Morris QuickBooks Seminar Q and A

Thank you for attending our QuickBooks Seminar in Morris on November 13, 2019. Here are the answers to the questions we received.

I have an outstanding purchase order. What do I do with it now?

Purchase orders do not post to accounts, so if it’s no longer needed and just hanging out there, you can delete it.

Sometimes vendors don’t show up on reports.

  • Make sure vendor is marked as 1099 eligible in the vendor center
  • Expenses must be coded to an expense account that is designated as a “1099 account”. This can be found in 1099 set up
  • Were payments made in cash or check vs. credit or debit card?
  • Did you pay the vendor more than $600 in the calendar year?

How do you track a jobs status?

In Customer Center, select customer and in the customer information, the “job status” field will display either none, pending, awarded, in progress, closed, or not awarded.

  • Report: Report menu, list, customer contact list. Customize the report to add job status column. Memorize report to use it again later.

When creating invoices from estimates, the numbers (form) do not match. We want the Estimate # and Invoice # to be the same.

QuickBooks forms, entries count when creating form numbers. Unless all estimates become invoices, the numbers will not match without manipulating the numbers.

How do you properly apply vendor discounts?

When entering the bill, record the gross amount of the bill and select the correct term (i.e. 1%/10, net 30). Then when paying the bill by the discount date, QuickBooks has a suggested discount amount, click set discount, choose the discount account and QuickBooks will pay only the discounted price.

Are there fees associated with E-check option in customer receive payment?

E-check is a label for the method of payment recorded for that transaction so there is no fee for using this label.

What is the website for reporting new hires?

Utilize your Google search for other states.

How do we clear an invoice created when we repair purchased goods from a vendor that is paid by and credited back to our credit card?

You can do a general journal entry to make the adjustment for both the credit card and accounts receivable, as follows:

Credit Card Payable     XXX.XX (debit)
Accounts Receivable                   XXX.XX (credit)

Make sure to select customer name on accounts receivable line

**Apply credits/adjustments to customer accounts to remove from lists and reports.

Is verifying, condensing, or backing up done with QuickBooks Online?

No, QuickBooks automatically backs up your data when using the Online version.

What do you do when you receive a payment from an insurance adjuster (also works with customers) for more than the amount of the invoice?

You will receive a message that the customer is overpaid and you have the option to refund the amount to the customer. For very minimal amounts, a general journal entry can be done to adjust off these amounts. Record to sales accounts and accounts receivable. **Apply credits/adjustments to customer accounts to remove from lists and reports.

If you have additional questions, contact one of our QuickBooks experts.