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Author Archives: Laura Madeira
Creating a General Ledger Report of the Undeposited Funds Account in QuickBooks
You can review a General Ledger report of the Undeposited Funds account balance that will agree with the ending balance on your Balance Sheet report, but without quite a bit of manual work, you cannot identify each individual transaction that … Continue reading
How to Make Inventory Value Adjustments in QuickBooks
Timing is important when doing a valuation adjustment. Value adjustments, if appropriate, should be carefully considered for their impact on the company’s resulting financials. Value adjustments differ from quantity adjustments, because they do not adjust the quantity, but instead, adjust … Continue reading
How to Create a Payment Transaction List Detail Report in QuickBooks
Do you find the Deposit Detail report too lengthy and difficult to read? You can create a report that shows the detail in a list form, and provides a total of the column detail using these steps: From the menu … Continue reading
Eliminating the Print Queue for Customer Invoices Marked to Print in QuickBooks
On the Main tab of the ribbon toolbar, on each customer invoice, is the option to select Print Later. QuickBooks remembers the setting from the last stored invoice, which can sometimes hinder your own company process. If you find that … Continue reading
How to Add an Inventory Item in QuickBooks
When you purchase or build a product, and stock it in your warehouse for future sale to your customer, you should create an inventory part, as shown here: When inventory is used, an Inventory Asset account is increased when you … Continue reading
How to Reclassify Transactions in QuickBooks
For Accounting Professionals, how often have you reviewed your client’s QuickBooks data to see multiple transactions posted to the incorrect general ledger account? As an accountant, you will probably not want to spend the time needed to correct each individual … Continue reading
How to Fix Unapplied Customer Payments and Credits in QuickBooks
For Accounting Professionals, if your client entered a customer payment, but did not apply the payment to an invoice, this tool will help simplify the task of assigning the unapplied payment to the proper invoice. Review the Open Invoices report … Continue reading
How to Clear Up the Undeposited Funds Account in QuickBooks
For Accounting Professionals, have you ever worked with a client’s data file that had an incorrect undeposited funds balance? Did your client create a separate deposit transaction without assigning the receive payment to the deposit? The undeposited funds account is … Continue reading
Reviewing the AR Aging Summary Report in QuickBooks
You should always check the AR Aging Summary Report before fixing transactions. An individual transaction can be deceiving if you don’t see its relationship with other related transactions. When you select the Review AR Aging Summary Report link, QuickBooks opens … Continue reading
How to Write Off Invoices in QuickBooks
Often, as accounting professionals, we need to adjust our client’s Accounts Receivable balances. Perhaps there were several small unpaid finance charge invoices, or over the year our client’s customers paid their invoices short of what was due. Creating a customer … Continue reading