December 1998. It had been a long day, somewhat pleasant business discussions, but tiring. Worn out by nonstop budget and personnel deliberations, I had retreated to the comfort of a nice hotel room in a Munich suburb, made even nicer by its quiet warmth as a snowstorm raged outside. Advertisements
This is easiest if it’s an office expense. >NEW TRANSACTIONS >ENTER BILL. Once the bill screen has come up, click on the little CREDIT dot above vendor name. Fill in everything as you would for a regular bill. Note: You don’t put in a negative amount. Since it’s a credit, QuickBooks knows it’s negative.
When the bill from the supplier/vendor comes in, change the Item Receipt reference number to the invoice number. >NEW TRANSACTIONS >ENTER BILL FOR RECEIVED ITEMS. This should match the item receipt (although here is where you may have to enter expenses to match the supplier’s bill).
This topic has already been covered in Accounts Payable and Item Receipts. Here, that information is pulled out and clarified a bit. = = = = = = = = Choose a supplier from whom you have received the material.
An inventory group allows you to sell a bunch of items all together on a customer’s invoice, such that only one “item” appears on the invoice, but QuickBooks decreases inventory on every single item in that “group” cleanly, where you can see the effect on all inventory reports. It’s most useful when Sales has “cherry-picked”… Read More Inventory groups
The principle for getting good balances entered by vendor and customer is pretty much the same with inventory opening balances. This exercise is ONLY for companies who were using accounting software that did not properly transfer detail to QuickBooks during conversion. For example, some companies may use simple accounting software for G/L, and Excel for… Read More Conversion: A/P and A/R balance forwards
If you are converting from another accounting software package (or from a manual system, e.g. Excel) to QuickBooks, the following provides a good checklist to follow. Massage it to match your company’s requirements, but somehow ensure that all processes are taken into consideration, and properly documented! Audit trail for conversion is critical. The to-do list… Read More A good conversion checklist
I will start by saying that this is not the only way to net A/R and A/P. I’ve seen shortcuts that other accountants use that get you to the same place. But to me, this is the safest way to do it. This provides the greatest amount of documentation (audit trail), and is easiest to… Read More Netting A/R against A/P (offsets)
The following is a method I developed over ten years ago, one I have tweaked through the years. Most recently, it was used successfully on a conversion from “Peachtree + Manual (Excel) Inventory” to “QuickBooks 2013 Enterprise for Manufacturing and Wholesale with Advanced Inventory”.
When you are setting up new vendors or customers, occasionally you will have a customer who is also a vendor. Or you will have a vendor for which you wish to have more than one vendor name (e.g. one AT&T Mobility account for each bill you receive for cell phones, because each bill has a… Read More Other names (vendor/customer set-up)