How to Manage Vendors in Quickbook
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.
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What Is Quickbooks Commerce and How Does It Work?
Have you heard of Quickbooks Commerce? It’s an innovative add-on service offered by Intuit. If your business sells its products online, you may want to use Quickbooks Commerce. You’ll still need a subscription to the standard Quickbooks accounting software. With Quickbooks Commerce, however, you’ll have an easier time listing and managing products on your preferred e-commerce platform. To learn more about Quickbooks Commerce and how it works, keep reading.
Overview of Quickbooks Commerce
Quickbooks Commerce is an add-on service for Quickbooks Online that’s designed to streamline common e-commerce-related processes for businesses. You can use it to connect your Quickbooks Online account to the e-commerce platform or platforms on which your business sells its products. Once connected, it will place all of your sales data in a convenient interface where you can easily access it.
How Quickbooks Commerce Works
In case this is your first time hearing about it, you might be wondering how Quickbooks Commerce works exactly. Quickbooks Commerce lives up to its namesake by offering a variety of tools for managing e-commerce products. When selling products online, you may list them on multiple e-commerce platforms. Rather than having to access each platform individually, you can access them all at once with Quickbooks Commerce. This add-on service will provide a single interface from which you can manage your business’s products. Even if you list them on multiple e-commerce platforms, Quickbooks Commerce will integrate the data into a single interface — your Quickbooks account — where you can manage them with greater ease.
According to Intuit, Quickbooks Commerce is compatible with the following e-commerce platforms:
- Shopify
- Amazon
- eBay
- Etsy
- WooCommerce
- Zapier
- ShipStation
Getting Started With Quickbooks Commerce: What You Should Know
You can get started with Quickbooks Commerce by purchasing this add-on service from within your Quickbooks Online account. It’s available for all versions of Quickbooks Online, including Essentials, Plus and Advanced. It costs just $20 per month for the first year, after which the price increases. After purchasing Quickbooks Commerce, you’ll have the ability to connect it to your e-commerce platforms. Connecting Quickbooks to your e-commerce platforms will then integrate them so that you can access and manage all your products from a single interface.
It’s important to note that Quickbooks Commerce is still in the early stages of being rolled it. Therefore, it’s not available to all Quickbooks users. If you don’t see the option for this add-on service in your account, you’ll have to join the waitlist.
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What Is an Inactive Customer in Quickbooks?
When using Quickbooks, you’ll have the ability to create profiles for each of your business’s customers. You can then quickly add these profiles to invoices, allowing for a streamlined accounting strategy. Quickbooks, however, allows you to make customers inactive as well. What is an inactive customer in Quickbooks exactly?
Overview of Inactive Customers
Inactive customers are profiles that your business no longer needs, so they are hidden in your account. All customers in Quickbooks consist of data about a specific customer who has purchased from your business in the past. By default, customers in Quickbooks are active. You can make them inactive, however, to create a cleaner Quickbooks account that improves your accounting strategy.
Both active and inactive customers consist of data-filled profiles about your business’s customers. The difference is that active customers are displayed in your Quickbooks account, whereas inactive customers are hidden. If you make a customer inactive, you won’t be able to find his or her profile in places like menus and lists. The customer’s profile will still be stored in your Quickbook account; it will just be hidden.
How to Make a Customer Inactive
You can make a customer inactive by selecting the “Sales” menu, followed by the “Customers” tab. From the available list, find the name of the customer whom you wish to make inactive and select his or her name. You can then click the “Edit” button for additional options, including the ability to make the customer inactive. After choosing this option and confirming with “Yes,” the customer will become inactive.
Of course, making a customer inactive isn’t the same as deleting a customer. Inactive customers are still stored in your Quickbooks, so you can make them active them without entering their information under a new profile. If an old customer returns to your business, for example, you may want to make him or her active again. Fortunately, Quickbooks allows you to revert customers from inactive to active.
To make an inactive customer active again, select the “Sales” menu and the “Customers” tab like in the previous process. You can then choose the “Customers” tab to see a list of all your customers. To view inactive customers in this list, however, you’ll need to click the “Settings” button and select the option for showing inactive customers. After locating the inactive customer, click the “Make Active” option in the “Action” menu next to his or her name.
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How to Set a Budget in Quickbooks
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.
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An Introduction to Quickbooks Online Advanced
Choosing the right accounting software is essential to your business’s success. Research shows that nearly half of all small- and medium-sized businesses spend over 40 hours a year on accounting. With the right software, you’ll be able to record and track financial transactions more quickly and accurately. Intuit, however, offers several types of accounting software, one of which being Quickbooks Online Advanced. If you’re thinking about using it, there are a few things you should know about Quickbooks Online Advanced and how it works.
What Is Quickbooks Online Advanced?
Quickbooks Online Advanced is the premium version of Intuit’s cloud-based accounting software. There are two primary types of Quickbooks software: desktop and cloud. Desktop refers to Quickbooks Desktop, which is installed and operated locally. Cloud refers to Quickbooks Online, which is installed and operated on the cloud. Quickbooks Online Advanced is the premium version of the latter type.
Features in Quickbooks Online Advanced
Being that it’s the premium version of Quickbooks Online, it shouldn’t come as a surprise to learn that Quickbooks Online Advanced is packed with features. It offers more features than the standard version of Quickbooks Cloud.
Quickbooks Online Advanced offers batch invoicing, for example. With batch invoicing, you can create and send multiple invoices to groups of customers in batches. It’s a faster way to facilitate your business’s invoices. If your business has a lot of customers — and your business uses invoices to collect payments — you may want to use this feature in Quickbooks Online Advanced. Batch invoicing eliminates the need for creating and sending invoices individually. Intuit, in fact, claims that batch invoicing is 37% faster than traditional invoicing.
Quickbooks Online Advanced also comes with premium support. You’ll have 24-hour access to Intuit’s support team. If you encounter a problem — or if you simply need an answer to a question — you can reach out to Intuit’s support team by phone or email. You can even connect your Quickbooks Online Advanced account to your Google account. In doing so, you’ll be able to export your business’s accounting data to Google Sheets.
Other features in Quickbooks Advanced include the following:
- 1099 preparation
- Inventory tracking
- Location tracking
- Payment scheduling
- Profitability tracking
- Class tracking
- Workflow automation
- Company data restoration
- Custom chart building
- Role-based access customization
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How to Void a Payment in Quickbooks
Have you received a payment from a customer that you need to void? Maybe the customer accidentally paid twice, or perhaps the customer requested a refund. Assuming you use Quickbooks Payments, you can easily void payments from customers or other business contacts in just a few simple steps.
Steps to Voiding a Payment in Quickbooks
To void a payment in Quickbooks, log in to your Quickbooks Payments account and click the “Processing Tools” menu at the top of the homepage. You should now see a list of several options. From this list, select “Reverse a Transaction.” On the next screen, you’ll see a list of all your payments that have been processed.
Depending on how many payments you have, you may need to filter this list to find the specific payment that you want to void. You can use the filtering options combined with the “Search” function to narrow down the payments. After locating the specific payment, click it and choose “Submit.” Quickbooks will then void the payment so that the customer isn’t charged for it.
Steps to Partially Refunding a Payment in Quickbooks
Using the aforementioned method, you can easily void a customer’s payment in Quickbooks. But what if you only want to void part of a customer’s payment? Fortunately, Quickbooks supports partial refunds for payments. To do this, you’ll need to log back in to your Quickbooks Payments account, followed by selecting the “Processing Tools” menu and then “Reverse a Transaction.”
Once you’ve found the transaction for which you’d like to issue a partial refund, select it. For the “Amount” field, enter the amount of the payment that you want to refund. If it’s a $100 and you want to issue a $50 refund, for instance, enter $50 in the “Amount” field. When finished, click “Submit.”
Quickbooks will then ask you if you’d like to proceed with the full refund. Since it’s a partial refund, click “Cancel,” after which you can enter the amount of the partial refund — the same amount from the previous step — in the available field. When finished, click “Continue.” You can then either email or print the receipt confirming the partial refund.
In Conclusion
Voiding payments is a regular occurrence when running a business. Unless your business operates exclusively on cash, you’ll probably encounter instances in which customers need to be refunded. With Quickbooks Payments, you can void payments and partially refund payments.
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5 Tips on Choosing a Password for Quickbooks
Your Quickbooks company file probably contains a lot of sensitive data. From customers’ names and addresses to credit card numbers, bank account numbers and more, you’ll need to protect this data from prying eyes. Fortunately, you can lock down your Quickbooks company file by creating a strong password for it. Below are five tips on how to choose the right password that lowers your risk of data breach.
#1) Use a Minimum of 7 Characters
According to Intuit, passwords created for Quickbooks company files should consist of at least seven characters. You can’t create a password, in fact, that’s shorter than seven characters. Quickbooks requires the use of at least seven characters for all file passwords.
#2) Use Letters and Numbers
Avoid using all letters or all numbers in your password. Instead, create an alphanumeric password that contains both letters and numbers. Mixing up your password with both letters and numbers will inevitably make it stronger and, therefore, harder to crack.
#3) Lowercase and Uppercase
For the letters in your password, it’s recommended that you use a combination of lowercase and uppercase letters. Some people make the mistake of only using lowercase letters or uppercase letters, believing it poses no risk. In doing so, they end up with a weak password that places their businesses at risk for a data breach. For a higher level of security, you should use both lowercase letters and uppercase letters in your password.
#4) Make It Unique
Always create a unique password for your Quickbooks company file. In other words, don’t reuse the same password from one of your other accounts or services. You may have one or more “favorite” passwords that you use for your email account, YouTube account or other accounts. Rather than using one of these existing passwords for your Quickbooks company file, create a new password. Unique passwords are far more secure than old and existing passwords. By creating a unique password, your Quickbooks company file will be more secure.
#5) Change Every 90 Days
Even with a strong password, you should consider changing it once every 90 days. Passwords can become compromised. Maybe your computer becomes infected with malware, or perhaps a hacker discovers your password through a brute-force attack. Regardless, changing your password once every 90 days will minimize your risk of a data breach.
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How to Add Expense Categories in Quickbooks
Expenses are a common occurrence when running a business. Whether your business sells products, services or a combination thereof, it will inevitably incur expenses. You’ll need to track these expenses, of course, for accounting and tax purposes. Fortunately, Quickbooks makes it easy to track expenses. In Quickbooks, you can use expense categories to group similar expenses together. With expense categories, you’ll be able to see all expenses that fall under a given category. How do you add expense categories in Quickbooks exactly?
Steps to Adding Expense Categories
To get started, log in to your Quickbooks account and click the “Accounting” menu at the top of the home page, followed by “Chart of Accounts.” From the “Chart of Accounts,” find the option titled “New” and click it. You can select either “Expense” or “Other Expense.” for the type of account.
You’ll also have to give the new expense category a name. To name the expense category, click “Detail Type,” followed by entering a name in the available field. Keep in mind that you can enter any name for the expense category. With that said, it’s recommended that you give the expense category a descriptive and relevant name. If you’re creating an expense category for utilities, for example, you may want to name it “utilities.” If you’re creating an expense category for supplies, on the other hand, you can name it “supplies.” Using a descriptive and relevant name will allow you to identify the expenses more easily.
How Expense Categories Work
With a new expense category, you’ll have the option of assigning all related expenses to that category. Known as expense tracking, it’s a native feature in Quickbooks. You can track your business’s expenses using this feature. Simply add an expense category, after which you can assign all relevant expenses to that category. When reviewing your business’s financial transactions in Quickbooks, you can sort or filter them by the appropriate category. Quickbooks will show you all of the expenses that you’ve assigned to the selected category.
To recap, you can add expense categories from the “Chart of Accounts” section in Quickbooks. Once added, you’ll have the option of selecting the new category when recording your business’s expenses. Just remember to choose the right category. After all, you can only track expenses if you assign them to the right categories.
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Single-User vs Multi-User Mode in Quickbooks: What’s the Difference?
Quickbooks offers two different hosting modes: single-user and multi-user. As you may have guessed, single-user mode is designed for a single user, whereas multi-user mode is designed for multiple users. If you’re planning to use Intuit’s popular accounting software, you’ll need to determine which mode is right for your business’s needs. Some businesses require single-user mode. Others require multi-user mode. To learn more about the nuances between these two modes, keep reading.
The Basics of Single-User and Multi-User Modes
Single-user and multi-user are the two main types of modes offered in Quickbooks Desktop. These mode types refer to the way in which you — or someone else who works at or for your business — accesses your company file. Single-user mode means that only one user will be able to access your company file. Multi-user mode, conversely, means multiple users will be able to access your company file.
Portable Company Files
If you’re hoping to create one or more portable company files, you’ll need to enable multi-user mode in your Quickbooks account. Portable company files is a feature that’s exclusive to multi-user mode. You can’t create portable company files in single-user mode. Rather, you’ll have to switch to multi-user mode.
Disable Quickbooks Manager
In addition to creating portable company files, multi-user mode also allows you to disable Quickbooks Manager. Quickbooks Manager, of course, is a server feature that allows you to share your company file with other computers. When enabled, you can use this feature to send your company file to other computers on your business’s network. You can disable Quickbooks Manager in multi-user mode.
Manual Payroll
Manual payroll, on the other hand, is only available in single-user mode. If you want to use manual payroll, you’ll need to configure your Quickbooks account to single-user mode. Multi-user mode supports direct deposit payroll — a form of automated payroll — but it doesn’t support manual payroll.
How to Change Between Single-User and Multi-User Mode
Now that you know the differences between them, you might be wondering how to switch between single-user and multi-user mode in Quickbooks. In Quickbooks Desktop, you can change between these two mode types by accessing the “File” menu. From the “File” menu, you should see an option for “Switch to Single-User Mode” or “Switch to Multi-User Mode.” Selecting one of these options will change the mode type.
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What Are Other Current Assets in Quickbooks?
When using Quickbooks to track your business’s financial transactions, you may come across other current assets. It’s a category of assets displayed in Intuit’s popular accounting software. Like all assets, other current assets consist of things — both tangible and intangible — that your business owns. You can typically convert assets into cash, thus increasing your business’s cash flow. Other current assets, however, are distinguished from traditional assets in a few key ways. What are other current assets in Quickbooks exactly?
Overview of Other Current Assets
Other current assets refer to non-standard assets that can be quickly converted into cash. In accounting, current assets are defined by their fast conversion process. They can be converted into cash within a single operating cycle, such as one year. Some current assets are standard or traditional. There are also other current assets that fall under a separate category.
Traditional current assets consist of cash, account receivables (AR), inventory, prepaid expenses and securities. Regardless of what type of business you operate, it probably has traditional current assets such as these. All businesses use them as part of their daily operations. With that said, not all assets fall under this category. There are non-standard assets that encompass other items of value. Known as other current assets, they too can affect your business’s operations.
Common examples of other current assets include the following:
- Payroll advancements
- Real property
- Investments
Current vs Non-Current Assets
In addition to other current assets, items of value owned by your business can be classified as non-current assets. Some assets are current, whereas others are non-current. Current assets, as previously mentioned, include those that can be converted into cash within a single operating cycle. Most businesses use a 12-month period for their respective operating cycle. If you can current an asset into cash within one year, it’s typically considered a current asset.
Non-current assets, on the other hand, have a longer conversion process. You can’t convert them into cash within a single operating cycle. Also known as long-term assets, they take longer than a single operating cycle to convert into cash. Non-current assets may include vehicles, machinery, equipment, patent and trademarks. They are considered non-current assets because of their long conversion process.
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