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ANSWERS TO MOST FREQUENTLY ASKED QUESTIONS
How To Setup Preferences and Items for Job Costing in QuickBooks for Contractors
Accurate job costing is one of the most crucial tasks for managing job-based businesses such as construction companies, professional services firms, and even non-profits that are awarded grants. Many owners put this off because it seems too complicated or...
How Do I Reimburse My Employees via Direct Deposit While at The Same Time Allocate Reimbursement to Customer?
How Much Different is QuickBooks Online than QuickBooks Desktop?
QuickBooks Online interface is very different, and if you are use to the desktop versions, you probably will not like the Online version. It works differently and what can be easily done in the desktop version in a few, usually requires jumping through 2+ hoops in the...
How Do I Work in My QuickBooks Desktop File on Both My Home and Work Computers?
There are three (3) options to accomplishing this task. Option 1: You can backup the file you last used - each time you use it, and restore it to the next computer you will be using. This is highly discouraged! Under no circumstances would I advise using multiple...
What is Causing My Cost of Goods Sold Accounts to Show Negative Numbers?
The most common cause of this problem is that some items are using COGS for the income account. If you have invoices with items that have a COGS account as their income account, this will definitely cause a negative Cost of Goods Sold. Review the invoices hitting COGS...
How to Enter Startup Costs or Expenses Paid for With Owner’s Personal Monies
The way in which these startup expenses are entered will depend on how the owner wants to treat them - loan or investment, the way the business is structured - Sole Proprietor or Single Member LLC, Partnership or Multi Member LLC, or Corporation, as well as when these...
Why are Some Deposits Still in Undeposited Funds Account in QuickBooks and How Do I Fix This?
In order to use the undeposited funds correctly, it is important to understand how it really works. What are undeposited funds? Think of the Undeposited Funds account as an envelope where you keep checks until you take them to the bank. If you deposit more than one...
How Important is it to Use the Undeposited Funds Feature in QuickBooks?
The main purpose of the undeposited funds feature in QuickBooks, is to give users the option of receiving customer payments and applying them to their Invoices on the dates received, while having a place to house them until they are ready to be deposited to the actual...
How to Correct the Opening or Beginning Bank or Credit Card Balance in QuickBooks in Order to Accurately Reconcile
The way in which you handle a beginning balance that does not match your statement depends on whether or not the account has ever been reconciled in the past. If it has never been reconciled, you can change the opening balance by following these steps: Go to List in...
How to Handle Customer Retainer and Subsequent Invoicing in QuickBooks
There are two types of retainer fees: one type is used as a downpayment where a customer or client pays a lawyer an amount, for example, and when the lawyer does work for the client he Invoices for that portion and offsets the Invoice total against the downpayment....