journal entry

Further to the Sales Receipts Bug in QB’s Online Version

Further to this on going problem with the Sales Receipt bug in QuickBooks Online, I received a call from the QBO Tech Support person that I had been dealing with. He informed me that the Journal Entry that I had entered in to zero out the amount in the Customer Account, now had to be deleted. Just what I needed, more complications to a major problem. Really! Why? Well, because the duplication...

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Sales Receipt Bug in the QuickBooks Online Version

I have encountered a bug in QuickBooks Online to do with entering a Sales Receipt and subsequently receiving payment at the same time. What has happened is that the Customer account amount does not clear off and remains as an Open Balance. Confusing you say, well it had me scratching my head for a while, so I called Tech Support up. Problem there, was the number to the Canadian Tech Support for...

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QuickBooks Liability Accounts and Working with Them

If you have viewed your QuickBooks Chart of Account Liability Types, you will notice that there are two. One is the Other Current Liability, which is used to track liabilities that a company expects to pay within a year. Some examples might be Accounts Payable, Credit Card Accounts, Accrued Vacation Pay, Payroll Liabilities or the HST Payable. The other liability type is Long Term, which is...

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QuickBooks Other Accounts and How to Work with Them

This article starts a series with other accounts and how to use them in QuickBooks. Since I have already covered Inventory and Banking (cash) in a previous series (see Categories) , let’s turn our attention to some of the Other Current Assets. These might include, but not limited to, term deposits, GIC’s, Money Market Paper, T-Bills, Advances and Prepaid Deposits or Expenses. As...

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QuickBooks Banking – Transferring Money Between Accounts

Recording the transferring of money in QuickBooks between accounts is quite easy. I am going to use the sample company to transfer $5,000 from chequing to savings to show you how. From the Menu Bar choose Banking/Transfer Funds. Starting from the Date field I will enter in the following information. Transfer Funds From– Chequing Account, Transfer Funds To – Savings, Transfer Amount...

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