Activity Feed for Paulg1969
- Got Cheered for Re: The amount on the Cost of Goods Sold report do not match the amount on invoice posted.. 08-15-2019 06:29 AM
- Posted Re: How should an S Corp handle business expenses paid for by shareholder's personal credit card or bank account? on Other questions. 06-05-2019 12:27 AM
- Posted Re: How should an S Corp handle business expenses paid for by shareholder's personal credit card or bank account? on Other questions. 05-29-2019 01:35 AM
- Posted Re: Owners Reserve on Other questions. 05-24-2019 01:00 AM
- Posted Re: How can I record TDS while recording expenses ?? on Reports and accounting. 05-24-2019 12:57 AM
- Posted Re: How should an S Corp handle business expenses paid for by shareholder's personal credit card or bank account? on Other questions. 05-24-2019 12:56 AM
- Posted Re: Recording fixed asset in the middle of its life on Other questions. 05-24-2019 12:52 AM
- Got Cheered for Re: QB Non profit (church) and monthly rebalancing Unrestricted Net Assets into Temp Restricted Net Assets (a fund and separate class).. 05-12-2019 09:56 AM
- Posted Re: Experience on Other questions. 05-10-2019 06:17 AM
- Posted Re: Cash Basis vs Accrual Basis on Other questions. 05-10-2019 06:13 AM
- Posted Re: QB Non profit (church) and monthly rebalancing Unrestricted Net Assets into Temp Restricted Net Assets (a fund and separate class). on Reports and accounting. 05-10-2019 06:10 AM
- Posted Re: how to apply a large credit to multiple jobs on Payments. 05-10-2019 06:07 AM
- Posted Re: Bank Reconciliations on Banking. 03-25-2019 06:59 AM
- Posted Re: Some one call me please on Other questions. 03-25-2019 06:55 AM
- Posted Re: Airbnb on Other questions. 03-25-2019 06:49 AM
- Posted Re: How to input payment in a different currency than shown on invoice on Payments. 02-28-2019 08:02 AM
- Posted Re: Revenue ID on Reports and accounting. 02-28-2019 07:56 AM
- Posted Re: Does anyone work on percentage of commission? how do you invoice that? on Other questions. 02-28-2019 07:51 AM
- Posted Re: Create "Apply Payments" for Vendor transactions on Reports and accounting. 02-28-2019 07:45 AM
- Posted Re: Vaca prop mgmt co: guest pays, $ is held by company, $ is paid to prop owner minus cleaning fees, company commission, other fees. How and where do I post the fees etc? on Employees and payroll. 02-28-2019 07:41 AM
Paulg1969
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06-05-2019
12:27 AM
My suggestion is that you use Quickbooks with regard to the day to day transactions but on the final day of your financial year move the balance to his loan account, only to reinstate it the following day. That way the closing balance does not appear in the business' accounts but it allows you to process the transactions. Probably the easiest way to do it would be to post a receipt to the credit card for the balance at year-end to his loan and then a payment the next day.
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05-29-2019
01:35 AM
Except that the card is a personal card. Its balance should not appear in the accounts at year end but for practical reason it could be used during the year. Perhaps an easy option would be that the owner of the card pay his own card and then to identify the business use only items to claim from the company. The key point being that the company shouldn't really be paying his card, it is his liability but we know in practice that people blur the distinction so the personal spend should be put to his loan account with the company and at the end of year the balance on the card cleared to this loan by journal only to be reinstated in the following day.
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05-24-2019
01:00 AM
Your accountant won't thank you for doing it though, invoice numbers specific to customers make it difficult to check all invoices are accounted for a numerical sequence is so much easier.
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05-24-2019
12:57 AM
What does TDS stand for?
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05-24-2019
12:56 AM
Personally I don't think the credit card balance should appear on the balance sheet, it is not a liability of the company after all but in practical terms it might be possible to include it and then journal out the balance at the end of the year to that director's loan account to leave the balance at zero and then reinstate the balance next day. The private spend should also be entered as director's loan account.
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05-24-2019
12:52 AM
Is the net book value in your example $40k not on their balance sheet in Quickbooks? If not then you should post some journals to get Quickbooks to agree to the opening balances. If yes then excel is more than adequate for a fixed asset schedule.
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05-10-2019
06:17 AM
An aged old problem indeed, you have my sympathies. I suggest you approach local accountants with a view for potential outsourcing/support trial period or consider offering services to local businesses direct.
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05-10-2019
06:13 AM
Easiest way would be to use the shipping date as your invoice date but if this isn't possible then you could make a journal entry each month/year-end debit accrued income, credit sales.
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05-10-2019
06:10 AM
1 Cheer
You'll need to do a journal entry at the beginning of the new year to move the reserves about the various funds. Quickbooks whilst recognising classes is not trying to keep a separate balance sheet for each.
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05-10-2019
06:07 AM
In receive payments tick a sale invoice you want to pay using the credit, use the allocate credit and then repeat for each one. The system will pop up a warning message about the amount being received being in excess of the amount of the receipt but you can ignore this.
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03-25-2019
06:59 AM
It depends whether you noticed they were wrong last year. If you did and made adjustments for them then deleting shouldn't be too bad but if you didn't then I wouldn't advise it. Alternatively create bank deposits to contra these amounts. Don't forget the VAT implications of what you're about to do if you're in the UK.
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03-25-2019
06:55 AM
Hmm... How would we contact you? Some more details might be helpful.
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03-25-2019
06:49 AM
I think the easiest method would be for you to create a credit note to your renter?
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02-28-2019
08:02 AM
Probably not the answer you want but to save time and energy/heartache. I suggest you enter the invoice on your system in your own currency and then make the payment in your own currency hopefully there is not too much of a timing delay between the two transactions but if there is you can enter the invoice at your best estimate and either change later or post the difference to an exchange rate account.
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02-28-2019
07:56 AM
2 choices, both will need some journal entries when starting a new year. Easiest use "classes" which can be activated in advanced settings. Messier - create additional income/expense headings with a reference to the fund in their name.
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02-28-2019
07:51 AM
You create an invoice for your % commission to your customer.
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02-28-2019
07:45 AM
By using journals you made it more difficult than it needed to be. If for example you had 10 trade creditors then you could have entered a bill for each of them that posted the bills to "other trade creditor" and then you could have 1 journal entry for your opening balances with the balance of trade creditors acting as a contra.
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02-28-2019
07:41 AM
If you're the property management guy then the amount you received from the tenant is a receipt on behalf of the landlord not your sales income. Your sales income is the % you charge the landlord. Hopefully your transactions should look something like this:- Tenant pays - Debit Client bank account, credit Landlord account (accounts receivable) Your percentage cut - Debit landlord account (accounts receivable), credit sales. Pay the landlord and yourself - Debit your debtor with the landlord and the balance to the landlord, credit client bank account. The cleaning cost will depend on who will be responsible for the bill.
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02-28-2019
07:29 AM
the easiest way to do this going forward would be to receive all the underpayments to undeposited funds and then when making a deposit select all of these and then make the transaction equal zero by posting a minus amount to exchange rate difference. For the older stuff you'll probably need to go to receive payments, highlight the amount showing as outstanding and then allocate the credits against these. QB will come up with a warning message relating to the amount received exceeding the amount but you can ignore this after you've allocated the credits.
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02-28-2019
07:21 AM
Not sure why you would not want an April transaction to show in April but if it an issue change the bill date to 01/05 on QB.
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02-07-2019
06:37 AM
Not looking for a definitive answer because I don't think there is one but would welcome others' thoughts on the subject. With making tax disastrous just around the corner, how do other accountants intend to comply/advise their clients? Personally I don't like Quickbooks Online (sorry) and whilst I love Quickbooks desktop it is unfortunately very demanding on memory, or so my IT advice tells me. I also welcome thoughts on Excel products, I have plenty of clients that currently use Excel, I can't really bring myself to advise them down an alternative route. For those for whom I do their bookkeeping at my premises I intend to continue with Quickbooks Desktop, albeit I find myself buying more memory and no doubt will have to call Quickbooks to go through the filing process as up until now have used the Government gateway. My suspicions are that eventually we will all be forced down the online route and at some stage HMRC will attempt to review every single transaction although at present they and the software companies are trying to convince us that this is not their intention. I find myself asking, if the filing online system is not going that way, why remove the gateway that works just fine?
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