Reports and Accounting

Hi Team, At the time of migration from QuickBooks desktop Enterprise to QuickBooks desktop Premier, the credit card opening balance when importing to Chart of Accounts was incorrect. The amount in the chart of accounts should have reflected £279.61 instead of £416.49.  We have identified our mistake and would like to reflect the correct opening balance.I went to the chart of Accounts and selected the account 'Credit Card' and  edited the amount by putting the correct amount £279.61, by doing so this has an impact to share capital account. My share capital increases by £136.88.Any suggestions on how can i edit the credit card opening balance without impacting my original P&L, Balance sheet account. If you are telling me i should record under opening equity balance - Just to let you know i do not have this account type. Kind Regards,Shaun Gonsalves

Hi, I am looking for some advice in setting up equity accounts and recording drawings made from them.The business is a simple partnership and we intend to draw a monthly sum as wages. One partner has made an initial investment, but the other starts with zero equity. Profits to be shared 50:50. This monthly sum is not intended to reduce Partner 1's equity, further drawings to reduce that will be made when funds allow. Following one of the guides, in the Chart of Accounts I set upPartner's Equity with sub accounts Partner's Equity - Partner 1 and Partner 2.How do I record the monthly drawings, especially given Partner 2 technically starts at zero?Do I need to make a journal entry, crediting some profit to the equity accounts that I can then draw on (and record as an 'expense'? If so, which "account" gets debited? It is my understanding that retained funds are allocated for this purpose at year end, but what about mid-year? In addition to the above question, when I set up the ac

Accounts to 31st December 2021 were prepared and when subsequent accounts to 30th June 2022 were prepared changes had occurred in the Cost of Sales & Stock asset for which there is no evidence of and transactions on the audit Log or other reports.   Between 7th July & 4th August the figures had again changed for both periods with no relevant modifications etc in the audit log.  How is this possible?

How Can I activate "Bank accounts" on the home page?

Hi, is anyone else experiencing rounding discrepancies when submitting their monthly CIS returns? The report totals showing within Quickbooks don't match up with what's being reported to HMRC. Last month it was a discrepancy of 5p, and this month 4p. I know this is only pennies, but I expect much more accuracy than this with my accounting platform. :-/

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Can anyone direct me as to how I can see turnover for a set period with the sales and hours shown separately.. We have a shop where we supply only, and supply and fit, and need to see the turnover for each. If anyone can help it would be greatly appreciated.

Hi allWe need to complete a self assessment for HMRC as a sole trader. We would like to add 10% of our utility bills (mainly electricity) as a expense. We pay all our utilities via personal account not connected with QB or our business (which we have a dedicated account for). What is the best way to do this? Thanks

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I recently started a Ltd company, and I need to put my purchases into categories. Nothing seems like a clear place to log things...This is a building/renovation firm.What category would I use for tools/equipment that I purchased e.g. a hammer?What category would I use for products that I purchased for use in the job e.g. a piece of wood?What category would I use for a specialist company working on site e.g. a new water supply? Thanks in advance

Hello, I’m new to business and I have a question regarding the sale of second hand goods. This is a theoretical situation. If I traded a sofa for a TV for personal use before I had the intention of selling it for business, how should I record the value of the product? If I’m no longer able to produce a receipt for the sofa and I’m not sure how much it’s currently worth, how should it be recorded on my accounts when I’ve sold the TV for £100? I need to know what my profit margins are, but I wouldn’t have an accurate way of getting a price of the sofa. Thank you!

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I have set up the VAT report correctly. It does shown the no vat entries, that is all. The report is for an internal review before submission which our accountant does. It is for a custom period of 3 months

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Hi everyone...I have scoured the internet and QB forums but I can't find the answer to this query - maybe because I don't have the right language/terms to describe it (please be understanding of my layness!). In QBO Plus, I can't figure out how to report on budgeted expenditure Vs actual expenditure - without income changing the reported budget! I just want to know if we spent what we expected to spend, never mind what income we get. Our forecasted income is currently making our budgeted expenditure very confusing - with minus budgets because we're forecasting expenditure before income etc. What I want is something fairly simple for all classes: July 22, budgeted spend £200 in Class Green - actual spend: £150, underspend for month: £50 accrued budget balance: £50August 22, budgeted spend £200 in Class Green - actual spend: £40, underspend for month: £160, accrued budget balance: £210 At this rate I'm tempted just to delete all forecast income entries into the budget

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In addition to my business, I also work fulltime for another company. How do I account for other employment in Quickbooks?

Hello can anyone help?I have been adding in expenses and click 20% S tax or vat. when I run the year report to find out my income and expenses it’s only giving me all my expenses before the tax/vat. does anyone know why? Shouldn’t it show the full amount? 

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Hi Does anyone know how I can set up a Financial/Profit & Loss/Income statement incorporating budgets and previous years?Many thanksTony Carr

client set up shared reports not available to new client member or to accountant - reports set up as shared

HI Is there an easy way to filter the accounts list so that only inactive accounts are listedI can see on the accounts list that you can include all inactive but there are included in the whole listI want to make these accounts "active" so that I can clear POS Thanks