Tips & Articles

This Week's Question: When Check Register Balance Does Not Equal the Chart of Accounts Balance

Checking Account Balance

Q - Why does the balance for my checking account in the chart of accounts listing not equal the correct balance on my bank register and Balance Sheet?

A - This is a common question we get and the source of the problem can be related to several factors.  The first thing you want to do is run the Balance Sheet with a date range of "All" to ensure we are getting all transactions that make up the balance.  Many times post dated transactions are in your data file that will cause this scenario.

This Week's Question: Paying for Expenses from the Cash Drawer in POS

Point of Sale Cash Drawer

Q - In QuickBooks Point of Sale how do I properly show a payout when I pay for expenses out of the cash drawer?

A - This is a great question and is actually quite easy if you follow a few simple steps.  It's important to know good internal controls are imperative if the cash drawer is going to be used on a regular basis for minor expenses.  These controls will allow you to properly account for the drawer's activity at the end of the day.

Click on Point of Sale > New Payout. A window will pop up as shown below.

QuickBooks Report: Deposit Listing By Bank Account

QuickBooks Deposit Listing Report

Q - How can I generate a deposit report for a particular time period by grand total?  I do not need details per customer.  I'm looking for more of a global report.

A - I get this question often because frequently there are significant discrepancies between the net income on the P&L and the amount of deposits made to the bank. There is one standard report that gets you close to this objective but not quite. This is the Deposit Detail report.

This Week's Question: Recording Short Payments in QuickBooks

Tips for handling bad debt in QuickBooks

Q - How do I handle a short payment by a customer in QuickBooks?  How do I just write off the amount if it is not worth pursuing or if I do not want to pursue collection?

How to Import PayPal Transactions into QuickBooks

Importing PayPal into QuickBooks

PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet for a fee. Millions of companies use PayPal and if you are one of them or are considering becoming a user you may be wondering how to get the information from PayPal into QuickBooks. 

This Week's Question: Tracking Maintenance Agreements with Field Service Management

Maintenance Agreements

Q – We are an air-conditioning and heating contractor.  We have annual maintenance agreements with many of our clients and we are trying to determine the best way to track the profitability of each agreement by year.  What is the best way to accomplish this?

A – Well for starters, Field Service Management is a QuickBooks add-on that can handle this very elegantly.  There is a fully functional Maintenance Agreement module built right in.  However, in this case you are looking for something that can be done in base QuickBooks with no add-on software.

This Week's Question: Customer Reward and Loyalty Programs

QuickBooks loyalty reward programs

Q – Can we implement a rewards program for our customers to show our appreciation for their loyalty?  Also can we limit which employees have access to these parameters?

This Week's Question: Reporting on Payment Type in POS

Report by payment type in Point of Sale

Question: Can I run a report in QuickBooks Point of Sale that shows the type of payments we took for a particular month?  I would like to see a summary as well as a detail by type.

Answer: You definitely can.  Go to Reports>Payments>Payment Summary.  Filter for whatever time period you’re seeking and click on the “Apply date range” button. 

This Week's Question: Invoicing for Deposit and Delivery

Invoicing and deposits for horse trailers

Question: I am a new horse trailer dealer and I take deposits on custom trailer orders. Once the deposit is received I place the order with the Manufacturer. Several weeks later the trailer is delivered and we invoice the customer. I need to know how to record the invoice for the deposit and how to invoice the customer at delivery.