Seeking for the procedure to close books and company in QuickBooks desktop and online. Herein, we will be talking about the procedure to close books and company in not only QuickBooks desktop, but also online. This feature of QuickBooks helps in closing the books at the end of the year. Moreover, it is an accounting process of zeroing out the income and expense accounts and recording the company’s net profit or loss into the balance sheet. Before heading further with the process, it is recommended to create an opening balance.
To find out more about closing books in QuickBooks desktop and online, make sure that you go through this article till the end. Or you can also contact our QuickBooks support professionals, and let our experts close your books in QuickBooks and teach you the process.
Perks of closing QuickBooks or company in QuickBooks
Once the user creates new company data it will affect the previous balance sheet, the user will have to use the close of the book, and the main purpose of this to protect the transaction. The user needs to make use of this feature to set closing date and password command in QuickBooks. This step will lock down all the information so that it cannot be affected by the business.
Steps to close the QuickBooks in QuickBooks pro
The user can perform the below steps to close books in QuickBooks pro.
The very first step is to choose the gear icon and company setting
After that choose advanced
The user should not click on edit icon in the accounting section
Opt for mark the closing the books checkbox
Also, enter a closing date
Transactions dated on or before the closing date cannot be modify without warning
The user should decide what he/she wishes users to see if they try to save a transaction that is dated prior to the closing date:
Choose allow changes after viewing a warning to make a warning message appear
Choose allow changes after viewing a warning and entering a password to make the user also enter a password. Then enter the password in the two password fields below
Choose save for done
View the changed transaction after closing date:
The user might require to track some transactional changes details even after the closing date.
Herein, the user needs to click on reports from the menu
And then select accountant reports and taxes
Click on closing data exception report and view the required reports
In this report, the user can see the closing dates and the user who set the closing date.
Is it possible to make changes after closing QuickBooks?
In case the user wishes to preserve the integrity of the financial data in QuickBooks, then it is not needed to change QuickBooks after he/she has closed it. Thus, it is recommended not to make any sort of changes to QuickBooks after closing books.
In case the user forgets to enter a transaction and then he/she wants to make changes in a transaction in closing files, then the user should enter the password. This would be of great assistance in case of security concerns.
It should be noted that at the end of the year, QuickBooks automatically close out files and reports all losses and expenses. The user needs not to worry about doing it manually.
Adjustments made by QuickBooks at the end year
For making zero net income in the upcoming fiscal year, QuickBooks make changes into the income and expense accounts in a way so that the outcome is zero.
And QuickBooks also makes adjustments in the net income entry. For example: in case the previous year’s profit was $12000, then QuickBooks enters a $12000 net income on the last day of the financial year. This an be visible in a line of the equity section
On the very first day of the next financial year, QuickBooks increases the retained earning equity by the same amount as the previous fiscal year’s net income in this example decreases the net income by the same amount.
Perks of closing books in QuickBooks
Restricted access: One of the reasons why one should close the books in QuickBooks is that the user can restrict other users from accessing the previous data including the transactions. The user can create a closing password to enable this QB feature. After doing that, only the user having the closing password and authority will be able to delete transactions from the closed period.
Reporting: The changes that are made after the closing date to the transactions dated on or before the closing date will appear in the closing date exception report.
Pitfalls of closing the books
It should be noted that it would not be easy to access the previous year’s transactions. In case required, then the user will have to have the closing date password and authority
Also, without the permission of the user who set the closing dates, it is not possible to compare reports between the current year and last year.
By the end of this article, we expect that the reader might be able to successfully close the books in QuickBooks desktop. However, if the user isn’t able to for some reason, then getting in touch with our professionals and QuickBooks customer support team is suggested.
The user can simply get in touch with our support professionals right away at 1-844-521-0490, and they will ensure to come up with the most appropriate solutions for you.
Well, after the user has sent an invoice and received the payment into undeposited funds account, he/she would have to deposit these payments into an account in QuickBooks, similar to that he/she would have done when visiting the bank at the end of the workday. The most important point to remember is that the transactions in QuickBooks should reflect real-life, which means if the money is in the actual bank, then it should be reflected in QuickBooks.
Talking about the bank deposit feature, it serves two functions. In case the payments received into the undeposited funds account, then you can group the payments and deposit them as single record into an account. This particular feature is also where the user records items that aren’t typically captured on invoices or bills, like the assets and loans.
When depositing money at the bank, the user often deposits multiple payments from sources all at one. The bank usually records everything as a single record with one total. In case the user enters the same payments as individual records in QuickBooks, then they won’t match the way the bank recorded the deposit.
In such cases, QuickBooks will have a special way for the user to combine transactions so the records match the real-life bank deposit. The user needs to put the transactions that are to be combined into the undeposited funds account. Using the bank deposit feature to combine them.
Steps to record bank deposits in QuickBooks
The user can perform the following steps to record the bank deposits in QuickBooks. Let us check out the steps one by one:
Step 1: The first step is to put transactions into undeposited funds account
In case you haven’t already, you can put the payments and sales receipts that are to be combined into the undeposited funds account. This particular account holds everything before recording a deposit.
Step 2: The next step is to combine transactions in QuickBooks with a bank deposit
It should be noted that each bank deposit creates a separate record in QuickBooks. Also, the user needs to make deposits one at a time for each of the deposit slips.
At first, the user should choose new tab.
And select bank deposit.
The next step is to select the account that is to be used to keep the money from the account dropdown menu.
And then choose the checkbox for each transaction that is to be combined.
Ensure that the total of the selected transactions tally with the deposit slip. And the user is supposed to use the deposit slip as reference.
The last step is to select save and close or save and new.
It is important to note that all transactions in the undeposited funds account appear in the bank deposit window. In case you don’t see the one that is required, then put it in the undeposited funds account.
We end the article over here, with the hope that the above stated information might be more than enough for you to learn about bank deposits in QuickBooks desktop. However, for any further query, you can contact our QuickBooks enterprise support team professionals at 1-844-521-0490. And let our experts perform the necessary steps on your behalf.
Looking for the process involved in fixing common QuickBooks issues when applying a payment towards an invoice? Your search ends over here, we are here to discuss the entire process involved in resolving common issues when applying a payment. There are different methods involved, which include multiple payment methods, reapplying payments, refunding payments and more. In case you need any assistance in helping with the standard process for creating invoices and receiving payments, then you can refer the accounts receivable overview.
To know more, read this article carefully till the end. Or you can also contact our team professionals for any further technical assistance. Our team will be more than happy to help you.
Steps to use multiple payment methods towards an invoice
The user can follow the below steps, to apply several payment methods:
Step 1: At first, create a cash payment item
The user is required to select the item list from the lists menu.
And then, choose the item drop down and select new item.
For item type, the user is recommended to choose payment.
On the item name/number field, type in cash payment.
The user is then required to select the radio tab for group with other undeposited funds, in case you want the payment to go to the undeposited funds account. Else, choose the deposit to radio tab and from the drop down, choose the bank account you wish to the payment to be deposited to.
Choose OK tab.
Step 2: The next step is to create the invoice
From the customers menu, the user is recommended to select create invoices.
And then on the customer job drop down, choose a customer or customer job. In case the customer or job is not on the list yet, the user needs to select add new.
The next step is to fill in the relevant information at the top of the form like the date, invoice, bill to/sold to and terms.
Now, in the detail area, choose the items.
Choose the cash payment item you created in step 1.
Now, on the amount column, enter the amount of the item that will be paid by cash.
Also, note that the cash payment item might show on a negative amount and the total and balance due is equal to the amount which will be paid using the credit card.
Choose save and close.
Step 3: After that record the payment
The user is then required select receive payments from the customers menu.
And on the received from drop down, select the customer or customer job.
Now, enter the amount.
Ensure that the date is correct.
Also, enter the reference of check.
The next step is to select the appropriate credit card for the payment method.
Select the invoice you will pay with a credit card.
Using a payment deposited directly into a bank account to pay for an open invoice
The below steps show the process to create a custom credit from an existing deposit and also the process to apply this credit to an open invoice. This will change the process of accounts being infected. The user will be required to check with the accountant, if the payment was deposited in a closed period or not.
Step 1: The very first step is to edit deposit to create a credit to the customer
And then, open the original deposit.
The next step is to enter the customer’s name used on the original invoice in the received from column.
After that, the user is suggested to select ok on the warning message.
And in the form account column, replace the income or another type of account with the accounts receivable account used on the original invoice.
Choose save and close.
Step 2: The next step is to apply the credit to the original invoice
From the customers menu, choose receive payment.
Further, select the customer name used on the original invoice in the customer payment window.
The next step is to select the invoice you would like to apply for the credit.
Now, select discounts and credits then place a checkmark beside the credit amount.
Choose done tab.
And select save and close.
Steps for editing customer payment that was recorded incorrectly
The user can check the transaction history, so as to locate and edit the payment that was recorded as full payment when it was actually a partial payment.
The very initial step is locate the invoice with the incorrect payment amount applied.
The invoice will have a paid stamp on the screen.
From the reports tab, the user is requested to select the transaction history.
Further, on the transaction history invoice window, highlight the payment line and select go to tab.
Change the amount of the payment to amount received.
Choose the save and close tab.
The last step is to select yes when the recording transaction window appears with the following message “This payment has been used to pay invoices. Changing it will alter the way it is applied to those invoices. Do you want to change it anyway”?
By now, we believe that the above stated steps would have helped you in resolving common issues when applying a payment towards an invoice. If not, then do not hesitate in contacting our accounting professionals at 1-844-521-0490. Our QuickBooks enterprise support will ensure to come up with the most appropriate solution to help you out.
Want to learn the process to adjust payroll liabilities in QuickBooks desktop? This basically includes company contributions, employee additions, and deductions. When the payroll liabilities are wrong, then the user can use a liability adjustment to resolve them. It is suggested to adjust payroll liabilities only if the user has the understanding related to accounting or on the advice of the accountant.
The user can also find an accountant, if required. In case the user is having assisted payroll or QuickBooks online payroll, then contacting the professionals is suggested. It might be difficult for the user to adjust liabilities.
By the end of this article, we believe that the steps discussed above might be enough adjust payroll liabilities in QuickBooks desktop. However, if you need any sort of assistance, or if you are unable to adjust the payroll liabilities in QuickBooks desktop successfully, then contact our QuickBooks enterprise customer support team professionals using our support number i.e. 1(844)521-0490. Our team will ensure to provide you with immediate technical assistance.
Looking for the process to create automated payment reminders for invoices and statements in QuickBooks desktop? Well, in QuickBooks desktop you can make use of the payment reminders to schedule statements for customers or let them know when they have invoices, they still need to pay you for. After setting up the payment reminders, the software will permit the user to know when he/she is having statements or invoices available to send. And then, can review and approve them before they are sent. The most important point to note before heading forward is to send payment reminder in QuickBooks online and QuickBooks online advanced.
If you are interested in knowing the process to create automated payment reminders for invoices and statements, then read this article till the end, or contact our team professionals at 1(844)521-0490. Our experts will ensure to provide you with instant support services.
To turn on automated payment reminders for invoices and statements, perform the steps below:
The first step is to move to the edit menu and select preferences.
And then choose the payments tab, also select the company preferences.
Select yes, from Do you want to send payment reminders.
And later on, set the time and frequency that you would like to be reminded to review and approve reminders.
Choose ok tab and select finish tab.
Steps for automating statements using payment reminders
After you have turned on the payment, you will have to create a schedule for when you email the customer statements. You can also set up multiple statement schedules and messages for different mailing lists. This can be done as follows:
You are first required to move to customers menu and choose payment reminders
Choose the schedule payment reminders.
For adding a new statement schedule, choose new schedule and select statement and give the reminder a name by selecting new schedule
From the select customer group, choose add new
Also, add a name and description for the customer group and choose next tab
The next step is to select the field, operator, and value to define a criterion for creating this customer group.
After that, review the customers that you want to add to the group and select finish tab
From the new list, choose add reminder
Also, customize the reminder with the statement date, statement period, or if the statement is overdue, and the invoice details.
The last step is to select the statement and email design templates and choose OK tab.
Steps to schedule payment reminders for invoices
You can create reminder that automated sending invoices with the help of the payment reminders. The steps to be followed here are:
The first step is to move to the customers menu and choose payment reminders
Select schedule payment reminders.
Add a new payment reminder and select new schedule and give the reminder the name by selecting new schedule
The next step is to go for the select customer group dropdown and click on add new
Add a name for the mailing list and hit next
Choose the customers you would like to add to the list and select save
From the new list, choose add reminder
From when do you want to send this reminder, select the days before or after the due date to send the reminder
Update the message to match the business and to add a new field to populate, choose the insert field dropdown
Till the end you might be well versed with the steps to create automated payment reminders for invoices and statements. However, if you are still unable to create the reminders even after performing the steps above, then contact our team professionals right away at 1(844)521-0490. Our QuickBooks enterprise support team professionals will ensure to provide you with immediate technical assistance.
Planning to import your credit card transactions into QuickBooks? If yes, then your search ends over here, this article is written with an intent to provide the best possible information related to importing credit card transactions into QuickBooks online. QuickBooks has introduced great feature of importing credit card transactions, that saves a lot of time and effort. This also helps in managing the finances and budget. In this article, you will also learn the process to import the credit card transactions using QuickBooks online file or excel and csv file.
You can read this article carefully to learn the process. Once you download the transactions, you can quickly manage the transactions. Or you can also contact our team professionals, in case you don’t want to perform the steps for importing transactions manually.
There are certain points that you should take into consideration, which include:
For importing the transactions into QuickBooks online, you would have to enter the credits manually.
Also, in case you wish to download transactions of more than 90 days, then you would have to import transactions in excel format.
Another point can be that you have to add a column for QuickBooks account number when downloading a file from the credit card company. In case you an account number already, then provide the lowest sub account number.
Also, there is a pay column in the file that gets downloaded from the credit card company having extra details. This can be molded according to the needs to match it with the vendor name.
Steps for importing credit card transactions in QuickBooks online
One can perform the below steps to import credit card transactions successfully:
Step 1: Choose the banking center
Herein, you are required to enter the bank/credit card name in the search bar.
And then select the bank/credit card company from the list.
In case you couldn’t find the credit card company or you wish to download 90 days transaction, then you would have to do it with the help of CSV format.
Step 2: Logging in to the business and credit card account
You would have to use the login credentials, like the ID and password. This might take a couple of minutes to connect with the bank with QuickBooks.
Step 3: Selecting the credit card account
One can tick mark each of the account that he/she wishes to connect with the software.
And then, enter the bank account name.
Further select the QuickBooks account where you have linked the bank account.
In case you are unable to look for it, then add an account from the drop-down list.
Herein, the transactions will download in 90 days. If you want the transactions of more than that, then download it using the CSV format.
Or if you want the transactions for a shorter date range, then click on the link “need a shorter date range”.
Step 5: And then click on the connect tab
Under this, click on the connect tab and download all the transactions in QuickBooks.
The point to be noted here is that there is no undo option once the transactions are downloaded. Thus, make sure that you choose the correct account as later on you would have to delete all the transactions and download them again.
Step 6: In this step, the transactions will get downloaded
After the transactions are downloaded successfully, you will see a message that states “We successfully downloaded the transactions.”
Step 7: The last step is to review the downloaded transactions
Under this, you would have to check credit card and balance in the banking center.
And in case the user wishes to track another credit card account, then he would be required to click on add account.
Tried the above steps and still unable to successfully import credit card transactions into QuickBooks? Well, we have a solution for that as well, you can contact our QuickBooks enterprise technical support team for any sort of technical assistance. Give us a call at our customer support number i.e. 1(844)521-0490, and let our team of professionals handle the situation for you.