Category Archives for Accounting with QuickBooks
Recording & Reconciling Customer Prepayments
A Customer Prepayment can be recorded two ways in QB desktop Create a negative receivable by recording the payment on the customer account before creating the invoice. Enter the payment in the receive payment window when a customer payment is received but don’t apply it to any open invoices so that it creates a negative […]
Continue readingAccrual and Cash Accounting in QuickBooks
QuickBooks is designed to handle both accrual and cash basis accounting methods. The default setting in QuickBooks is accrual accounting. An example of accrual accounting is entering bill and invoicing transactions that generate Accounts Payable/Accounts Receivable reports. The cash basis transactions in QuickBooks are sales receipts for customers and write check and credit card charges […]
Continue readingHow to record Standard Mileage versus Actual Expenses in QuickBooks
Standard Mileage Method You can use QuickBooks Desktop mileage-tracking feature that lets you track your business miles. On the top icon bar choose Company then Vehicle Mileage. This feature is not available in QuickBooks online. Any other mileage app can be used to record business miles as well if the QuickBooks mileage-tracking feature is not […]
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