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ANSWERS TO MOST FREQUENTLY ASKED QUESTIONS
What is the Difference Between Accounts Receivable and Other Current Asset?
Accounts Receivable is a current asset that is only established in the form of Income to be received from a Customer that has been Invoiced. It is the amount a company has a right to collect because it sold goods or services on credit to a customer. In general, when a...
What is the Best Way to Record Purchases Made by the Business Owner with Personal Cash or Credit Card?
As a business owner myself, I know that it is unavoidable at times - mixing business with personal funds, but this is not good business practice and should be avoided as much as possible. Why? Because, it is very easy to overlook business expenses that are paid with...
How to Reconcile Paypal Account in QuickBooks
Reconciling Paypal account in QuickBooks is similar to reconciling a bank or credit card account in QuickBooks. You want to ensure that your beginning balance in QuickBooks matches the beginning balance for the period you are reconciling, and subsequently selecting...
Why Is My QuickBooks Profit and Loss Report Not Showing Owner’s Draw?
Your Profit and Loss Report is not showing Owner's Draw because Owner's Draw does not belong on a Profit & Loss Report and should not be there. Owner's draws are not expenses so they do not belong on the Profit & Loss report. They are equity transactions shown at the...
Downloading Paypal Transactions to QuickBooks
There are two ways to download Paypal transactions to QuickBooks: 1) via .iif file and 2) via .csv or Excel. I do not recommend the IIF approach as it does not allow for editing before uploading to QuickBooks, and Paypal transactions are not as seamless as bank...
Merging Bank and Credit Card Accounts in QuickBooks
Obviously, if you are merging two bank or credit card accounts, it means they are for the same credit card or bank account. You have either lost or misplaced your credit card and have received a new one, or have had your current bank account changed due to fraud, etc....
Is QuickBooks an Ideal Accounting Software for a Law Firm?
There are a few specific challenges with using QuickBooks for law firm accounting: Tracking advanced costs correctly when paid out of the Operating account Billing for those advanced costs to the client Tracking and billing for time, using as much or as little detail...
How to Accurately Enter Third Party Payroll into QuickBooks
The best and most accurate way to enter third party payroll into QuickBooks is to enter them via Journal Entries. First, you want to setup the expense as well as the liability items of the payroll in the Chart of Accounts. Then you want to enter one journal entry for...
How to Clear Items from the Make Deposit Window in QuickBooks for a Past Period that Was Already Reconciled
Since the accounts were reconciled for the period in which the deposits relate, it means that the same revenues were reentered directly to a bank account register without realizing that they were already entered, and are in the "undeposited funds" account waiting to...
How to Reconcile Your Monthly Bank Statements With Your Bank Balance in QuickBooks
If you are using QuickBooks Pro for Mac or Windows, go to Banking then Reconcile and select the bank account you are looking to reconcile from the dropdown menu. (If you are using QuickBooks Online, click on the gear icon at top right of screen where your company name...