Hello RaeAsh, thanks for posting in the QuickBooks Community about 100 percent VAT transactions. If you are wanting to post directly to the VAT control account, you could do a journal entry. We'd advice speaking with an accountant for direction on how to do that as we are not trained acc...
Prepare a payroll journal entry or ledger entry to record your payroll. You can skip this step if you are using an accounting software like Xero or QuickBooks, which automatically creates the journal entries for you. Once you've completed the reconciliation process, you're ready to generate you...
Because fixed assets do not expire within a year, you’ll need to expense them over time. This is done by calculating depreciation over the useful life of the asset and then posting a depreciation journal entry to your general ledger using the app...
Accounts payable is a liability account, so if you’re using double-entry accounting, any increase to this account would be posted as a credit, with a corresponding debit made to an expense account. Entry when adding a utility bill to your accounts payable account. Image source: Author When ...
The basic plan is limited, so if you want to access all of Xero’s features, you’ll have to purchase an expensive higher-tier plan. The system’s reports sometimes fail to combine manual data with automatically generated data. There have been issues when using Xero to generate 1099 forms...
That was implemented due to creating inventory and for creating “Cost of goods sold” (COGS) later on. The problem with this is that landed cost is added to the supplier (ie to Account Payable), which means the amount has to be manually amended via “Journal entry”. ...
Nobody wants to be late in making a payment. Accounting software will flag payments that are due soon, ensuring you see them with plenty of time to pay them. Using manual systems, you alone are responsible for viewing your manual ledger o...