Account

QuickBooks Tip for the Day – How NOT to Reconcile your Bank

IMPORTANT: DO NOT under any circumstances, reconcile your bank account/s using the Register. Here’s why. Every once in a while I still come across someone who has not understood how to reconcile the bank account using QuickBooks Reconcile feature. I’m not sure why they would have disregarded the message, but for anyone new, please read the screen shot on the left carefully, as it is...

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QuickBooks Inventory – Part Six – Manual Adjustment

There are a few reasons that you would perform a manual adjustment for your inventory. One could be when you send out samples of your product and the other could be for spoilage or loss-age. To accomplish this lets go through the steps. From your Home page, in the Company section or module, click on the Adjust Quantity On Hand icon. This will open up the Adjust Quantity/Value on...

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Adding New Vendors in QuickBooks

In continuing with this series we now come to the Vendor module. We have been using as an example a British Columbia service based company that provides consulting for companies both on and off-site. In this segment I will deal with adding new vendors. From the Home page let’s check to see if any Vendors have been set up as yet. If you answered the Sales Tax question in Preferences...

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Before you Begin the Input of Customer Transactions

Before you Begin the Input of Customer Transactions

Yes, before you begin to enter in Customer transactions you need to set up some information in the List menu. You will find the List menu on your menu bar at the top of your QuickBooks Home page. After clicking on List it will open up a menu where you will see a number of names. The one that we will deal with at this time is the Item List. When opened, the Item List should show you a number...

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Setting up Bank Accounts and Opening Balances

Setting up Bank Accounts and Opening Balances

  The Opening Balances in QuickBooks relate to the Balance Sheet accounts. If you are starting somewhere in your fiscal year, say after the first quarter, then you will have to input those figures for all the accounts using a General Journal entry. I will first deal with using the account setup and opening balance features before addressing the journal entry. Bank Account – Now you may...

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