004-Transactions
Creating An Invoice, Transactions / 40:05
Find COA: Tools/Reports/Std/6.Recurring.Email.TB.Report |
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See Customer Balance Detail, list of customers that owe you!
Clara CFO Group Invoice video
https://www.youtube.com/watch?v=X984hQDZnik
- Creating an Invoice
| Creating an Invoice: |
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An invoice with effect the COA of gen ledger
Aside: Set up: Trial Balance Report
Tools Reports / Std / Custom / Management reports
Reports / Std / For my accountant / Trial Balance / Star
Some COA Best Practices
- Always make sure each bank account is it’s own account.
- Same with Credit cards, don’t lump bank accounts and CCs into the same account.
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QB will make you keep some accounts, you don’t have to use them though!
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Any ‘uncategorized” account should end in “99” and not be used over a long period of time. Just use it while you investigate the transaction.
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Don’t use the main account whenever there are subaccounts as options. For example, don’t code anything to “4000” when the transaction should go to subaccount 4010.
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If there is no suitable account for a given transaction, feel free to add one if you think it makes sense to have the presentation on the P&L.
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Don’t go too far overboard with a new account for every single transaction - try not to go more than 2 levels deep on your sub accounts
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Avoid setting up accounts for vendors as vendors can be tagged separately for each line item. For example, don’t make “quickbooks” its own account. Instead put “quickbooks” into a “software” category
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Match Sales and COGS by product line when you can
- Customize this for your best use!
General Code:
(Your mileage may vary.)
1000s = Assets
2000s = Liabilities
3000s = Equity
4000s = Revenue
5000s = Cost of Goods Sold
6000s = Payroll
7000s = All other Expenses
8000s = Taxes and Misc
Reports
| Creating an Invoice: |
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Customer report builder
Favorites
Business overview
Who owes who / A/Receivable
Sales and Customers
What we owe / A/Payable
Expenses and Vendors / 1099
Employees / Times
For my accountant / Gen.Ledger / PL / Trial Balance /Recurring Template list / Reconciliation Reports / Adjusted TB
Payroll / Employee info, act tax payable, hours tax
Transactions (Practice) / 56:22
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Determine: Make New / Edit / Inactive?
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Goto Tools/
Bookmarks/Bank Transactions/Chart of Accounts
Practice X-actions: Tools/Reports/Std/7 |
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Finding & Fixing Mistakes / 58:35
| Quickbooks Dude Videos |
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Practice X-actions: Tools/Reports/Std/7 |
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Deleting Transactions / 1:03:42
| Quickbooks Dude Videos |
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Practice X-actions: Tools/Reports/Std/7 |
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