Blog

Did you forget to record a check that your business issued to a vendor or client? Whether it’s one month old or over a year old, you’ll still need to record it. Failure to record old checks will result in incomplete accounting records that could throw off your business’s accounting processes. When using Quickbooks, though, you can go back and record old checks such as this. For step-by-step instructions on how to record old checks, keep reading.

Steps to Recording an Old Check

In Quickbooks Online, you can record an old check by selecting the “+New” button on the home screen, followed by “Check” under the “Vendors” menu. This will allow you to record a check to your Quickbooks Online account. Of course, you’ll need to enter information about the old check. Quickbooks Online requires you to enter the date on which the check was assigned. Since it’s an old check, the issuance date will be older than the current date. Regardless, proceed by entering the appropriate information about the old check in the appropriate fields.

In addition to entering the date on which the old check was assigned, you’ll need to enter its number. Just click the box labeled”Print later” so that it removes the checkmark from it. When finished, you should see a field for the check number. In this field, enter the number of the old check. Keep in mind that you need to enter the correct check number for it to work. You can only record old checks in Quickbooks by entering the correct number for them.

For the “Pay to the Order” field,” click the drop-down menu and choose the person or organization to which your business issued the old check. You can then enter the dollar amount of the old check in the “Amount” field. For the “Account” field, choose the bank account that’s associated with the old check. Quickbooks should now have your old check on file. To complete the process, click the “Save” button. That’s all it takes to record an old check in Quickbooks.

In Conclusion

Recording an old check in Quickbooks is a breeze. Quickbooks doesn’t require you to record new checks. Even if they are weeks or months old, you can still record them. Just follow the steps outlined in this post.

Did this tutorial work for you? Let us know in the comments section below!

Does your business regularly pay other businesses or subcontractors? If so, you’ll need to add them as vendors to your Quickbooks account. Quickbooks supports both customers and vendors. Customers, of course, are individuals who pay your business for its products or services. Vendors, on the other hand, are businesses and subcontractors who receive money from your business. In Quickbooks, you can easily manage your business’s vendors in just a few simple steps.

Adding New Vendors

To add a new vendor to your Quickbooks account, click the “Expenses” menu and select “Vendors.” From here, choose the option labeled “New Vendor,” after which you’ll see a window with data fields. You’ll need to go through these fields while adding the necessary information about the vendor. The vendor window contains fields for the vendor’s name, title, display name, billing address and optional notes. After completing the appropriate fields, select “Save and close.” The vendor should now be added to your Quickbooks account.

Of course, you should use caution to ensure that you don’t add the same vendor multiple times. In cases of duplicate vendors, you have one of two options: You can either make the duplicate vendor inactivate, or you can merge the duplicate vendor with the original vendor. Allowing duplicate vendors to go unchecked can lead to accounting errors. If the same vendor is listed twice in your Quickbooks account, it can throw off his or her transaction records. For proper bookkeeping, you should either make the duplicate vendor inactive or merge it with the original vendor.

Find All Transactions Involving a Vendor

You can also find all transactions involving a particular vendor. This is done by going back to the “Expenses” menu and selecting “Vendors.” Rather than selecting “New Vendor,” though, scroll through the list until you see the vendor’s name. After finding the vendor’s name, you can select it. You should then see all transactions involving the vendor under the “Transaction List” section.

Print Transactions Involving a Vendor

Quickbooks also allows you to print transactions involving a vendor. To do this, follow the steps listed above to find and select the vendor in your Quickbooks Account. Next, select the “Filter” menu to narrow down the vendor’s recorded transactions. Once you’ve found the transaction that you’d like to print, select the printer button.

Did this tutorial work for you? Let us know in the comments section below!

Budgeting is an essential part of running a successful business. As a business owner, you’ll probably have to purchase various goods and services to facilitate your business’s operations. With a budget, you’ll have a better understanding of how much money your business can safely spend on these goods and services while staying profitable. If you use Quickbooks as your business’s accounting software, you can set a budget in just a few easy steps.

Check Your Last Fiscal Year’s Budget

Before setting a new budget in Quickbooks, you should check the budget of your business’s last fiscal year. You can do this by logging in to your Quickbooks account and selecting the “Company” menu, followed by “My Company.” Next, click the pencil-shaped icon and select “Report Information.”

You’ll need to pull up the specific report for your business’s last fiscal. Therefore, you’ll need to select the “Reports” menu, followed by “Company & Financial.” You can then choose either “Profit & Loss Detail” or “Balance Sheet Detail.” The former is used for profit and loss statements, whereas the latter is used for balance sheet statements. You can create a budget for either type by selecting the appropriate one.

Steps to Setting a Budget in Quickbooks

After checking the budget of your businesss’ last fiscal year, you can proceed to create a new budget for it. Go back to the home screen of your Quickbooks account and select the “Company” menu.  While hovering your cursor over the tab titled “Planning & Budgeting,” you should see an option for “Set Up Budgets.” Clicking this option will reveal “Create New Budget,” which you can select to set up a new budget in Quickbooks.

When setting up a budget in Quickbooks, you’ll need to specify a fiscal year. This can be either a calendar year or a separate period (a fiscal year). Along with a fiscal year, you’ll need to choose either “Profit & Loss” or “Balance Sheet.” Quickbooks offers budgets for both profit and loss and balance sheet reports. After performing these steps, select “Next” and proceed with the instructions. Depending on which option you choose, you may be required to enter additional information. Quickbooks will create a new budget for you once you’ve completed all the necessary steps. You can then find this budget in your Quickbooks account while using it to ensure that your business doesn’t overspend when buying goods or services.

Did this tutorial work for you? Let us know in the comments section below!