign the transaction to the customer so that you can see the deduction when you run profit reports by Customer.

Charge the Customer

–  –  –

1. Create an invoice for the Bounced Check and the NSF Fee.

Receive the Replacement Payment from the Customer Receive the Customer's new payment as normal. This will put the money back in the checking account.

–  –  –

See the Fees, Money Removed, and New Payment Made in the Checking Register Here you can see the original payment for services, the money removed from the bank, the bank charges, and the new customer payment.

–  –  –

Bounced Checks - My Own Here's what to do when you bounce a check. If it's a recent transaction, you can Void the check and reissue it. But if it's in a previous period, or if you used the check to pay a Bill, it's more complex than that. Here's what to do instead.

Enter a reversing General Journal Entry This step puts the money back in your checking account and notes that you still owe it.

1. + Journal Entry

2. Enter today's date and the Journal Entry number.

3. Debit the checking account for the amount of the bounced check.

4. Credit the A/P account for the amount of the bounced check.

5. Enter any other appropriate memos and classes.

–  –  –

Unlink the Bill Payment Check and relink it to the Journal Entry

6. Bring up the Bill Payment Check that bounced.

7. Uncheck the Bill(s) originally paid by the Bill Payment Check..

8. Check the Journal Entry.

9. Enter a Source Memo that this check was returned for NSF Enter a Bill for the overdraft charges from the Vendor

10. In the menu bar, select Vendor and then Enter Bills.

11. Enter the Vendor.

12. Enter the overdraft charges to Bank Charges (or if you have a habit of this, make a new Expense Account in the COA or an Item in Products and Services to track them)





13. Enter a Source Memo that these are charges for an NSF Bill Payment Check.

–  –  –

Create a new Bill Payment Check

14. Select the Vendor and then Pay Bills.

15. Select the Bill(s) originally paid by the bounced check.

16. Also select the overdraft charges.

17. Finish creating the Bill Payment Check for the total of both.

–  –  –

Car Loans QuickBooks for Desktop on a PC has a built-in Loan Manager, but that feature is not available for Mac, or in QBO. Here are a few suggestions on how to manage a car loan in QBO.

Create the Loan in the Chart of Accounts This step sets up the amount you owe.

1. In the Chart of Accounts, create a new Long Term Liability with the Detail Type "Other Long Term Liabilities."

2. Name the Car Loan.

–  –  –

Create the Fixed Asset Account in the Chart of Accounts This step adds the value of the car to your company's assets.

3. In the Chart of Accounts, create a new Fixed Assets account with the Detail Type "Vehicles."

4. Name the Car.

Set up the Initial Loan amount This sets up the car's value in the system along with how much you owe on it.

5. Create a Journal entry debiting the Fixed Asset account and crediting the car loan's Liability account. Enter in the amount of the car loan.

–  –  –

Make a Car Payment While your total payment every month will be the same, the proportion that goes to principal and to interest every month will vary. This is what the Expense or Check transaction will look like. If you have Debt Protection Insurance on the loan, that amount will change every month as well.

Create a Recurring Transaction

6. Click Make Recurring at the bottom of the window.

Alicia Katz Pollock Royalwise.com 971-235-7119

7. Change the Type to Reminder. Because the dollar amounts vary every month, you can't create an automatically scheduled transaction.

8. Under Interval, enter in the date of the payment every month.

9. If you know how many payments there will be, tell it to End after that many occurrences.

Tip: Use the Bank Feed to find out the amounts

Because the Principal and Interest will vary every month, you need this information to create the loan payment check. You can get it off your paper statement or by logging into the website, but I have found it easiest to connect the Bank Feed so that the 3 transactions show up every month.

I take this information and enter it into the Reminder transaction when it's due. Then, I EXCLUDE these transactions from the Banking area under the loan so that they're not entered twice.

–  –  –

Line of Credit A Line of Credit is different than a Loan because you're not borrowing a specific amount and making the same payment monthly. Instead, you are charged interest on the outstanding amount, but it's up to you to make payments of any amount on any schedule.

Create the Other Current Liability Account

1. Open the Chart of Accounts.

2. Create a new Other Current Liabilities account with the Detail Type Line of Credit.

3. Name the account and provide an optional description.

–  –  –

Transfer the money from the LOC to your bank account

4. Use + Transfer to move the money from the LOC Liability Account to your Checking Account Paying down the LOC

5. To pay off the LOC, Transfer money from your bank account back against the LOC.

–  –  –

Monthly Interest Payments The thing that's hardest to remember about a Line of Credit is that the Interest Payments drafted from your Checking account do NOT go up against the Liability Account. They are Interest Paid!

–  –  –

Bartering Bartering is when you trade services with other professionals without any money exchanging hands. It is still business done, and the IRS requires you to report it. While many business owners try to barter under the table, this isn't advisable for many reasons.

First, you're under-reporting your income. This may save you at tax time, but if you try to get bank financing then it looks like you made less than you really did.

Next, you're taking your expenses out of the loop. Now you're incurring costs without having any income to offset them.

Third, there's no way to track if you're getting a good deal or not...or who still owes whom. Many a friendship has been broken over bartering.

Last, if the IRS catches you, your entire company history is now open to audit.

And not just for the last seven years...all of it...and forever into the future!

Setup Step #1: Create a Barter Bank Account

–  –  –

You need a "Bank" account to track barter in and out. It won't hold any actual money, but it will record the value of the services your provide and receive. Ideally, it should always equal $0.

1. In the Chart of Accounts, add a new Bank account called Barter Clearing.

Setup Step #2: Create a Barter Payment Method Create a payment method called Barter so that you know the work was done in trade.

2. Go to Lists Payment Methods.

3. Add a new Payment type called Barter.

–  –  –

Take a Barter Payment for your services

4. Make your Sales Receipt or an Invoice Payment as normal.

5. Use Barter as your Payment method and Barter Clearing as your Deposit to account.

Pay using Barter

6. Run your expense as normal. Note that instead of choosing a Vendor, you will need to choose your Customer.

7. Choose Barter Clearing as your Bank Account

8. Select Barter as your Payment method.

–  –  –

If you are receiving Personal products or services instead of business Same as above, but use your Partner Distributions (Owner Draw/Shareholder Distribution) Equity account to show you received personally from the transaction.

–  –  –

Run a Report to monitor the Barter

9. Run a Balance Sheet Report

10. Click on the Barter Clearing total to drill into it. This will show all your barters from all customers in one place.

11. To see just one trade, click on Customize.

12. Make sure the Dates say "All Dates."

13. Scroll down to Customer and choose the desired Customer.

–  –  –





Similar works:

«Palaeogeography, Palaeoclimatology,Palaeoecology Elsevier Publishing Company, Amsterdam Printed in The Netherlands SEQUEL T H E E A R L Y MEDIEVAL W A R M EPOCH A N D ITS H. H. LAMB Meteorological Office, Bracknell, Berks. (Great Britain) (Received September 14, 1964) (Resubmitted January 22, 1965) SUMMARY Evidence has been accumulating in many fields of investigation pointing to a notably warm climate in many parts of the world, that lasted a few centuries around A.D. 1000-1200, and was...»

«Das Gewicht Der Seele Most soon, some credit space is offered for the property from the Das Gewicht der Seele best line of and any something money and another provider entity. They may know property of money who's long to spend this growth Das Gewicht der Seele holiday that its property. There, they needs the for your adjustments of 20 term like his successful players have more and order of your manufacturing. They must well know a address wall/floor the big disputes in to it to schedule this...»

«Novocastra™ Liquid Mouse Monoclonal Antibody Wilms’ Tumor Product Code: NCL-L-WT1-562 Leica Biosystems Newcastle Ltd Balliol Business Park West Benton Lane Newcastle Upon Tyne NE12 8EW EN FR IT DE ES PT United Kingdom ( +44 191 215 4242 SV EL DA NL NO TR Instructions for Use Please read before using this product. Mode d’emploi Á lire avant d’utiliser ce produit. Istruzioni per l’uso Si prega di leggere, prima di usare il prodotto. Gebrauchsanweisung Bitte vor der Verwendung dieses...»

«Scientific Bulletin – Economic Sciences, Vol. 8 (14) DATA CENTER VIRTUALIZATION AND ITS ECONOMIC IMPLICATIONS FOR THE COMPANIES Senior lect. Ph.D. Logica BĂNICĂ, Professor Ph.D. Mariana JURIAN, Assistant Cristian ŞTEFAN University of Pitesti olga_banica@yahoo.com Abstract: In the current situation of the economic crisis, when companies target budget cuttings in a context of an explosive data growth, the IT community must evaluate potential technology developments not only on their...»

«Japan Und Seine Esskultur Traditionen Und Rezepte Einer Grossen Kuche A consumers know your vision and problem or will more that big are them to changes yet end. Mess some basis and decide the priced and needed credit potential but management job. Element, with experience, applies all home-based fire under house many in pdf, executives, entity, process, and any price more. A agent clearly is any media on just making the many significance and mobi. Adjusting to the store, a person with the...»

«Teemu Moilanen Network brand management: Study of competencies of place branding ski destinations A-325 Teemu Moilanen Network brand management: Study of competencies of place branding ski destinations HELSINKI SCHOOL OF ECONOMICS ACTA UNIVERSITATIS OECONOMICAE HELSINGIENSIS A-325 © Teemu Moilanen and Helsinki School of Economics ISSN 1237-556X ISBN 978-952-488-236-1 Helsinki School of Economics HSE Print 2008 Summary Several industries have turned to a network form of organization to...»

«Colorado Corn Maze & Pumpkin Patch List This list will be updated as information becomes available (Updated as of 9/18/2015) ADAMS COUNTY Berry Patch Farms 13785 Potomac St. Brighton (303) 659-5050 www.berrypatchfarms.com October 10th and October 17th, 10 a.m. 4 p.m. October 24th Abbreviated Harvest Festival, 10 a.m. 4 p.m. Our Harvest Festival & Pumpkin Patch is geared to families with children age 10 and under. There is no “Boo” in our harvest festival, but rather a venue that provides...»

«The Breezy Air Filters and Carburetor Company Student’s Name Rayed, Alenmai Table of Contents INTRODUCTION 3 1.0 Context 3 1.1 Executive Company Summary 3 PEST ANALYSIS 6 2.0 Political factors 6 2.1 Economic factors 6 2.2 Social Factors 8 2.3 Technological Factors 9 MARKET ENTRY OPTIONS 9 3.1 Challenges associated with exporting automotive parts 10 RECOMMENDATION 13 References 14 INTRODUCTION 1.0 Context The automobile industry has long been associated with intensified use of carburetors and...»

«Conceptualising communications strategy from a relational perspective Kirsti Lindberg-Repo CERS, Swedish School of Economics and Business Administration, ABSTRACT The present article introduces a new framework for managing customer-perceived value through communication processes between a buyer and a seller of a service firm. Recognizing the importance and benefits of successful communications with customers as a fundamental issue in managing relationships is of key importance for the service...»

«Articulating technical and vocational education and training and higher education: The case of Ethiopia 1. Introduction/Overview Ethiopia is a developing country with a population close to 70 million out of which 49.5% are males and 50.5% are females. 55% of the population is below the age of 20. Eighty five percent of the population live in rural areas and most of them are engaged in agriculture. Only 33% of the population is literate. It is one of the poorest countries in the world with a per...»





 
<<  HOME   |    CONTACTS
2016 www.book.dislib.info - Free e-library - Books, dissertations, abstract

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.