Made for you, Quick-Look FAQ

Made for you, Quick-Look FAQ                                                  

Welcome to your Singapore QuickBooks Online Community! 

We’re here to get you the help you need when you need it so that you can get back to business. We’ve put together a list of FAQs from our Singapore customers that answer your most asked questions from the last quarter.

Help, I can’t sign in

We know how important it is to get the help you need, especially if you’re having trouble signing in. These troubleshooting steps will help you get you back on track. 

I am having trouble with importing my custom invoice into QuickBooks Online

QuickBooks Online allows you to create custom, professional-looking invoices, estimates, and sales receipts. We are here to help walk you through the steps to get your perfect template. 

How do I receive or make a payment on a foreign currency transaction?

QuickBooks Online is able to issue invoices or bills in different foreign currencies. However, when recording payments received/made, we are only able to use the home currency bank account or the bank account with the currency that matches the Invoice/Bill. You will first need to ensure that you have multicurrency enabled and are on QuickBooks Online Essentials or Plus version, then we’ll walk you through the steps to issue a transaction in a foreign currency. 

How do I track and record the changes in exchange rates on my foreign balances?

If you have accounts payable or accounts receivable in a foreign currency, you may need to keep track of the changes in exchange rates on your foreign balances. Until you recalculate the home currency value of your foreign balances using current exchange rates, your reports show the home currency value based on the exchange rates you used at the time of each transaction.

When you need your financial reports to show your foreign balances’ current home currency value at the end of a reporting period, you can enter a home currency adjustment.

Help, my bank transactions are not matching with foreign currency bank account

It is not possible at this time to use the “find match” option with foreign currency bank accounts, even if the transaction currency is the same as the bank account currency. As a workaround, you have the option to exclude these transactions and manually record them within your QuickBooks Online account. This ensures that your accounts remain balanced. 

How do I file and pay my GST or Tax in QuickBooks Online?

We understand filing and paying your GST is an essential part of business. QuickBooks Online makes it easy for you to file and pay your taxes, so you can get back to what matters most. 

How do I delete my data and start from scratch in QuickBooks?

In order to purge your data and start from scratch, you will need to ensure your company is less than 60 days old and that you have a QuickBooks Online Essentials, or QuickBooks Online Plus account. Please note that this will not work for QuickBooks Online Simple Start versions. This process will delete all of your company's data, and you are unable to restore or reverse this. Once you are ready to purge your data, follow the steps listed below:

1. Log in to your QuickBooks Online account.
2. Change the URL to include /purgecompany.
3. Example: URL shows https://qbo.intuit.com/c28/app/homepage, change to: https://qbo.intuit.com/c28/app/purgecompany.
4. The next screen will provide a summary of the items to be deleted.
5. Type the word “YES” once the data gets deleted, then click OK.
6. Click Wipe Data once your selections are complete.
7. Once the deletion is complete, you will be rerouted to your home page.

If not, you need to cancel your account, and start a new subscription.

How do I record a customer refund, overpayment, or credit?

There are different scenarios to record a customer refund, overpayment, or credit. You can use refund receipts if a customer asks for a refund for an item or service, or record a refund to your customer using Cheque or Expense if:

• They want to redeem their open credits.
• They made a prepayment for an order but canceled it before receiving the goods or services.
• They want you to reimburse an accidental overpayment.

Using Cheque or Expense to record the refund reduces your bank's balance and offsets the customer's open credit, overpayment or prepayment.

How do I import data from another software or QuickBooks Desktop into QuickBooks Online?

Lists and Opening Balances migration is the recommended method of migrating data from another accounting system to QuickBooks Online. This method brings across open transactions and Chart of Account (General Ledger) balances as of a specified date, usually the end of an accounting quarter and, if possible, the end of your financial year. For instance, if you wanted to migrate as of 1st June 2020, then you would migrate any open transactions and account balances as of that date. Using this method, your Balance Sheet is brought over as of 31st May 2020. We are here to help make things easy, check out   Common Questions about importing data into QuickBooks Online.