How to Update Quickbooks to the Latest Version

Is your computer running the latest version of Quickbooks? If you use Quickbooks Online, you won’t have to update it. But if you use Quickbooks Desktop, you’ll need to regularly download and install new updates. Some of these updates are minor, consisting of basic patches to improve performance, whereas others are more critical, eliminating in security vulnerabilities, fixing bugs and more. As long as your computer has an active internet connection, you can update Quickbooks Desktop to the latest version using one of several methods.

Automatic Updates

You can set up your Quickbooks software to perform updates automatically. Known as the automatic update method, it’s the easiest way to ensure your computer is running the latest version of Intuit’s accounting software.

To set up automatic updates, access the “Help” menu, followed by “Update Quickbooks.” Next, click the “Options” tab in the window labeled “Update Quickbooks.” You should then see an option to toggle on or off automatic updates. After toggling on this option, you can choose which updates you want to download and install and which ones you don’t. If you’re unsure which updates to receive, opt to receive all of them. This way, a critical or otherwise important update won’t sneak past your computer.

Immediate Updates

Another way to update Quickbooks is to use the immediate update method. Also known as the manual update method, it requires you to perform the updates yourself rather than relying on the software’s automatic method. This is done by going to the “Help” menu, selecting “Update Quickbooks” and then clicking on the “Update Now” tab. As with the automatic update method, you’ll have the ability to select which updates to download and install. When finished, click “Save” and “Close” to complete the process.

Keep in mind that if you have Quickbooks Desktop installed on multiple computers, you’ll have to update each of them using if you use the immediate update method.

Multi-User Mode Updates

If you run Quickbooks in multi-user mode, meaning multiple users are able to access your business’s Quickbooks account from different computers or devices, you may want to use the multi-user mode update method. This is done by opening your shared company file, after which you can go back to the “Help” menu and select “Update Quickbooks.”

Next, select the “Options” tab in the update window. For the option titled “Share Download,” click the “Yes” button. When finished, click “Save” to complete the process.

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How to Record a Delayed Credit in Quickbooks

Does your business owe a customer or client money? Maybe the customer overpaid, or perhaps he or she requested a refund. Regardless, you should record the money owed as a delayed credit to the respective customer’s invoice. Using Quickbooks, you can easily record a delayed credit in just a few simple steps.

Steps to Recording a Delayed Credit

In Quickbooks Online — the cloud-based version of Intuit’s popular accounting software — you can record a delayed credit by clicking the (+) icon on the main screen’s toolbar and choosing “Delayed Credit” under the “Customers” menu. From here, you’ll need to complete several fields about the delayed credit, some of which include the customer’s name, the date, the products or services associated with the delayed credit, the dollar amount and quantity. When finished, click “Save and close.”

After creating the delayed credit, you’ll need to apply it to the customer’s invoice. This is done by going back to the main Quickbooks screen and clicking the (+) icon, followed by “Invoice” under the “Customers” menu. On the right side, you should see a list of all delayed credits, including the delayed credit that you just recently created. After selecting the customer and invoice, click “Add” next to the delayed credit.

If you need to create multiple delayed credits for multiple customers, simply repeat these steps. Quickbooks allows you to quickly and easily record delayed credits.

Delayed Credit vs Delayed Charge: What’s the Difference?

Some business owners assume that a delayed credit is the same as a delayed charge, but this isn’t necessarily true. A delayed charge is essentially the opposite of a delayed credit. With a delayed charge, you are delaying a request for payment from a customer or vendor.

You can think of delayed charges as being “expected revenue.” In other words, the customer or vendor will make a payment to your business in the future. If you run a landscaping company, for example, you may use a delayed charge to record expected revenue from your customers. After completing the landscaping service, you can go ahead and record the delayed charge until the customer has paid.

Recording a delayed charge in Quickbooks is very similar to recording a delayed credit. You click the “Customers” menu, choose “Delayed charge” and complete the given fields. Of course, you’ll also need to add the delayed charge to the customer’s invoice — just like would when recording a delayed credit.

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How to Adjust the Quantity of an Inventory Item in Quickbooks

If you operate a business that sells a physical product, you may need to adjust the quantity of your products in your Quickbooks account. Keeping track of inventory quantity is important because it’s a measurement of your business’s assets. The more inventory your business owns, the greater the value of its assets. As your gain or lose inventory, though, you must record these changes in your Quickbooks account to ensure it’s accurate.

Steps to Adjusting Inventory Quantity

To adjust the quantity of an inventory item in Quickbooks, click “Inventory,” followed by “Adjust Quantity/Value on Hand.” Next, click the menu for “Adjustment Type” and select “Quantity.” You can then enter the date on which are you making the adjustment.

Now you’ll need to find the specific inventory item that you want to adjust. You should see an “Item” column displayed on your screen. From here, click “Find & Select Items” to choose the inventory items. Depending on how many inventory items you have, scrolling through each one could prove tedious. An easier way to find a specific inventory item is to simply enter the name of the item in the search field. After locating the item, place a check mark next to it, indicating that you want to adjust its quantity. When finished, click the box titled “Add Selected Items.”

Assuming you’ve followed the aforementioned steps, you should now be able to enter the adjustment for the selected inventory item. Under the column titled “Qty Difference,” enter the quantity difference between the inventory item’s actual quantity — the number of units your business currently has — and the inventory item’s recorded quantity — the number currently represented in Quickbooks. If your business currently owns 10 units but only five units are represented in Quickbooks, enter +5. If your business currently owns five units but 10 are represented in Quickbooks, enter -5.

You’ll also have the option to enter additional notes in the “Memo” field. While you can make adjustments to the quantity of an inventory item without using the “Memo” field, doing so can help you remember essential information about the change.

When you are finished making the adjustment, you can save the changes to complete the process. Just remember to go back and repeat these steps anytime the quantity of an inventory item changes. You can even change the quantity of multiple inventory items at once by selecting all the inventory items.

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How to Use Undeposited Funds in Quickbooks

It’s not uncommon for businesses to hold money paid by customers for a short period of time before depositing that money into their bank account. If this sounds familiar, you’ll be glad to hear that Quickbooks offers a feature specifically for this purpose. Known as Undeposited Funds, it’s designed to hold revenue generated by your business — money paid by customers or clients — until you are ready to deposit it into your business’s bank account. To learn more about Undeposited Funds in Quickbooks and how to use it, keep reading.

Overview of Undeposited Funds

In Quickbooks Desktop, Undeposited Funds is an asset account that holds money paid to your business for a temporary period. When a customer purchases a product or service from your business, you can place his or her payment in an Undeposited Funds account. And when you are ready, you can then move that payment to your business’s bank account.

All Payments Are Placed in Undeposited Funds Account By Default

It’s important to note that all payments are automatically placed in an Undeposited Funds by default. Unless you modify your settings in Quickbooks, all payments made to your business will go into an Undeposited Funds account. The good news is that you can change this by performing a few simple steps (see below).

How to Enable or Disable Undeposited Funds

Of course, you can toggle on and off the Undeposited Funds feature in your Quickbooks account. This is done by logging into Quickbooks and choosing Edit > Preferences > Payments > Company Preferences. From here, you should see an option titled “Use Undeposited Funds as a default deposit to account.” To enable Undeposited Funds as the default deposit to account, click the box next to this option so that it places a check mark in it. To disable Undeposited Funds as the default deposit to account, remove the check mark from this box.

Keep in mind that if you disable Undeposited Funds as the default deposit to account in Quickbooks, you’ll have to choose a deposit to account whenever your business receives a payment or whenever you enter sales receipts. You’ll have the option to specify your deposit to account in both situations. However, it’s important that you choose the right bank or financial account in which to deposit funds. Without an Undeposited Funds account, payments will go directly into your specified bank or financial account.

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The Beginner’s Guide to Reconciliations in Quickbooks

It’s paramount that you enter the correct amount when recording your business’s transactions. If you enter the wrong amount for a revenue or expense, it will throw off your business’s books while potentially causing other problems like incorrect tax pay payments. The good news is that Quickbooks offers a reconciliation tool that allows you to easily find erroneous transactions. To learn more about the recompilation tool and how to use it, keep reading.

What Is the Reconciliation Tool?

The reconciliation tool is a feature in Quickbooks that allows you to cross-reference the transactions recorded in your business’s Quickbooks account with those listed in your business’s credit card or bank statements. Using the reconciliation tool will help you create clean, accurate records of your business’s financial transactions.

Steps to Using the Reconciliation Tool

There are a few things you’ll need to do before using the reconciliation tool. First and foremost, create a backup of your company file. It’s always a good idea to back up your company file before making any major change to your business’s transaction records, and reconciliation is no exception. To create a backup, click File > Backup Company > Create Local Backup. You will then have the opportunity to specify a save location for the backup, such as a USB flash drive or hard drive.

After creating a backup of your company file, you can proceed to use the reconciliation tool. Assuming you are using Quickbooks Desktop — not the cloud-based Quickbooks Online — go to the main home screen and click the “Banking” menu, followed by “Reconcile.”

You will then notice a new window titled “Begin Reconciliation” with about a dozen or so fields. For the “Account” field, choose the financial account that you’d like to reconcile. To reconcile a credit card account, for example, click the drop-down arrow in the “Account” field and select the credit card from the list. Go through and complete the “Account” field as well as the other fields presented here, after which you can click “Continue.”

Assuming you followed these steps correctly, Quickbooks will then check cross-reference your recorded transactions with those listed in your bank or credit card.

This is just a rough overview of the reconciliation tool. You can also use it to perform other tasks, such as enter adjustments if you discover a discrepancy. Regardless, you should get into the habit of reconciling all your business’s bank and credit card accounts on a regular basis to ensure they are accurate.

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How to Record a Customer Refund in Quickbooks

Customer refunds are a common challenge encountered by entrepreneurs and business owners. Statistics show that roughly 30% of all products ordered online and nearly 9% of all products purchased locally are returned. Whether your business sells a product or service, you’ll probably have to process customer refunds. If you use the Quickbooks accounting software, however, you can easily record customer refunds in just a few simple steps.

Steps to Recording a Customer Refund

If you a customer has requested a refund, you’ll need to record it in your Quickbooks account. To do so, log in to Quickbooks and click the (+) button on the main menu, followed “Refund Receipt.” Next, click the drop-down menu in the upper-left corner and choose the customer for whom you recording the refund.

After selecting the appropriate customer, you’ll need to enter a payment method for the refund. Click the drop-down menu for “Payment Method” to choose how you’d like to pay the customer. Depending on which accounts you’ve set up on Quickbooks, you may see options such as “American Express,” “Cash,” Discover,” “MasterCard” Or “Visa.”

You must now select the specific account to pay the customer for the refund. Click the drop-down menu for “Refund From,” after which you can choose your preferred account.

Of course, you’ll need to select the product or service associated with refund as well. To do this, click the drop-down menu labeled “Product/Service” and select the product or service for which you are issuing the refund.

Assuming you’ve followed these steps correctly, Quickbooks will automatically populate several fields with information about the refund, such as the amount of the refund. Double check this information to ensure it’s correct. If you need to make any changes, go ahead and do so now.

If you operate a local business and are issuing a refund to a customer in person, you can print a refund receipt by clicking the “Print Check” button at the bottom of the screen. Alternatively, you can save the refund receipt to print at a later time by clicking “Print Later” button. When finished, click “Save and Close

In Conclusion

Customer refunds are bound to happen when running a business. Maybe a customer purchased the wrong product, or perhaps the customer received a broken or damaged product. Regardless, you can process and record refunds in just a few steps using the Quickbooks accounting software.

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How to Create a Duplicate Invoice Using Quickbooks

If your business sells a subscription-based service, you might be wondering how to create a duplicate invoice. With a subscription-based service, you’ll have to send the same invoice to customers multiple times. While you can always create each invoice manually, this is a tedious process that consumes valuable time and energy. An easier and more efficient solution is to create a duplicate invoice using the Quickbooks accounting software.

Steps to Creating a Duplicate Invoice

To create a duplicate invoice, log in to your Quickbooks account and click the “Sales” link on the main menu, followed by “All Sales.” You should then see a list of all sales your business has processed and recorded. Scroll through this list until you find the sale that you’d like to duplicate. After opening it, click the “More” link, followed by “Copy.”

Assuming you’ve followed these steps, Quickbooks will create a copy of the invoice, which you can then send to the customer. If you need to make any changes to the invoice, go ahead and do so. If the invoice is correct, complete the process by clicking “Save.” Congratulations, you’ve just created a duplicate invoice using the Quickbooks accounting software.

If you need to create multiple duplicate invoices, just rinse and repeat these steps. Quickbooks makes it easy to create duplicate invoices by providing a simple and convenient interface.

Steps to Duplicating an Estimate

You can duplicate an estimate in Quickbooks using this same process. If you send customers an estimate — a non-fixed cost estimate of a product or service — you may need to send them multiple copies of the same estimate. To do this, just go back to “Sales” and then “All Sales.” From here, you can locate the estimate and click More > Copy to duplicate it. The process is exactly the same, with Quickbooks displaying both invoices as well as estimates in this area.

How to Print Duplicate Invoices

Printing a duplicate invoice requires the same steps as printing a unique, non-duplicate invoice. From the main menu, go to “Sales” and then “Invoices.” Next, find the duplicate invoice that you want to print and click Actions > Print.

Of course, you can also choose to email customers the duplicate invoice rather than to print it. Quickbooks offers three options under the “Actions” menu: print, email or send reminder.

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How to Split a Transaction in the Quickbooks Register

When adding transactions to your register in Quickbooks, you’ll probably discover that only a single account can be associated with each transaction. But what if two or more customers or vendors were responsible for the transaction? While you can’t add multiple accounts when initially creating a transaction in the Quickbooks register, you can still split the transaction by following a few simple steps.

Steps to Splitting a Transaction in the Quickbooks Register

To split a transaction in the Quickbooks register, log in to your Quickbooks accounts and click the “Accounting” link on the main menu, followed by “Chart of Accounts.” You should then a see a list of all your business’s accounts. Go through this list until you find the account associated with the transaction that you’d like to split. After locating the account, click “View Register” under the “Action” menu.

Assuming you’ve followed these steps correctly, Quickbooks should reveal an entry screen containing information about the transaction you just selected. On this screen, you can enter the appropriate partial or “split” amount for that customer or vendor. When finished, click “Save.”

Add the Other Account or Accounts

After adding the first account, you’ll need to go back and add the other account or accounts. If a two customers paid you $50 each for a single $100 service, for example, you’ll need to add both accounts while ensuring each account has $50 in the register.

If you run a large company and have a large transaction register, you may struggle to find specific transactions. Quickbooks automatically sports transaction in the register according to date on which they were created, with the most recently created transactions displaying before their older counterparts. However, you can further refine your search using Quickbooks’s alternative sorting options, including reference number, transaction type, payment, deposit and reconcile status. So, if you’re struggling to find a specific transaction — or multiple transaction — try using some of these alternative sorting options. And if that doesn’t work, use Quickbooks’s built-in filtering feature.

In Conclusion

Quickbooks doesn’t allow you to associate multiple accounts with a transaction when you initially add the transaction, but there’s a quick and easy workaround available: Pulling up your “Chart of Accounts” and editing the split payment after the transaction has been added. By following the steps outlined in this tutorial, you can easily record a split transaction in your Quickbooks register.

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Write-Off vs Write-Down: What’s the Difference?

When running a business, you may encounter the terms “write-off” and “write-down.” While similar, though, write-offs aren’t the same as write-downs. And if you use them incorrectly, you could inadvertently throw off your business’s financial records. So, what’s the difference between a write-off and write-down?

What Is a Write-Off?

A write-off is an accounting process in which the value of an asset is reduced to zero. If an asset currently owned by your business no longer has value — it’s worth zero dollars, in other words — you can write it off to reduce your business’s taxable income for the given year.

A common example of a write-off is bad debt. If your business allows customers or clients to pay after their product has been delivered or their service has been performed, you’ll have to collect payments. Hopefully, this doesn’t occur, but if a customer or client fails to pay, your business will have bad debt. Although the debt was originally valuable, it no longer holds value once considered “bad.” Therefore, it can be written off in your business’s books.

How to Record a Write-Off in Quickbooks

You can easily record write-offs using the Quickbooks accounting software. To get started, log in to your account. Next, create an account for write-offs by clicking the gear icon and selecting “Chart of Accounts” under your company’s name. Next, click “New” and select “Expenses” from the “Account Type” drop-down menu. You can then enter a name for the account, such as “write-offs” or “bad debt.” When finished, click “Save and close.”

After creating the new account, you’ll need to create a new product or service for it. Of course, this is done by clicking the gear icon from the home screen and choosing “Products and Services” below “Lists.” From here, select “New,” at which point you can complete the fields with information about the write-off.

What Is a Write-Down?

A write-down, on the other hand, is the reduction of an asset’s value. The difference between a write-off and write-down is that the former reduces the asset’s value to zero, whereas the latter reduces the asset’s value to a number above zero.

If your business owns inventory, for example, the value of that inventory may become lower over time, in which case you can write it down. Write-downs have a similar effect as write-offs, making them an important tool to lower your business’s taxable income for the year.

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How to Make an Employee Inactive in Quickbooks

While Quickbooks allows you to add and remove employees, the accounting software also allows you to make them inactive. What’s the purpose of this feature exactly? By making an employee inactive, you can remove them temporarily from your account, ensuring that you don’t accidentally send them a paycheck. If an employee is on leave, for example, it’s a good idea to make him or her inactive. Of course, you can still use this feature on employees who’ve quit or otherwise left your business. Regardless, you’ll first need to familiarize yourself with the steps to using this feature.

Steps to Making an Employee Inactive

To make an employee inactive in Quickbooks, log in to your business’s Quickbooks account software and select the “Workers” menu from the main screen, followed by “Employee.” Next, scroll through the list of employees whom you’ve added to your Quickbooks account until you find the employee whom you want to make inactivate. After locating the appropriate employee, click his or her name and select “Make inactivate.” Quickbooks will then ask you to confirm the process. Choose “Yes” to complete the process by making the employee inactivate.

Steps to Reactivating an Employee

If the employee whom you made inactive has returned to your business, you’ll need to reactivate him or her in Quickbooks. To do this, go back to the home screen of Quickbooks and choose “Workers,” followed by “Employee.” You should see a gear-shaped icon below the link to add an employee, which you can click to reveal more options. After clicking the gear-shaped icon, click the box next to “Include inactive.” You can then choose the option for “Make active” in the “Action” menu. If you need to reactivate more than one employee, simply repeat these steps with the appropriate employee selected.

In Conclusion

When running a business, you’ll have plenty of employees come and go. Some employees may stay longer than others, but the fact is that all businesses add and remove employees. When an employee no longer works for your business, though, you’ll need to remove him or her from your Quickbooks account.

The accounting software supports a simple “inactive/active” feature to overcome challenge. Just make the employee inactivate, at which point he or she will no longer affect your business’s accounting processes. And if the employee returns, simply reactivate him or her in your Quickbooks account.

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