Quickbooks

Has your business ended a contract with a business-to-business (B2B) vendor? Assuming you no longer purchase their products or services, you may want to delete them from your business’s Quickbooks account. Failure to do so means your business’s Quickbooks account may become congested with vendors whom you no longer use. Thankfully, you can remove vendors in Quickbooks by following just a few easy steps.

Steps to Deleting a Vendor in Quickbooks

To delete a vendor in Quickbooks, log in to your account and select “Expenses” under the main menu, followed by “Vendors.” Next, choose “Sales,” at which point you should see a list of all your business’s active vendors. Once you’ve found the vendor whom you wish to delete, click the “Edit” link.

After clicking the “Edit” link, you should see a box with an option for “Make inactive.” Clicking this box will prompt a message verifying that you want to delete the vendor. Assuming you click “Yes,” the vendor will be temporarily deleted from your business’s Quickbooks account.

How to Reactivate a Deleted Vendor

Even if your business no longer purchases products or services from a vendor, this could change in the future. Maybe the vendor offers you a better deal, or perhaps the vendor expands his or her product offerings. Regardless, you may want to reestablish a professional relationship with the vendor whom you deleted from your business’s Quickbooks account.

When you delete a vendor from Quickbooks, the vendor isn’t permanently removed. Rather, the vendor becomes “inactive,” meaning he or she won’t show up on your business’s Quickbooks account. If you decide to continue purchasing the deleted vendor’s products or services, you can reactivate the vendor.

To reactivate a deleted vendor in Quickbooks, perform the same steps as previously mentioned by clicking “Expenses,” followed by “Vendors.” Next, click the “Settings” icon, at which point you can select the option to show inactive vendors. After locating the deleted vendor, select the “Make active” option.

Keep in mind that you can delete customers as well. The steps are pretty much the same, except you’ll need to choose a customer rather than a vendor. Whether you delete a vendor, a customer or both, though, you can always go back and reactivate them later.

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Does your business have a dedicated accountant who’s responsible for keeping track of its financial records? If so, you may need to view his or her adjusting journal entries. Quickbooks allows accountants to adjust the total balance of accounts. Known as an adjusting journal entry, it’s typically used to fix typos and errors that could otherwise adversely affect a business’s financial records. But how exactly do you view the adjusting journal entries made by your business’s accountant?

Steps to Viewing Adjusting Journal Entries

Assuming you use Quickbooks, you can view adjusting journal entries made by your business’s accountant in just a few easy steps. After launching the software, choose “Reports” under the left-hand menu. Next, click the “Accountants Reports” button. You should then see a list of all the reports made by your business’s accountant. Scroll through this list of reports and click the one that you’d like to open.

If you want to add an adjustment column to a report, click the “Customize” link with which it’s associated. Next, click the “Change columns” link under the section titled “Rows/Columns.” You can then click the checkbox next to “Adj. column,” which should add it to your report. When finished, you can run the report by selecting the “Run report” option at the bottom. Quickbooks will then create the report containing the adjusting journal entry or entries.

What About Adjusted Trial Balances?

In addition to adjusting journal entries, professional accountants often create adjusted trial balances. Basically, an adjusted trial balance is an entry that lists the total balances of all accounts following the creation of adjusting journal entries. It’s often used by businesses to prepare financial statements, which may then be used to secure credit or other forms of financing.

In Quickbooks, you can view adjusted trial balances. This is done by going back to the “Reports” section, followed by searching for “Adjusted Trial Balance” in the search field. You can then choose “Adjusted Trial Balance” from the search results list.

It’s not uncommon for accountants to correct mistakes. After all, their job is to accurately record financial records, so they often go back to make corrections using adjusted journal entries. As a business owner, you can view adjusted journal entries by following the steps outlined above.

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When running a profit and loss report in Quickbooks, do you see an unapplied cash payment? According to Intuit, this can occur if a customer prepays and you record his or per payment before creating the appropriate invoice or sales receipt. Alternatively, unapplied cash payments can occur if you enter payments without connecting them to the appropriate invoices or sales forms. Regardless, you should resolve unapplied cash payments so that they don’t affect adversely affect your profit and loss reports.

Run an Open Invoices Report

To get started, log in to Quickbooks and choose “Reports” from the main menu. Next, enter “Open Invoices” in the report search field, after which you can choose a date range. When finished, click “Run report.” Finally, scroll through the transactions listed under the “Transaction Type” column while searching for “Payment.” This is the unapplied payment that you’ll need to resolve in your Quickbooks account.

Does the Payment Match an Open Invoice?

If the payment you recently discovered in the “Transaction Type” column matches an open invoice, you should choose the payment date to open it. Next, check the open invoice in the “Outstanding Transactions,” after which you can click “Save and Close” to complete the process.

If the payment you recently discovered in the “Transaction Type” column doesn’t match an open invoice, you must create a new transaction for it. This is done by going back to the main Quickbooks home screen and clicking the (+) icon, followed by Customers > Invoice. You must then complete the required fields pertaining to the invoice. Of course, you should use enter the same information in these fields as found in the payment. When finished, click “Save and Close.”

You aren’t finished just yet. After saving and closing the new invoice, run a new “Open Invoices” report so that you can find the unapplied payment. Once opened, check the newly created invoice in the “Outstanding Transactions” section. Upon completing these steps, you can click “Save and Close” yet again to complete the process.

Assuming you followed these steps correctly, you should no longer have an unapallied cash payment in your Quickbooks account. To verify everything worked as planned, go back and run another profit and loss report. When checking this report, you shouldn’t see the unapplied cash payment listed anymore, indicating you successfully matched it to an invoice or sales receipt.

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Do you operate or help run a nonprofit organization? If so, you may need to send transaction statements to donors? In most states, nonprofit organizations are legally required to send some or all of their donors statements about their transactions. The purpose of this is to provide a high level of transparency regarding the way in which nonprofit organizations spend and generate money. While you can always create and send transaction statements manually, an easier way to automate the process using Quickbooks.

Steps to Sending a Transaction Statement in Quickbooks

To send a transaction statement in Quickbooks, you’ll need to log in to your account and click “Sales” on the main left-hand menu, followed by “Donors.” You should then see a list of all your nonprofit organization’s donors. Scroll through this list and choose the donor to whom you want to send a transaction statement.

After selecting the appropriate donor, select “Create statement” under the “Action” drop-down menu. Next, choose “Transaction Statement” for the “Statement Type” drop-down menu. You can then specify the date range for the statement. When finished, click the “Save and send” button at the bottom. Quickbooks will then save the transaction statement while simultaneously emailing a copy of it to the respective donor.

How to Create Multiple Transaction Statements

Of course, it can take a while to create a transaction statement for each of your nonprofit organization’s donors. The good news is that Quickbooks allows you to create multiple transaction statements at once.

To create multiple transaction statements, click on the (+) icon on the home screen and choose “Statement” under the “Other” menu. Next, choose the option for “Transaction Statement” under the “Statement Type” drop-down menu. Like when creating single transaction statements, you must then enter a date range for the statement. When finished, click “Apply.”

Now you’ll have the option of specifying which donors you want to receive the transaction statement. Click the “Statements available” button, after which you can place a check mark next to the donors whom you wish to receive the transaction statement. To complete the process, click “Save and send.”

In Conclusion

Quickbooks makes it easy for nonprofit organizations to create and send transaction statements to their donors. Whether you need to send a statement to a single donor or 100 donors, the popular accounting software can take this burden off your shoulders.

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