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LSE
Super Explorer **

How do I apply a credit amount to the amount owed to vendor?

I have entered a number a bills that we owe a vendor which are sitting in Pay Bills. I also see the correct total of credits due to this vendor showing below.

 

When I click Set Credits, on the top it shows a small dollar amount as a credit and then lists all the correct credits due below. When I try to check off each of the credits it does not allow me to do so. It just takes off the same amount showing on the top.  When I try to adjust it and check off the credits the amount does not come of the payment due.

 

I hope this makes sense.....lol

Thanks, Laurie

Solved
Best answer 10-31-2018

Accepted Solutions
Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

First, Chase Card Services is not a vendor for purposes of AP activities. There is no Bill for Chase, if that is your credit card provider. Don't mix Credit Card activity into AP.

 

Next, you are showing Available credits of 5 transactions, total is $842.85, in the first image (Pay Bills). The top part of the Second Image is the $744.85 Bill you selected, to start from, so that you can apply credits to it. In that pop up you used all credit balance from the first line ($349.98) and only $22.74 of the next line. Scroll Up, to see you used up as many Credits as possible and now the $842.85 bill has been paid in full by Credits, leaving some credit on the 4th entry and all credit on the 5th entry still available. The scroll bar is on right, here.

 

And again, is this Enter Bill for Credit Card, and Vendor Credit for Card returns? Because that is not how to manage a credit card in QB. You use Banking menu > Enter Credit Card, when you Charge something. You never bought anything from Chase; they are your Lender. The statement is Not a  bill; you didn't not buy everything on that one date. This is used to Reconcile the card account. If you return something, that is Credit Card Charge, change the radio button at the top to Credit/Return.

 

Every time you used the card you take a micro-loan and are more in debt to Chase. You already see this in the Bal Sheet. Never use a Bill against the CC account. At the end of the reconciliation, Escape or Cancel and do not make a Bill to pay later; that is simply hiding one liability in another. Make the check, put the amount on it, the date you pay, and the CC account is the "expenses tab" entry.

36 Comments
Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

I'm not quite clear on how you are doing it

 

in pay bills, check mark all bills to be paid
click set credits, check mark each credit that is to be used, and click done

 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

Look at the Unshaded Columns. These are your control points for this:

"and then lists all the correct credits due below. When I try to check off each of the credits it does not allow me to do so. It just takes off the same amount showing on the top"

 

You Uncheckmark the credit you don't want used this time. Or, you enter an Amount to use in the Unshaded Column for that Row. Save the work in the pop up, and move on to the next bill. You completely control the data in that pop up.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

We want to use all the credits available.

But up on the top it is showing a 744.85 credit? Not sure where that is coming from.

We are looking to pay the 10K minus the 842.85. But as you can see that 700 dollar figure it not letting me do that.

 

Thanks.....

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Here is the second photo

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

I agree that is how it should work but with a credit or something showing on top it wont let me use all of them. I responded in a bit more detail to another person who kindly is helping, please look at that  so you can get a better idea of the issue that I am having,

 

Thanks! 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

First, Chase Card Services is not a vendor for purposes of AP activities. There is no Bill for Chase, if that is your credit card provider. Don't mix Credit Card activity into AP.

 

Next, you are showing Available credits of 5 transactions, total is $842.85, in the first image (Pay Bills). The top part of the Second Image is the $744.85 Bill you selected, to start from, so that you can apply credits to it. In that pop up you used all credit balance from the first line ($349.98) and only $22.74 of the next line. Scroll Up, to see you used up as many Credits as possible and now the $842.85 bill has been paid in full by Credits, leaving some credit on the 4th entry and all credit on the 5th entry still available. The scroll bar is on right, here.

 

And again, is this Enter Bill for Credit Card, and Vendor Credit for Card returns? Because that is not how to manage a credit card in QB. You use Banking menu > Enter Credit Card, when you Charge something. You never bought anything from Chase; they are your Lender. The statement is Not a  bill; you didn't not buy everything on that one date. This is used to Reconcile the card account. If you return something, that is Credit Card Charge, change the radio button at the top to Credit/Return.

 

Every time you used the card you take a micro-loan and are more in debt to Chase. You already see this in the Bal Sheet. Never use a Bill against the CC account. At the end of the reconciliation, Escape or Cancel and do not make a Bill to pay later; that is simply hiding one liability in another. Make the check, put the amount on it, the date you pay, and the CC account is the "expenses tab" entry.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Thank you very much. I was able to figure it out and pay everything.

Yes, I know that we are not handling the credit card payments as intended via qkbks, however we are a small section of a large non-profit and are unable to access the bank accounts so we can set up the credit card accounts. Therefore we simply use them as a vendor so we can produce the reports that we do need.

Thank you again for you assistance.

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

For this part: "however we are a small section of a large non-profit and are unable to access the bank accounts"

 

You don't need Connectivity to manage this properly.

 

"so we can set up the credit card accounts. Therefore we simply use them as a vendor"

 

Yes, the  card provider is a Vendor Name. None of this is AP activity.

 

"so we can produce the reports that we do need."

 

But it's not the right Basis. AP doesn't show on Cash Basis reporting. The use of credit card type = shows on Cash Basis.

 

There is no reason not to do the bookkeeping using the proper tools, no matter if connectivity exists or not.

 

Example: A Governmental entity that does not have Bank accounts in reality, has a Bank Type of account in QB named "Warrants" because they need to manage the movement of funds on their own behalf, even though they are not in charge of an actual bank account; the parent entity manages a fund on their behalf and processes payment requests (warrants) and collects tax revenues on their behalf and notifies them of collections and assessment changes.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Wow . . . interesting. I kind of got pushed into the deep end of the pool here....(smile).

 

They have been simply entering checks and deposits in the check register for years. Now they realize that qkbks can produce some really nice and needed reports and have asked me to 'figure it out.'  I have no problem with that and have some experience with qkbks as I used it in my own personal business years ago. But it is a bit difficult not having a fuller knowledge. 

 

I began by entering all credit card receipts in Purchase Orders (which now I see should be in credit cards.) We have five (5) different credit cards holders and would need to enter each receipt specified for that card holder to include the vendor where items were purchased. I have already tagged our items to the proper accounts.

 

Any other vendor we pay in Enter Bills. They are still entering all deposits directly on the check register.

 

Any additional information and/or support is appreciated.

Thank you . . . Laurie

 

 

 

 

 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

Let's start here: "I began by entering all credit card receipts in Purchase Orders"

 

You use a Purchase Order as your own Tracking tool, to see and manage orders you placed with suppliers of goods and services, to track qty and arrival dates, and to better match that with Date needed and/or Date selling that to the customer for whom you placed that good or service on order, or to restock inventory.

 

You never use PO for something you already got and Paid for. There is no need to manage and anticipate that order's fulfillment.

 

"(which now I see should be in credit cards.)"

 

We are discussing Spending and purchases. Not tracking Orders.

 

"We have five (5) different credit cards holders and would need to enter each receipt specified for that card holder to include the vendor where items were purchased. I have already tagged our items to the proper accounts."

 

That's exactly the point: what date you spend how much with whom for what reason, which resulted in your going more in debt to the card provider on that date because of that purchase you just paid for.

 

"Any other vendor we pay in Enter Bills."

 

You use Enter Bill, because someone allows you to buy from them and pay later. Example: Your landlord is no going to need a purchase order and won't send you a  bill. They expect you to Pay Rent, on schedule. Staples is not an Enter Bill; they do not allow you to drop by and pick up stuff, promising to  pay later when they send you the bill to pay. You already had to pay when you s topped by for printer paper. That is Expense from checking or credit card charge.

 

Just because you see data entry tools, you only use them because that specific tool matches something you need to use. You don't use them All, just because they are there. Bills are AP - Accounts Payable. Example: If I am an auto-body shop, NAPA brings parts around to us and drops it off with a Packing slip that is the bill to enter today, for the parts delivered today. At the end of the month, they send the list of all deliveries I charged with them, I confirm it in my Pay Bills screen, and that is AP.

 

"They are still entering all deposits directly on the check register."

 

That means they are bypassing Customer transactions and Sales, then? You on't have to use QB for these functions, such as you also have a Web Cart process. Or, you do want this part of the info to be QB functions, for proper management and reporting.

 

This is not just "doing some banking." It is managing the business financials and operations.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

First let me thank you for taking the time to absorb my improper use of Quickbooks. (smile)

 

I understand what you are saying and can see where we have gotten off on the wrong foot in adjusting our use of qkbks.  We began attempting to use qkbks differently September 1st. If errors were made, and I am beginning to see that there are plenty, it would not take a lot to go back and re-enter some items. But, let me explain a bit more so you understand how we got here.

 

We do not sell anything. We are a non-profit organization. Accounting gets receipts that have already been picked up, used and paid for by 5 corporate credit cards, which is about 90% of the record-keeping needs. So we are basically maintaining information after the fact. Another small percentage is paying utilities and if we need to reimburse someone for items they bought.  Since this is a large maintenance program that we are involved with at this building some items that are purchased are needed to be bought again at a later time. That information needs to be maintained so we can locate the vendor and other information from the initial purchase. Our headquarters maintains all detailed accounting records. We just need to keep track of our expenses and the contributions that come in.

 

I was maintaining that information in Excel, but there was a suggestion made that perhaps we could maintain that information in Quickbooks and use qkbks for more than just writing checks from the check register!

 

However, it appeared that there was not enough space or places on a Bill to track enough info, therefore we discussed entering on a purchase order. That is how that started. From what you say, I can see this is a rather unconventional format to say the least.

 

With our 5 different credit card holders and a list of accounts that there purchases are attached to, I need to be able to create a report showing how much was spent in each account for all of the cards combined. This is a report that goes to our headquarters. But I am already finding out that the way I am doing it does not seem to give me the report I need. So this is already becoming an issue.

 

I would really like to establish the correct way to maintain all of this information, because there are various reports that will need to be created periodically. 

 

Again, thank you for your time.

Laurie

 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

This is a typical misunderstanding: "We do not sell anything."

 

You get funded, somehow. That reason people pay you is the "Charge" or "Sale" that reflects your income. Even if that is only Grants, that is Income. If that is Reimbursement Grants, you will be "charging" the Grantor what you incurred, so that they can send your reimbursement, which is your Gross Income.

 

"Accounting gets receipts that have already been picked up, used and paid for by 5 corporate credit cards, which is about 90% of the record-keeping needs."

 

Yes, and that is why there is no Accounts Payable activity here. Using CC = I  already paid for it.

 

"That information needs to be maintained so we can locate the vendor and other information from the initial purchase."

 

When you use Enter Credit Card Charge, you enter the Payee name right there. This is the same as any Purchased activity. The tools are: "I paid from Checking, I paid from CC, I haven't yet paid and they allowed me to Owe them."

 

"Our headquarters maintains all detailed accounting records. We just need to keep track of our expenses and the contributions that come in."

 

Uh, right; that is Gross revenue and expenses. We all do this.

 

"I was maintaining that information in Excel, but there was a suggestion made that perhaps we could maintain that information in Quickbooks and use qkbks for more than just writing checks from the check register!"

 

Yes, QB is not just "manage this bank account" but "Manage this Entity's operations."

 

"However, it appeared that there was not enough space or places on a Bill to track enough info, therefore we discussed entering on a purchase order."

 

Let's review why that makes no sense: they are the Same Input Screen. The only difference is Status. PO = Only a planning tool and not actually financial. Bill = Bought it but haven't yet paid for it. Check and Credit Card Charge = Actually Bought it and Paid for it already.

 

You have the Same Amount of info in PO as Bill. It offers no Additional Room. It is meant for a different step along the process from Ordering, to getting that order Fulfilled, to Paying for it.

 

"That is how that started. From what you say, I can see this is a rather unconventional format to say the least."

 

It's unnecessary Steps, for your operation. I use a PO when I place an order or a contract and want to track fulfillment. Not because I need more Space to make entries.

 

"With our 5 different credit card holders and a list of accounts that there purchases are attached to,"

 

The best reference for the Chart of Accounts is the tax form this entity files. Typically, that is 990.

 

"I need to be able to create a report showing how much was spent in each account for all of the cards combined."

 

That would be your P&L.

 

"This is a report that goes to our headquarters. But I am already finding out that the way I am doing it does not seem to give me the report I need. So this is already becoming an issue."

 

All you need to do is enter the spending using the tools, and run the Reports menu > Company & Financial reports are right there.

 

"I would really like to establish the correct way to maintain all of this information, because there are various reports that will need to be created periodically."

 

I recommend the book Running QB for NonProfits, by Kathy Ivens.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Thank you again for responding with such detail....

We volunteer onsite on Mondays so yesterday we had a chance to review some of the things you have mentioned.  All agree that it makes sense that if we are going to using qkbks more fully  we need to do so in the way it was intended. 

 

I think I should focus first on setting up the credit card accounts. We have 5 credit card holders but I need to be sure that it can be set it up so we can pay with one payment. I reviewed some previous information in the community and will follow these instructions.

 

arent (Reconcile) Account
>John’s Card xxxx
>Jane’s Card xxxx
>Josh’s Card xxxx

 

To create a sub account, follow these steps:

  • Click the Gear icon at the top, then select Chart of Accounts.
  • Choose New at the top.
  • In the Account Type drop-down, select the account type (Credit Card).
  • In the Detail Type drop-down, choose the type of account you want to create (Credit Card).
  • Enter a name for the account In the Name field.
  • Check the box for Is sub-account, and chose the parent (reconcile) account.
  • (Optional) In the Balance field (not available for all account types), enter an opening balance for the account. Then in the as of field, enter the date of the balance.
  • Click Save and Close(or Save and New if you want to enter another account right away).

Once you have entered in all of the accounts and mapped everything, you can start connecting your bank accounts. 

We have already set up another account that automatically transfers the required funds, I just need to be sure that the 5 accounts will show as one payment in qkbks.

 

Now on to income, I am not sure that they want to adjust the way the donations are recorded.  Currently as I mentioned earlier we are simply entering the donations (that we have already received)  in the check register. This is working but would that hamper any reports down the road? If so, you are suggesting we record incoming donations as sales?

 

And yes, I am looking for the latest version of the book you suggested.

 

Thanks again, really appreciate your time,

Laurie

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

"We have 5 credit card holders but I need to be sure that it can be set it up so we can pay with one payment"

 

 

Of course; just Split the details. When you pay for Water, Sewer and Garbage to the City, that would be three lines on the check details. The same is true for paying Credit card = split and allocate the details.

 

You use the Structure of Parent: Child accounts, if the Statements and the card provider manage it like that. One Corporate account statement tyring to reconcile for separate cards; if that is not your reality, don't use that structure. This still means Splitting the payment details into each subaccount allocated amount, or the Sublevels keep running up a balance and never get Paid Down.

 

You manage credit card data properly so that your Financial reports have the proper data on them.

 

"Now on to income, I am not sure that they want to adjust the way the donations are recorded.  Currently as I mentioned earlier we are simply entering the donations (that we have already received)  in the check register."

 

Which is Generic Banking. You would not even use Names, with this method. You have no "sales reporting" because that is Banking. You have not got, for instance, any differentiation between Program Fees, Donations, Sponsorships, etc. If some of the money is related to Sales Taxes from selling products, you just called it Income.

 

"This is working but would that hamper any reports down the road?"

 

It affects all Activity reports. Your Banking is fine; you have no Operational data to report.

 

"If so, you are suggesting we record incoming donations as sales?"

 

Of course. Like this:

 

I attend an event, so you charge me for Ticket Sales + a Donation item, because I overpaid you. Or, you hold a fundraiser pizza party blowout, and you Summarize the event, wanting to include Quantity of Pizzas sold; or Christmas Wreaths fundraiser, where you use a Noninventory item that is linked to expense and to income. You put the item on the purchase with Qty info; you Sell and keep using Qty, and then you can evaluate how many you bought, how many you sold, and how much Profit you made. Perhaps you do Trees and Wreaths = two type of noninventory products for the season's fundraiser. All of this info might be useful. Only you know if it helps.

 

A Child Care provider submits counts to the State and County for food subsidies, for example. Qty is a great piece of Activity and Operations data.

 

And Pledges (invoices) for Sponsorships, is a nice tool.

 

None of this is Banking. Banking is the Last Task, not the first.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Thanks, I read over your last response. A bit detailed so I am trying to absorb it all. (smile)

 

But I looked at the Banking area of qkbks and saw the drop down to create a credit card account. I will add the five accounts first thing tomorrow. 

 

Since these past 2 months we have added the credit card charges incorrectly as PO's and paid as bills will we need to reenter each one or will they show up correctly on future reports? If we need to reenter and balance not a big deal.

 

I just need to be able to create a report containing all credit card charges at the end of the month, when balance is paid, showing how much was charged to some of our accounts, and we do payoff the entire bill each month.

 

Again, I can't thank you enough for your patience!

Laurie

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

I am glad to clarify this for you.

 

"Since these past 2 months we have added the credit card charges incorrectly as PO's"

 

That is simply an unnecessary step. It was "NonPosting" all along = not even a real financial entry. And you have these two conditions: Each Real Purchased from name is one PO; or the Card Provider is the name for the PO. The second condition means the Bill is wrong from the perspective of who you bought from and when. PO simply is a redundant prequel to entering the actual purchase; PO = tracking what is on order and not fulfilled. You used CC and Bought something.

 

"and paid as bills will we need to reenter each one or will they show up correctly on future reports? If we need to reenter and balance not a big deal."

 

Think of your Accounting Requirements. AP doesn't report on Cash Basis. The day you paid for something with a credit card is supposed to Show in reporting. Make sure your Purchases report in the proper period. Make sure you are comfortable with the Vendor Name or Purchased from.

 

Here is what is fine: You realize you used a Bill dated in Jan for everything on the Statement that ended Jan 25, as Vendor Name = VISA. You also Paid it in Jan. You see everything was purchased in Jan. You realize you don't care about actual Payee Names. Fine.

 

Here is what is Not Fine: You realize some of that stuff was bought in Dec = different tax year. You realize some of that is a payee name that Matters to you. Remember, factually, VISA did not sell you anything and it wasn't all bought on this one date = Bill is Not Fine.

 

Another consideration: you don't pay in Full. AP allows for this. But CC purchases are always supposed to show on the reporting, even if the card debt balance is not paid in full.

 

"I just need to be able to create a report containing all credit card charges at the end of the month,"

 

For an Accrual Basis entity, you simply need to confirm the dates on the entries are your date of purchase, since Bills show on Accrual Basis reporting, even if not paid. CC shows on Both Basis. In reality, it isn't "one balance at the end of the month" but "a running balance that changes throughout the month" because each Purchase is a micro-loan from the card provider.

 

"when balance is paid, showing how much was charged to some of our accounts"

 

When The Balance is paid, that is not the purchase date. All through the course of using the cards, you are incurring Expense entries. When the payment is made, your checking goes down and the credit card balance goes down because you paid down a Debt. You did not just buy office supplies; that already happened previously and put you more into debt, for the date you Charged it.

 

"and we do payoff the entire bill each month."

 

You Pay Your Balance. There is no Bill. Let's use the word Statement; we pay off our Balance in Full. If you change your terminology, you change your understanding of this process.

 

And for Payee Names, you don't need everyone to be on the Vendor List. For instance, I use "Misc  Supplies" so that I don't need every office supply store or "Misc Food" and "Misc Fuel" because every restaurant you use in the course of business is Not going to send you a bill to pay later and you don't need them as an individual Payee name on credit card charges.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Thank you!

I am about to drive into this but a quick question.....I am looking for the book you suggested but it seems the 3rd edition is very hard to find. Would the 2nd edition give me what I need or do you think I should wait and locate the 3rd edition?

Thanks, Laurie

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

OK, I went over everything and think, I’ve got it.

 

I still tend to think that since they want everything in the system correctly since Sept 1st that I should re-enter the receipts from our Sept and Oct credit card statements correctly in the credit card form. This way the information will be in the system correctly. That will not take long and I can then delete the old bills.

 

Yes, I can see that the date entered needs to be the actual date of purchase on the receipt.

There are times when we do need to know the actual vendor and items purchased for things other than food, fuel and a few other things. There are many times when we need to either reorder an item or sometimes return an item purchased and I need to be able to locate the item and vendor so I can locate the receipt rather easily. Plus all the vendors are in the system already since they have been using qkbks since 2009.

 

We do pay the statement in full each month. I appreciated your explanation so I have the proper understanding.

 

Regarding entering in the CC form, I can see that if I use the items tab, rather then the expenses tab, I can enter the particular item purchased (which of course is already tagged to an account) as well as details when needed.

 

Now after I enter the credit card receipts in the credit card form, where do I go to check off the receipts I want to pay when our statement comes?

 

Also, which report should I chose to create the list and totals of credit card purchases that were paid for a particular statement? I see that Profit and Loss detail may be the place to start but the report needs to just show what was paid for on a credit card statement, not a particular time frame.

 

Thank you, thank you, thank you!

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

This is exactly why you use Enter Credit Card Charge: "There are times when we do need to know the actual vendor and items purchased for things other than food, fuel and a few other things"

 

You now have the purchase transaction showing the source of the spending was CC.

 

This is Always true for Bill, Check and Credit Card entries: "I can see that if I use the items tab, rather then the expenses tab, I can enter the particular item purchased (which of course is already tagged to an account) as well as details when needed."

 

The Job reports rely on your use of Items on the items tab. This allows you to note that an item is something you make, do, sell, charge, buy, or buy and sell. They link to one, two or three accounts, depending on the type of activity and the necessary data flow. This also allows you to use Quantity, to see cost and price and profit in Item-based reports, in Name-based reports, in Profitability reports, and to control the sales tax status, for sales transactions.

 

I nearly never enter anything on the Expenses tab, because nearly everything I do is Job Tracked, even if it is Billable or Not. Items are how you avoid micro-managing your Account structure.

 

"Now after I enter the credit card receipts in the credit card form, where do I go to check off the receipts I want to pay when our statement comes?"

 

Banking menu > Reconcile. Select that CC account.

 

"Also, which report should I chose to create the list and totals of credit card purchases that were paid for a particular statement?"

 

Again, let's review and restate: You will see all of this in the regular financial reporting, because it is Fuel or Office Supplies. or whatever. Once the entry is here, you can run a report on the source account of the CC, too. But the question of "purchases that were paid for a particular statement" isn't what happened. You have Purchases, and they are all paid, already. It isn't an issue of "particular statement."

 

The statement is Activity, not Paid or not. The purchase are all completely Paid = paid by using the card.

 

"I see that Profit and Loss detail may be the place to start but the report needs to just show what was paid for on a credit card statement, not a particular time frame."

 

What was bought by using the credit card. Let's drop the word "paid." They are All Paid. A statement is a timeframe report of your activity.

 

Each of these stands alone as a fact:

I bought something on a date and it is Already paid for, on that date, if I used the Card.

 

The statement is a listing of Card Activities, showing why my balance increased and decreased over time.

 

Every purchase is Paid.

 

I am more in debt to the card provider, and that is a Micro-Loan process. Nothing about my expenses is Paid or Not Paid.

 

 

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Ok good, good....I am feeling a little smarter now....(smile)

 

Regarding the report I need to be able to produce....

Once we get the credit card statement I need a report showing the amount of the activity broken down by the various accounts for that time frame. 

If the statement was for 4500.00 with 20-30 various receipts.....

$1000. in 2039

$550. in 3846

$1500. in 4735

and so on..... 

In years prior, while they were just paying bills in the check register it would take literally hours for them to manually create a report showing this brake down.

 

Tomorrow I will be entering the October receipts in the credit card form, then process. Then I guess I will have to delete all of the bills I entered incorrectly, lol. That will be a big relief to get it done right!

 

Did you see my question about the book?  Will the 2nd edition be ok? The 3rd edition seems to be pretty hard to get.

 

I can't thank you enough for offering me such great help..... I hope I have not tagged your patience (smile).

 

I'll let you know how it goes....

Thanks again, Laurie

 

 

 

 

 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

You can do this at any time, as part of regular financial reporting: "Once we get the credit card statement I need a report showing the amount of the activity broken down by the various accounts for that time frame."

 

It does not Depend on getting the statement. It depends on getting the Entries made.

 

"In years prior, while they were just paying bills in the check register it would take literally hours for them to manually create a report showing this brake down."

 

Reports menu > Company & Financial > Profit and Loss Standard > Customize > Filters tab. Filter on Account = that Credit Card or Multiple (and then in the pop up, select all credit card accounts). For the Radio buttons, select Include Split Detail = Yes. Do not use the "for detail accounts matching" option.

 

Retitle it.

 

Memorize it.

 

Now you Own that report version as your own.

 

The book is fine; you are simply asking about updates, which typically happens to update the methods for the images because QB changed. Not because the Methods or Concepts changed.

 

 

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

Ok, this gets better and better each day!

 

Had a little computer issue yesterday (didn't effect qkbks) and couldn't enter the data. But I have entered some credit card charges today and checked the report for the totals within a period of time per your instructions....and it looks really good!

 

And I see that  I can find a full listing of each credit card entry in 'P&L Detail'! Sweet... 

 

I also looked at 'Reconcile,' makes perfect sense.  I can see that I will choose 'Chase Credit Card' (that's what I named the cc account.) Each card holder is a subaccount to Chase. I think that will work just fine......Super big thank you!

 

Question..... when our credit card statement is due.....the funds are automatically withdrawn from our bank account.  So, when I complete the reconciliation will I have the ability there to select the bank account that the funds have already been taken from? Is it on that first screen?

 

 

Ok now.... Donations. I know you explained that money comes in from somewhere, which is considered income or sales. So I started looking at the 'Donations' entry form. I guess if we want to use qkbks correctly (the way it was intended) we would want to enter donations there. It looks pretty straight forward and allows us to add a donation number. We number our donations differently depending if they are debit/credit or check/cash, which can be done there.

 

Thank you....This is all making perfect sense and I am feeling quite comfortable with it. I am creating a requested instruction manual, so it is imperative that I understand everything well enough to explain it to others.

 

Your patience is appreciated!

 

I ordered my book....I'll have it Sunday!

 

 

Established Community Backer ***

Re: How do I apply a credit amount to the amount owed to vendor?

Hi, just a warning, I have been selected for a long jury trial (that's where I was all day yesterday) and won't likely be much help after this weekend, and I just happened to check in to see this got updated.

 

"Question..... when our credit card statement is due.....the funds are automatically withdrawn from our bank account.  So, when I complete the reconciliation will I have the ability there to select the bank account that the funds have already been taken from? Is it on that first screen?"

 

Your options are to Reconcile and at the end of the reconciliation, you would hit Escape or Cancel, to avoid having the program try to Help you by making an entry for you. Or, you let it create a Check, which you then control for date, payee, and amount. Or, at any time, you make an entry to reflect real life, such as: Oh, before I left town for Patagonia, I put $5,000 payment in advance on that card to avoid maxing it out. Or, you wait for the banking download.

 

The point is that your One Payment in "write checks" needs two lines, one amount allocated to each subaccount. Then the checking account sees this as a Match to the existing entry you already made.

 

"Ok now.... Donations. I know you explained that money comes in from somewhere, which is considered income or sales. So I started looking at the 'Donations' entry form. I guess if we want to use qkbks correctly (the way it was intended) we would want to enter donations there."

 

"Sales Receipt" = you are already paid for that date = Donation Form.

"Invoice" = someone owes you and will pay later = Pledge form, or Grant Award form. Payment follows Later. This still can be where you list a Donation Item, though. The difference is When did you get paid: For that same date or not.

 

"It looks pretty straight forward and allows us to add a donation number. We number our donations differently depending if they are debit/credit or check/cash, which can be done there"

 

In QB, you use Payment Method, not "Debit/Credit,Cash/Check" as coded indicators, but as the Function "Payment Method."

 

The transactions get numbered, to make it easier to see them in reporting and keep track of them. You don't need to use Codes to track something provided for. Payment Methods are provided for and reported on.

LSE
Super Explorer **

Re: How do I apply a credit amount to the amount owed to vendor?

No problem, as you can see I have not been active for a bit. Took a little time off, but I am back to working on setting this up. 

First, I want to thank you so very very much as you have been so incredibly helpful. I could never thank you enough. 

I hope your jury duty went well and you enjoyed the experience.

 

If you are available I need to revisit the credit card charge report I need to create.

I have entered all of the credit card receipts since mid-summer using the credit card form. We have 4 credit card holders currently and each entry was specified per holder and correct date was entered. 

I will reconcile Sept, Oct, Nov and Dec tomorrow. I'll fly through that, I know all entry is correct. However, I need to create a report that encompasses the charges specific to only those on that one statement that shows how much was spent on each of the accounts. The report cannot be per month, it must be per statement. How can that be accomplished? 

 

Thank you again . . . . I hope you are back.  :smileyhappy:

 

 

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