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samalia
Moderator

Made for you, Quick-Look FAQ

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Made for you, Quick-Look FAQ  

Welcome to your Global 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 global 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. 

 

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.

 

Help, my bank balance is higher than my QuickBooks balance. Why is that and how can I fix it?

There are a few different reasons why your QuickBooks Balance might be different from your bank balance.  The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks, while the bank balance is your bank's actual balance from the last bank feed update. The difference between balances can be due to outstanding transactions, new transactions for a connected account, duplicate transactions, or edited or deleted transactions. 

We are here to help you fix these beginning balance issues to get you back on track. First, it is recommended to check the transactions added in QuickBooks and compare them to your bank statement. If this is correct, we can then Review any discrepancy reports. Once you know your beginning balance is correct, you can start reconciling

 

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 you walk you through the steps to get you to your perfect template. 

 

I can’t find my bank account listed when I go to connect my bank or credit card account

Ensure you have entered the correct URL into the search. If the spelling and URL are correct and it is still not showing up, you can request support for your bank. In the meantime, you may still be able to download transactions from your bank's website and manually upload bank transactions to QuickBooks Online.

 

Help, I can’t format my banks CSV file 

If you cannot connect your bank or credit accounts in QuickBooks, you can manually import a CSV file directly from your bank. Before you can upload it, you need to make sure the data is in the correct format. We are here to help you check the format of bank transactions in a CSV file you plan to upload into QuickBooks.

 

How do I  add another company to my QuickBooks account?

You can add a company from any region under your QuickBooks account using the same login credentials. Please note,  every company added to your account, counts as a separate company and subscription. 

 

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 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. 

 

3 Comments 3
PradeepL
Level 2

Made for you, Quick-Look FAQ

In QB Online, when I record a partial payment receipt from a foreign customer and then save it, I find that the application has itself added a journal entry for exchange gain/ loss to account for the difference. I was told by a help assistant in a chat, (attached) that it is a system default and cannot be changed. I find this difficult to understand. There can be reasons why a partial payment is recorded-- (a) it is really a partial payment or (b) the customer made a full payment but the difference was in bank charges and also in exchange rate differences or any other reasons. It should be possible for a customer to make their own entries for these differences later.  Please help,

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JasroV
QuickBooks Team

Made for you, Quick-Look FAQ

I'd like to take this opportunity and impart some intuition about the gain or loss in QuickBooks Online (QBO), Prad.

 

The exchange gain or loss in QBO is recognized via the exchange rate field in the invoice. If the invoice has a difference rate than the payment, there will be an exchange gain or loss. This is because the invoice value is difference in the exchange rate.

 

Also, The option to have your customer to make some modifications to their entries is unfeasible. You can only make the changes on your end. You'll just have to open the payment transactions and edit the exchange rate the same as the invoice. Moving forward, to steer clear of it, ensure the rate is identical for both invoice and payment.

 

Additionally, I'd recommend consulting with your accountant for guidance in making these changes. This way, we can prevent messing up your records. 

 

Let me also attach these articles that you can read to learn more about exchange rates:

 

 

Furthermore, I've added these resources that you can utilize for guidance. These contain details on how to link and deposit your invoice payments:

 

 

I'm always here to back you whenever you have other questions about invoices and payments. Have a good one and stay safe!

PradeepL
Level 2

Made for you, Quick-Look FAQ

Hi JasroV,

 

I am afraid your reply is completely off the mark with regard to my query. I understand that partial payment is possible in QB Essential Online as it is outlined here:

https://quickbooks.intuit.com/learn-support/global/manage-invoices/record-invoice-payments-in-quickb...

Unfortunately I am also now told this does not apply to payments received in foreign currencies. There could be various practical scenarios why a foreign payment is (or appears to be ) partial:

1. The customer and the QB user agreed for a partial payment.

2. The customer made a full payment. But bank charges are involved. This happens almost always-- in some cases, the customer bears the charges on both the sides; in some, they do so only for the charges on their own side, leaving me to bear the bank charges on my side and in some other cases, a customer may leave both the charges to me.

3. Exchange rate difference: I use a notional fixed rate both for invoicing and for receipt processing. But my bank would use the rate of the day it received the payment. So there is an exchange rate difference.

 

For QB to ascribe the difference between the payment that I am recording as the one received and the one in the invoice is possibly accounting for 3. But then 1 and 2 are very much real life scenarios. Indeed, if QB allows for partial payments for local customers, then there is no reason why it should not allow it for foreign customers. And above all, bank charges is a reality that is unavoidable for any business receiving payments from overseas.

I hope I am clear now. Thanks.