Hi Claudia, I have migrated the data for the Sage 50 to QuickBooks online but imported all the transactions from the previous company. How to make everything zero for the new company?
Go to the bank register and delete the transactions. You may do a JE to reverse as well but if you do that you will need to know exactly what to reverse.
Hello, I enjoy your videos and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my credit card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL
JA Law payroll in QuickBooks is a whole new animal. But QuickBooks will not allow you to use a credit card to pay for your taxes. Only checking and savings account may be used. The taxes payments are automatic in the new payroll option with QuickBooks. Please contact QuickBooks payroll for more details. We can not change anything in payroll in QuickBooks.
9:55 notes payable why on the debit side. I get confused all the time. I known debt is a liability but accounting terms increasing debt is a credit. Please help me understand the accounting lingo. Thanks.
When we want to record payment to a liability we debit it so we eliminate the liability. Credit to increase the liability debit to record a payment and lower the liability.
Thank you for this video. I feel like there's a little bit of hope for me as I attempt to clean up my books. I had a credit card listed 3 times under my Chart of Accounts, and when I attempted to merge them, 1 became s a subcategory instead of merging. Is there a way to correct this?
Hi, I just looked at your video which I found very useful. However, I cannot find a solution to my problem. Like you mentioned on your video, I am trying to cleanup unused/duplicated accounts. However, for some accounts, when I try to make them inactive I am unable to do so because QB Online tells me that the account is associated with a 1099 setup. How can I remove the 1099 "setup" from the accounts? Thank you
The payment for your contractors is routed to the account you are trying to close. You will need to change your contractors payment account prior to closing the account. Go into contractors and change the direct payment form of payment.
We added numbers to our chart of accounts. Now the list of chart of accounts shows the numbers on the name line of the account as well as the account number column Is there a way to delete the numbers on the name line?
I have a question regarding how i enter a down payment for a shop building. This was paid for therough the SBA loan. When i entered the information in Chart of accounts it ended up with a nagative balance. The shop is on hold so no other payments are being made at the moment. On my Balance Sheet it shows a nagative for the down payment. Am i supposed to turn that nagative into a positive amount?
You would create an asset account for the shop building. Next create a liability for the loan. If the loan is for the same amount as the asset. If not when you received the SBA loan it was probably deposited into the checking account and the expenses related to the down payment you would do a journal entry and add the down payment categorize as the asset shop building and credit whatever account the money came from.
The chart of accounts in my medical office was not set up correctly. This was going on for five years. Will I be able to correct these entries for all five years from here?
It is a transitory account. It is QuickBooks workflow, you will need to record the deposit into the bank account to remove the payment from payment to deposit or Undeposited funds which is the same
