Tutorials

How to Run a Time Comparison Report in Quickbooks

Want to compare financial metrics of your business from multiple time periods? Using Quickbooks, you can easily do this by running a time comparison report. Maybe you want to see how your business fared from Q1 to Q2 of last year, or perhaps you want to see how your business performed during the holidays compared to the rest of the year. Regardless, Intuit’s popular Quickbooks accounting software makes this task a breeze. Using the software, you can run a time comparison report to view side-by-side financial metrics from different time periods.

Steps to Run a Time Comparison Report

To run a time comparison report, log in to your Quickbooks account and access “Reports” from the left-side menu. From here, choose “Transaction List by Date,” at which point you can specify the time period for which you’d like the first report to reflect. After setting the time period for the first report, you can then filter the report by elements such as as credit card expense, credit card credit, vendor credit, check, bill payment check, cash expense, etc. When finished, click “Run Report” to run your first report.

Assuming you follow the steps listed above, you should see a report for your specified criteria. You can compare this report to a second report, however, by performing just a few additional steps. Look at the top of the first report and you’ll see a menu titled “Compare another period,” which you can click to run a second report.

Quickbooks will prompt you to enter a time period for your second report, which may include the previous period, previous year or year to date. Previous period, of course, refers to the time period immediately before the report period. If the report period is December, for example, the previous period is November. Previous year refers to the last year, whereas year to date includes transactions from the beginning of the year to the beginning of the report period.

In addition to specifying the time period of the second report, you must choose how you want Quickbooks to compare the difference between the two reports. After entering this information, click “Run Report” to run the second compare, which you can compare to the first report. You can repeat these steps to compare other reports in your business’s Quickbooks account.

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What Is Advanced Inventory in Quickbooks?

When using Quickbooks to keep track of your business’s finances, you may come across a feature called “advanced inventory.” Available in Quickbooks Desktop Enterprise, this feature lives up to its namesake by providing greater insight and control into your business’s inventory. To learn more about advanced inventory and how to use this feature, keep reading.

Advanced Inventory Features: What You Should Know

Advanced inventory brings a plethora of new inventory management features to Quickbooks. The “Enhanced Pick, Pack and Ship” feature, for example, creates a centralized dashboard from which you can manage your business’s workflow. Using this dashboard, you can send items to a packaging center, print shipping labels and more. It’s just one of many features that makes advanced inventory a powerful tool for businesses.

In addition to “Enhanced Pick, Pack and Ship,” advanced inventory also features a tool that automatically tracks inventory in your warehouse. Known as “Cycle Count,” it works by reading inventory count sheets that you upload to Quickbooks. Once uploaded, you can review the count sheets for erroneous data or discrepancies.

Furthermore, advanced inventory allows you to scan barcodes of inventory items when you receive them at your business’s warehouse. Just scan the barcode, at which point it will be added to your Quickbooks account as an inventory item.

Advanced inventory even offers customizable reports that you can use to analyze key performance metrics (KPIs). Specifically, there are three different types of reports that you can run, including a Valuation Summary report, Inventory Stock by Item report and Assembly Shortage report.

Finally, advanced inventory makes it easy to track the movement of your business’s products. You can track products by serial number, lot numbers or even bin location. By tracking your products, you’ll have a better understanding of how and when they reach your customers. And you can use this information to optimize your businesss’s approach to achieve higher profits.

How to Enable Advanced Inventory

Assuming you have Quickbooks Desktop Enterprise, you can enable advanced inventory in just a few easy steps. After logging in to your Quickbooks account, click the “Edit” menu at the top of the screen, followed by “Preferences.” From here, click “Items & Inventory,” followed by “Company Preferences.” You can then click the “Inventory and Purchase Orders are Active” box, which will place a check mark in the box, confirming that the feature is now enabled and active.

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How to Record Owner Contributions in Quickbooks

It’s not uncommon for business owners to invest their some of their own personal money in their business. Known as an owner contribution, it can help entrepreneurs get their new business up and running. Using this money, they can purchase equipment, advertising, inventory and more, all of which allows entrepreneurs to run their business. But if you’re planning to invest your own money in your business, you’ll need to record it as an owner contribution in Quickbooks.

Steps to Recording an Owner Contribution in Quickbooks

To record an owner contribution in Quickbooks, launch the Quickbooks program and click the “Banking” tab at the top of the home screen. From here, choose “Make Deposits” and then select the bank account where you’d like to deposit your personal investment. If you don’t see your preferred bank account listed, you’ll need to add it. This is done by accessing your “Chart of Accounts,” from which you can add new bank accounts.

With the bank account added, you should now be able to select it from the “Make Deposits” screen. After clicking your preferred bank account, go ahead and add a note, such as your name and “owner contribution,” in the “Detail” section. You can then enter the amount of money that you wish to invest in your business in the “Amount” field. When finished, click the “From” menu and proceed to choose your owner equity account. To finalize the process, click “Save and Close.” To record additional owner contributions, simply repeat these steps.

Owner Contribution vs Loan: What You Should Know

Some business owners assume that an owner contribution is the same as a loan, but this isn’t necessarily true. While they both involve a business owner investing money into his or her business, they are two unique forms of owner-initiated funding. The fundamental difference between an owner contribution and a loan is that the former doesn’t require repaying, whereas the latter does require repaying. If you make an owner contribution to your business, you don’t have to repay that money back to yourself from your business.

There are also owner draws, which as the name suggests is the opposite of an owner contribution. This involves pulling money from a business’s financial account and transferring it into the business owner’s personal account. Owner draws result in less owner capital and equity.

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Quickbooks Audit Log: Everything You Need to Know

When using Quickbooks to track your business’s finances, you’ll probably add and edit entries on a regular basis. Even if you don’t have any employees or freelance contractors, you’ll still have to create an entry for every sale your business makes as well as every expense. The good news is that you can look back to see these changes using the software’s Audit Log feature.

What Is the Audit Log?

The Audit Log is a feature in Quickbooks that contains a record of all changes made to your Quickbooks company file. Specifically, it allows you to see what changes were made, when those changes were made, and who made the changes. If you discover an erroneous entry in your Quickbooks company file, for example, you can use the audit log to see when it was added and who made it.

The purpose of the Audit Log is to provide business owners and accountants with greater insight into their accounting activities. Maybe another worker has access to your Quickbooks account. If so, there’s a possibility that he or she made an erroneous entry. Using the Audit Log, you can see exactly who made the erroneous entry.

How to View the Audit Log

To view the Audit Log, log in to your Quickbooks account and click the gear icon at the top of the page. Next, select “Audit Log” under the “Tools” tab. From here, click “Filter” to select your desired criteria, such as “User,” “Date” or “Events.” When finished, click “Apply,” after which Quickbooks will display all changes that meet your filter criteria.

Keep in mind that Quickbooks will only display a maximum of 150 entries in the Audit Log. To see more changed entries, click the “Next” button at the bottom of the screen.

User Types Displayed in Audit Log

The Audit Log may display certain types of users. Supper representatives, for example, refer to official Quickbooks supper representatives who make changes to a business’s company file on behalf of the business. System administration users, on the other hand, aren’t real users at all. Entries listed as “system administration” are made automatically by Quickbooks

Learning how to use the Audit Log can help your business avoid accounting problems. This nifty feature reveals all changed entries in your company file, including the type of change, when the change was made and who made the change

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How to Print Chart of Accounts in Quickbooks

A chart of accounts is one of the most important documents in business accounting. Featuring a chart-based layout with columns and rows, it reveals your business’s expenses, revenue, assets and liabilities. While you can always create a chart of accounts manually using pen and paper, Quickbooks simplifies the process by automatically creating them using entries. So, how do you print a chart of accounts using Quickbooks?

Steps to Printing a Chart of Account

To print a chart of accounts in Quickbooks, log in to your Quickbooks account and click the gear icon in the upper-right corner, followed by Settings > Chart of Accounts. This will display your chart of accounts as prepared by Quickbooks. To print the chart of accounts, simply click the box in the upper-right corner of the page titled “PRINT.”

If Quickbooks fails to print your chart of accounts, check your printer settings to ensure they are correct. Quickbooks will automatically attempt to print your chart of accounts using your default printer. If you recently changed printers but still have your old, unconnected printer set as default, it may not print. Therefore, you should inspect the printer settings on your computer or device to see which printer is set as default. And if you don’t see your new printer listed, you may need to install the new drivers (software) for it.

There’s also the possibility that your printer is out of paper. If you don’t hear your printer printing after clicking the “PRINT” button in Quickbooks, look inside your printer’s paper tray to see if it’s empty. Without paper, it won’t print your chart of accounts or any other document

How to Edit an Account Number in Your Chart of Account

After printing a chart of accounts, you may discover that one or more account numbers are wrong. You can easily fix incorrect account numbers, however, in just a few easy steps.

To edit an account number in your chart of accounts, go to the “Lists” menu and choose “Chart of Accounts.” Next, right-click the account containing the wrong account number and select “Edit Account.” Once clicked, you can edit the account number and make other changes to it. Just remember to click “Save & Close” when you are finished to complete the process. Otherwise, Quickbooks won’t save your changes, retaining the old account number instead.

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Shrink Your Company File Using the Condense Data Tool

Want to shrink the size of your company file in Quickbooks? When using the desktop version of Intuit’s popular business accounting software, you’ll have a single file that contains all your business’s financial transactions and records. Known as a company file, it’s the single most important file for accounting purposes. Over time, however, your Quickbooks company file will grow larger, thereby consuming more space on your computer or device. If your company file grows too large, it may cause performance issues like slow loading times and random freezing. But the good news is that you can shrink your company file using the condense data tool.

What Is the Condense Data Tool?

Available Quickbooks Desktop, the condense data tool is a feature that automatically converts closed transactions into journal entries, as well as eliminating unnecessary data, from your company file.

With the release of Quickbooks 2019, Intuit has introduced a new version of the condense data tool. Like earlier versions, it also shrinks the size of company files. The condense data tool in Quickbooks 2019, however, performs this job without deleting or otherwise removing any of your data. The end result is a smaller company file that’s less likely to cause performance issues when using Quickbooks.

How to Use the Condense Data Tool

To use shrink your company file using the condense data tool, log in to your Quickbooks account and access File > Utilities > Condense Data. You will then see one of two options. The first option allows you to retain all transactions in your company file while removing audit trail data. The second option allows you to remove transactions that you specify from your company. Each option will provide an estimation of how much smaller the condense data tool will reduce your company file, such as 30% or 40%.

After choosing your preferred option, click the “Next” button. The condense data tool will then display a notification stating “Working on your file now.” Depending on the current size of your company file, this may take anywhere from a few seconds to several minutes. Once finished, a new window will pop up that tells you how much smaller your company file is.

Keep in mind that there’s no way to reverse the changes from using the condense data tool. After running the tool, your company file will be forever changed. Therefore, it’s a good idea to back up your company file before running the tool.

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How to Clear an Overpayment Made By a Customer in Quickbooks

Has one of your business’s customers accidentally overpaid you for a product or service they purchased? If so, you’ll need to clear the customer’s overpayment in your accounting books. If you use Quickbooks, you can do this by writing a refund check to the customer for the difference between the purchase price of the product or service and the amount he or she paid your business.

To clear an overpayment in Quickbooks, start by creating a credit memo for the refund. This is done by logging in to your account and choosing “Create Credit Memos/Refunds” under the “Customers” menu. From here, you can choose the customer from the “Customer:Job” menu, followed by entering an item and amount of the credit. When finished, click “OK” to complete the process.

After creating a credit memo, open the credit memo and select “Refund” at the top of the screen. Double-check to make sure this information is correct, at which point you can click “OK” to proceed. You aren’t out of the woods just yet. You must still connect the check with the credit memo that you just recently created. Otherwise, Quickbooks won’t be able to track the overpayment and record it properly. From the main Quickbooks screen, select the “Customers” menu, followed by “Receive Payments.” From here, choose the customer who overpaid your business for their purchased product or service. You should notice the amount of the credit listed here. Assuming it’s correct, click “Apply Existing Credits” to place a check mark in this box. For the field titled “Refund,” enter the check amount in the column for “Refund.”

When finished, go back to the main screen and click “Customers,” followed by “Create Credit Memos/Refunds.” This will bring up the credit memo that you recently created. You can then select “Tx History” to see the refund check displayed in the history.

Overpayments are a common occurrence, especially with businesses that sell a service rather than a product. If your business sells a service — and the price of that services vary depending on the customer’s preferences or requirements — there’s a good chance that you’ll encounter an overpayment. The good news is that you can handle overpayments in just a few easy steps. Using Quickbooks, credit a credit memo and refund check, and then connect those two items together. When done correctly, it will properly refund the customer while recording his or her overpayment in your accounting books.

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What Is Billable Expense Income in Quickbooks?

When using Quickbooks to keep track of your business’s finances, you may come across “billable expense income.” Unfortunately, many small business owners are confused when seeing this term. And if a business owner doesn’t know what this term means, he or she won’t be able to accurately record it in their Quickbooks account. So, what is billable expense income in Quickbooks exactly?

Overview of Billable Expense Income

Billable expense income is essentially money paid by a customer to cover the cost of an expense your business incurred during the completion of the customer’s service. It’s not uncommon for businesses to charge customers for products or services the business purchases. A professional landscaping company, for example, may charge its customers for the cost of new grass seed, plants and trees. These charges are in addition to the landscaping company’s standard service charge. The purpose of billable expense income is to track the money paid by customers for expenses such as these. If your business charges customers for products or services related to the completion of its services, you should track billable expense income.

Tracking billable expense income requires the use of billable expenses. This is done by marking expenses recorded in Quickbooks as “billable,” after which you can apply them to the customer’s invoice. When the customer receives the invoice, he or she will see the billable expenses listed. And the money paid by the customer for these billable expenses is considered billable expense income.

How to Disable Billable Expenses

Quickbooks allows business owners to disable billable expenses in their account. Once disabled, any billable expenses that are currently listed in your account will remain present until you either apply them to an invoice or unmark them as a billable expense. However, you won’t be able to create any additional billable expenses with this feature disabled.

To disable billable expenses, log in to your Quickbooks account and click the gear icon at the top of the page. Next, click the menu for “Account and Settings,” followed by “Expenses.” Under the menu for “Bills and expenses,” click the pencil-shaped edit icon, at which point you can click the box labeled “Track billable expenses and items as income” to disable this feature. When finished, complete the process by clicking “Save.” You can then close out of Quickbooks.

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How to Transfer Funds Between Bank Accounts Using Quickbooks

Want to transfer funds from one bank account to another bank account? If so, you’ll need to record this transfer so that it doesn’t interfere with your business’s accounting records. Using Quickbooks Online, you can easily record bank transfers such as this. The cloud-based version of Intuit’s popular accounting software supports bank transfers. It even has a special feature, known as the “Transfer Funds” feature, to simplify this process. For instructions on how to transfer funds between two bank accounts using Quickbooks Online, keep reading.

Start by launching Quickbooks Online and logging in to your account. Once logged in, click the (+) icon at the top of the screen, followed by Other > Transfer. You should now see a “Transfer Funds From” menu, which you can click to select your bank from the drop-down list. Be sure to choose the bank from which the funds are coming. Do not select the bank to where the funds are going.

Quickbooks Online should also present you with a menu for “Transfer Funds To.” Click this menu and choose the bank account to which the funds are going. Of course, you’ll only see bank accounts here that have already been added to your account. If you want to transfer funds from or to a bank account that isn’t connected with your Quickbooks Online account, you must go back and add the bank account to Quickbooks Online first. Only then will you be able to record the transfer using this method.

There are a few more steps left to record a transfer between two bank accounts using Quickbooks. After selecting your bank accounts, you must enter the dollar amount that you’d like to transfer between these two accounts in the “Transfer Amount” field. After double-checking this amount to ensure it’s correct, enter the date of the transfer and click “Save and close.” Upon closing this window, Quickbooks Online will record the transfer.

An alternative solution is to use a check. You can transfer funds between bank accounts using a check. When writing a check to transfer funds, however, you should include the bank account from which the funds are coming at the top of the check, and include the bank account to where the funds are going at the bottom in the “Account” line.

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How to Reactivate an Account in Quickbooks

Is there an account in Quickbooks that you’d like to reactivate? Quickbooks allows you to disable active accounts. Once disabled, you won’t be able to use those accounts. This makes it a valuable feature if your business is constantly adding or removing vendors or customers. But what if you want to reactivate an account that you previously disabled? Well, Quickbooks also allows you to reactivate disabled accounts. In just a few easy steps, you can turn these disabled accounts back on so that you can target them in Quickbooks.

To reactivate a disabled account, log in to Quickbooks and click “Transactions” on the left-hand menu, followed by “Chart of Accounts.” As you may know, “Chart of Accounts” displays all accounts associated that you’ve added to Quickbooks. Next, click the “Action” column at the top of the screen, followed by “Settings.” This will bring up several configuration options for your “Chart of Accounts.” Find the option titled “Include inactive,” and click it. This option, of course, tells Quickbooks to display all your business’s accounts in the “Chart of Accounts,” including those that you’ve set as inactive.

From here, you can scroll through the list of accounts until you find the one that you’d like to reactivate. Depending on the size of your business and how many accounts you’ve added, this may take a while. If you have hundreds of accounts, for example, you’ll have to sift through them to find the specific one that you’d like to reactivate. Once you’ve found the account, click the option titled “Make active.” Assuming you’ve followed these steps, the account should be reactivated, thereby allowing you to select it when recording entries in Quickbooks.

Even after reactivating a disabled account, you can still go back and make it temporarily inactive again. The process is pretty much the same, involving accessing your “Chart of Accounts,” followed by scrolling through your list of accounts until you’ve found the one that you’d like to disable. Once located, simply click “Make inactive.” When done correctly, Quickbooks will change the status of this account to inactive again. It should only take a few minutes to perform this process, after which the account will be inactive. And like before, you can go back and change the status of this account to active or inactive account. Just remember to follow the steps listed in this blog post.

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