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Monthly Archives: July 2010

How to Enter a Deposited Check that Needs to be Refunded in QuickBooks

We have a customer with a credit and we have deposited a check from this same customer that we shouldn’t have deposited. The check has not been entered into QuickBooks yet, as we cannot figure out how to do this. I thought we could just increase the first invoice but then that looks like we are owed that amount. So, I hit a wall! We would like to refund the credit and the total amount of the check together from one check. What is the best approach?
Go to Customers > Receive Payment.  Enter the amount of the check you deposited and hit tab.  If there are no unpaid invoices, a box will appear asking if you want to Leave the credit to be used later or Refund the amount to the customer.  Select the Refund option.  Afer you select Save & Close, an Issue a Refund window will popup.  Enter the information for the refund check, and everything should now match up to your checking statement.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How Do Balance Sheet Balances Affect Year-End Closing Entries in QuickBooks

We’ve been making progress on the “to-do list” you left us with.  It seems to be coming together. Yay!  One question has come up:  If we journal entry in “ending balances” so our beginning balances for FY 10/11 match our old software's ending balances, will this affect QuickBooks’ automatic closing entries?
Woohoo!!! 

Balance sheet balances don’t affect the closing entries.  Only profit & loss balances do.  The accounting behind the closing entry is an adjustment to reduce all the revenue and expense accounts down to $0 (which adds up to net income) and moving it to the QuickBooks created retained earnings account, even if you’ve re-named it something else.  This allows you to start the new fiscal year with $0 revenue and expense balances. 

Note:  I normally rename my nonprofit clients' retained earnings account “Need to Allocate” since it needs to be allocated between your unrestricted, temporarily restricted and permanently restricted equity accounts.


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Book Loan Repayment in QuickBooks

I took out loan on one of my houses to pay for a new business venture. I am trying to enter the repayment checks in QuickBooks, but I can't figure out how to split it up between an interest expense account, and another expense account for the non-interest portion. Obviously, the second expense account has to be pointed at the liability account for it to be changed. The trick, which is eluding me, is how to make the non-interest portion apply to both a liability account and an expense account.
Only the interest portion is an expense.  The non-interest (principal) portion isn't an expense, but it does reduce the loan balance.  You should book the interest portion to an expense account and the principal portion to the liability account you created when you received the loan.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!

How to Void Paychecks Already Sent to Assisted Payroll in QuickBooks

I use QuickBooks Assisted Payroll, and I need to void a paycheck that's already been sent into Intuit.  Help!
Here are the instructions about how to void a paycheck with Assisted Payroll.  However, I recommend giving them a call so they can walk you through it to make sure everything's entered properly especially if the paycheck was issued in a prior quarter.  You can never be too careful when it comes to payroll taxes.

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You can void a paycheck after you send it to the Assisted payroll service. If the void is received after processing begins, tax funds may be applied to future payrolls in the same quarter. If the paycheck is in the last payroll of a quarter, tax funds may be refunded by the taxing agencies and an amendment may be required to correct tax filings.

If an amendment is necessary, contact QuickBooks Assisted Payroll support to start the amendment process. (You may be charged a fee for this service.)

Note: We recommend that you back up your data before you void paychecks.

To do this task:

  1. Go to Employees > Edit/Void Paychecks.
  2. Enter a date range in the Show paychecks from and through fields, and press the Tab key to display the checks.
  3. Select the paycheck(s) you want to void.
  4. Click the Void button.  
  5. Check to make sure that VOID: is shown in the Memo column and the net amount of the check is now 0.00.
  6. Once you have read the message that appears, check the checkbox and click Continue. These messages vary based on the check date and the time you start the void process.
  7. In the Confirmation and Next Steps window, click Send Information to Intuit to ensure that your voided paycheck information is sent to the payroll service. You will need to provide your Payroll Service PIN.
  8. Click Done to close the Edit/Void Paychecks window.

 

 


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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

Visit our webstore for great deals on QuickBooks and QuickBooks POS!