QuickBooks Online (QBO) is one of several options from QuickBooks. It is very different from QB Premier or Enterprise, which are more robust and better suit our industry. For instance, QBO does not have customer sales orders, which are pivotal in QB Premier and Enterprise. That being said…
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Ask the Accountant… Question: I had some accounting in college. Can I enter transactions in QuickBooks as Journal Entries instead of learning the software? Answer: QuickBooks is designed to follow their designated flow so that your entries are recorded correctly. By doing this, the debits and credits are recorded automatically in the background of the…
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Ask the Accountant… Question: Can I add calculations to reports in QB Premier? Answer: Yes. QB Premier has a wide array of reports, and you can access the QuickBooks Community for contributed reports. All QB Premier reports can be expanded by way of a link to Excel. Click on Excel at the top of the…
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Ask the Accountant… Question: I have to produce 1099’s for some of my vendors. How do I get a record of these vendors and their costs for the year? Answer: When you set up a vendor in QB Premier, go to: Vendor > Vendor Center > New Vendor > Enter contact information. Under “Tax Settings,”…
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Ask the Accountant… Question: A customer is placing a reorder. Is there an easy way to do that in QB Premier? Answer: Yes. Open the original sales order and click “Create a Copy” at the top of the screen. Make any adjustments to prices in the new sales order, then create the supplier purchase order…
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Ask the Accountant… Question: The price for QB Premier has gone up a lot recently. I found a much lower price online. Is it the same thing? Should I wait and see if the prices come down? Answer: Intuit has significantly increased the prices for QB Premier 2021. The wholesale pricing has nearly doubled, and…
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Ask the Accountant… Question: I have an older desktop version of QuickBooks Premier (too embarrassed to mention the version/year). So far, it seems to work fine. What are the disadvantages of staying on an older desktop QB version? I have a sense there’s something I don’t know but should. Answer: By using an old version…
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Ask the Accountant… Question: I produce my month-end statements and then do my reconciliations whenever the statements are ready. Is that the right order? Answer: Reconciliations are an important step in keeping your data up to date. Reconciliations are a safeguard that your numbers are correct, or at least entered in your system. A reconciliation…
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Ask the Accountant… Question: QuickBooks can send payment reminders to clients. What do you know about it? Answer: That is a new feature in QuickBooks that might be helpful, but . . . I have reservations about it for our industry, because the automated nature of the payment reminders takes away the personal nature of…
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Ask the Accountant… Question: Recently, I had a question about what a balance sheet shows, so I thought I’d tackle income statements as well. Answer: The income statement is also known as a profit and loss statement, or a P&L. It shows what you have earned and what you have spent to produce a profit…
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