Learn how to enter an opening balance for bank, credit card, and other types of accounts. Your accounts in QuickBooks need to match the real-life bank and credi
When you create a new account in QuickBooks Desktop, pick a day to start tracking all of your transactions. You enter the balance of your real-life bank account for the day you pick. This way, QuickBooks matches your bank records from the start. This starting p...
Before you can start entering credit card payments in QuickBooks, you need to ensure that you have a merchant account set up. A merchant account is a type of bank account that allows businesses to accept credit card payments from customers. If you already have a merchant account, you can sk...
bank errors, unrecorded expenses, or timing differences in transaction processing. For instance, if a check is issued but not yet cashed by the recipient, it can result in a negative balance until the check is presented for payment. Similarly, bank errors or unrecorded expenses can contribute...
(1) you take a Refund Advance loan, (2) IRS delays payment of your refund, or (3) your bank’s policies do not allow for same-day payment processing. 5 Days Early fee will be deducted directly from your refund prior to being deposited to your bank account. If your refund cannot be...
If you've had the account for a while, start your opening balance on the same day as the beginning of your next bank statement. Whatever date you choose, use your bank statement to get the account's balance for that day. Tip: QuickBooks tracks all of yo...
To do this, others upload bank transactions and them to QuickBooks, or they enter them one by one. However, it will take time especially when a client has a lot of transactions. Taking the shortcut. As for the customer and supplier balances out of open invoices ...
I too have questions on how to enter a credit/refund where I exchanged a product from a vendor for money back. Because of this, I cannot balance my Quickbooks with my bank account and going to the forum on how to 'enter a refund from a vendor' will take me to 'pay bills ...
I thought this worked perfectly but now my vendor totals are off - showing a negative and an overdue amount so this option does not work to balance the account either. Quickbooks needs to create the ability to match a vendor credit to a credit card cred...
I know this is wrong but I don't know what a JE would be for this 1 payment. I have the bank transaction showing the debit of $639 but need to lower the interest payable account, reflect the interest paid and record the payment to the loan. OR Since it's cash...