Frequently Asked Questions
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QuickBooks Tasks - Pro and Premier
Bills that are completely paid with bill credits will not appear on the bill payment voucher.
To see a list of bills paid by bill credit: 1. Locate the bill credit that was used to pay the bill. Note: The Advanced Find feature found in the QuickBooks Edit menu can assist in locating transactions. Select filters pertaining to the bill credit (for example, Transaction Type, Name, and Date Range), and then click Find. Double-click the item in the results area to open the form. 2. Click the History button at the top of the form window. 3. Click Print to generate a list of bills that were paid with the credit.
There are several reasons why a bill or invoice displays on an aging report when you think it should not:
• Credit or payment entered but not yet applied • Incorrect report aging preference • Incorrect terms specified on the bill or invoice • Term set up incorrectly • Incorrect system date Solution: Check the following to determine if the transaction should be on the aging report: • Check for unapplied credits or payments for a vendor: 1. Go to the QuickBooks Reports menu, choose Vendors & Payables and then click Unpaid Bills. 2. Look for payments or bill credits on this report. These are items that have not been applied to bills and may be part of the reason why the vendor has a balance on an aging report. • Check the aging preferences: 1. Go to the QuickBooks Edit menu and click Preferences. 2. Click Reports & Graphs on the left, and then click the Company Preferences tab. If you have selected Age from due date, a transaction becomes past due after the due date, which is calculated based on the terms assigned to the transaction. If you selected Age from transaction date, the transaction becomes past due after the date on the transaction. • Check the bill for the correct term selection. You may have several terms on the Terms list. (To view the Terms list, go to the QuickBooks Lists menu, choose Customer & Vendor Profile Lists, and then click TermsList.) • Check the term on the transaction for the correct settings. View the Terms list (see section above), and double-click a term to view the settings. For more information on setting up terms: 1. Go to the QuickBooks Help menu, choose QuickBooks Help (2004 and earlier, Help Index). 2. Type terms for payment, click Display, and then click Display again. 3. For more information on standard vs. date driven payment terms, click the link in Step 4 of the Help document. • Check the system date. 1. On the taskbar, click the Start button, then choose Settings, and then choose Control Panel. 2. Double-click the Date/Time icon. Check that the correct date and year is showing. 3. Make any changes if necessary. Click Apply, and then click OK.
Customers using more than one Accounts Payable (AP) account in QuickBooks will have an option to select an AP account at the top of the Pay bills window. Customers may want to change this preference so that an account other than the default AP account automatically shows up in this window.
The list in QuickBooks is pulled from the order of the account in the chart of accounts list. There is no preference in Edit, Preferences to change this default account but it can be done. Detailed instructions:
There are two ways you could do this.
#1) Open "Write Checks." Fill the check out for your vendor and make the amount $50. Next click on "Edit - Memorize transaction." Mark "Remind Me." Next by "How Often" select "Monthly." For "Next Date" put 09/15/2007. QBs will start reminding you on 09/15/2007 that you need to print this check and send it to your vendor. Only use this option if you DO NOT enter the bill under "Enter Bills." #2) You could go to "Enter Bills" and enter 15 monthly $50 bills for your vendor starting 09/15/2007. Now when you use "Pay Bills" you will see these $50 increments and be able to pay them there. Hope this helps! poogus
When a customer’s check is returned for insufficient funds, perform the following steps;
1. Create items for tracking bounced checks and their associated charges (a one-time setup task). 2. Use the items created in step 1 to reinvoice the customer for the bounced check, plus any bank fees you want to recover. This step also backs out the original transaction on your books. a. Click Customer Center b. On the Customers & Jobs tab, select the customer with the bounced check. c. Right-click and choose Create Invoices. d. For the first line item on the invoice, use the Bounced Check item for the amount of the bad check. (NOTE: Because this item is linked to your bank account, this will reduce your bank account by the amount of the bounced check, thereby backing out the original transaction on your books. The income for the original sale will be recorded when you receive the new customer payment.) e. For the second line item on the invoice, use the Bad Check Charge item for the amount of any bank fees that you want to recover. f. Complete filling out the invoice as usual. 3. You can send an optional Bounced Check Letter to your customer with the new invoice. a. Select the customer in the Customer Center. b. Go to the Word menu at the top of the Customer Center and click Prepare Letter to Customer. c. Follow the onscreen instructions in the Letters and Envelopes wizard. In the Choose a Letter Template window, choose Bounced Check. 4. Enter your bank’s bounced check charge when you reconcile your bank statement. When you reconcile your bank statement: a. Include your bank’s charge for the bounced check in the Service Charge field. b. In the Service Charge Account field, enter an expense account (for example, Bank Service Fees or Returned Check Charge).
If a single payment from a customer covers more than one job, open the Receive Payments window and select the customer in the “Received From” box, then checkmark jobs/invoices to which you are applying a payment. The Customer:Job list then displays the outstanding balance for each job.
Do not apply “Credit” payments or “Overpayments” against the customer instead of the job; your records will show a credit balance for the customer but show the charges against the jobs as unpaid.
Tracking bad debt:
At the end of your fiscal year, follow these steps to track your bad debt and then write it off. 1. From the Reports menu, choose Customers & Receivables, then A/R Aging Detail. 2. Click Modify Report. 3. In the Modify Report window, make sure the From and To dates are both the last day of your year. 4. Review the A/R Aging Detail report, which shows you invoices from customers that were still outstanding as of the last day of your year. Review the report to ensure that everything looks accurate. You can QuickZoom (double-click) on any invoice in the report to go to the original transaction. 5. Fix any duplicate invoices or any mistakes. For example, if you find two invoices listed for exactly the same amount and upon examination discover that you've entered two invoices by mistake, delete the second invoice—don't write if off as bad debt. Only write off invoices that are truly bad debt or items the customer refused or is unable to pay. 6. If customer payments are showing up on this report, then you have made an error somewhere. You should solve that problem before writing off bad debt. If a customer payment shows up on the A/R Aging Detail report it is generally because the payment didn't get applied to an invoice. This would be the case if you see both a customer invoice and the customer payment listed on the report. To fix or clear both the payment and invoice from the report, simply double-click the customer payment listed on the report. When the Customer Payment window appears, find the "Invoices paid (with this payment) and those still outstanding" area and add a checkmark by the invoice this payment should get applied to. If a customer payment is listed on the A/R Aging Detail Report and no invoices appear for that customer, you need to figure out why you received money from that customer and didn't enter an invoice first. You should enter an invoice for the customer and apply the payment to the invoice before proceeding. 7. If your A/R Aging Detail report is clean, write off bad debt. A clean A/R Aging Detail report shows a list of only what is or was outstanding at the end of your year. Writing off bad debt: 1. Go to the Company menu and click Chart of Accounts. 2. Click Account at the bottom of the list and click New. 3. In the Type field, select Expense. (If you are using account numbers, enter the account number in the Number field. In the Name field enter Bad Debt.) 4. Click OK. 5. Go to the Customers menu and click Receive Payments. 6. Select the name of the customer from whom you incurred the bad debt. 7. Leave the amount field at 0.00. 8. Click on the line item that will not be paid to highlight it. 9. Click Discount & Credits. (Your bad debt expense account should already appear in the Discount Account field on the Discounts tab.) 10. Enter the amount of the bad debt in the Amount of Discount field. 11. Click Done in the Discount and Credits window. (Note: The procedure described above does not affect your sales tax liability.) 12. In the Receive Payments window, save (save & close) the bad debt transaction.
Accrual basis accounting recognizes income at the time an invoice is created and therefore when an invoice is deemed uncollectible it is written off the books as a “bad debt expense”. The income may have been recognized in one year and written off as a bad debt expense in another year.
Cash basis accounting does not recognize income until payment has been received. To have a bad debt expense you first have to recognize income. On cash basis accounting an invoice deemed uncollectible is removed from your P&L by reducing gross income rather than recognizing a bad debt as an expense. The easiest way to close the uncollectible invoice in cash basis accounting is to create a credit memo. The credit memo should mirror the original invoice using the exact items in the credit memo that were used on the original invoice. 1. Bring up the original invoice on the screen. Print a hard copy of the invoice you wish to close. Make note of which “item” were used when the invoice was created and if the items were taxable or non taxable, is the customer listed as taxable or non taxable. 2. Go to Customers>Create Credit Memo/Refund. 3. Enter the customer and job as it was entered on the original invoice. 4. Date the credit memo in the year you wish the invoice to be removed from your books. If you are making adjusting entries in March 2007 for 2006 you will want to date the credit memo 12/31/06. 5. Enter the exact items as they appeared on the original invoice. 6. Review the tax status of the items and the tax status of the customer to insure the sales tax on the credit memo mirrors what was on the original invoice. 7. Make a note in the body of the credit memo why it is being created (i.e. this credit memo to be applied to invoice 1234 to close an invoice deemed uncollectible.) 8. Save and close. Print a hard copy of the credit memo for your records. 9. Go to Customers>Receive Payments. 10. Enter the customer name and job. Enter a date you want the transaction recorded (i.e.12/31/06). 11. Highlight the original invoice you wish to close and put a checkmark next to it. 12. Click on set credits at the bottom of the screen. 13. Apply the credit memo to the invoice and hit done. 14. Save and close the receive payments transaction. You have used receive payments to close the uncollectible invoice. On a cash basis the original invoice will not increase income on the P&L because the credit memo offset the amount of the original invoice Go to your edit customer screen and change payment status to COD. Make a notation in the notes as to when and how much was written off as uncollectible. This way if a year from now this customer wants to buy something you will remember that you had to write off the original invoice as uncollectible.
1. Name your customer Acme Markets (c) and your vendor Acme Markets (v).
2. Then, create invoices and enter bills as usual. 3. Create a bank type account called Barter Account. This is merely a wash account. (You will need to be sure that it zeroes out.) To do this, analyze Acme Market, and only pay or receive the amount which will zero out either A/P or A/R. Whatever is left in your a/p or a/r is what you owe Acme Markets or what Acme Markets owes you. 4. Pay the bills from Acme Markets (v) using the Barter Account. Enter the bill number as the check number. For better reporting, you will want to pay one bill at a time. If you aren't looking for a detailed report later, you could enter the lump sum and apply to multiple unpaid bills. 5. Receive payments against the invoices to Acme Markets (c), depositing into the Barter Account. For the reference number, enter the invoice number that you are hitting. For better reporting, you will want to receive one at a time. If you aren't looking for a detailed report later, you could enter the lump sum and apply to all open invoices. (You have do make sure that you don't have your preferences set to 'automatically deposit to undeposited funds') This will give you what you need as far as 'washing' the payables with the receivables for Acme Markets. 6. For a report, run a quick report on the Barter account. Filter by names(s), if necessary, adjust the columns, margins, header, etc. Memorize this report and you can re-run it whenever you need to. Note: You can also access another set of instructions for this situation here.
An upfront deposit, or retainer, is money that belongs to the customer, but which the customer has given to you to hold or to use to purchase tools, materials, supplies, and/or labor for their job. In other words, it's money you have received, but not yet earned. An upfront deposit or retainer is a liability on your books even though you deposit the funds into your checking account. You should not record it as income when you get it.
Law firms might also use trust accounts to hold client funds. The difference is that with trust accounts, you must set up a separate bank account to hold your client's funds. Be sure to always follow the rules of your state regarding the professional and ethical conduct for handling client funds. Failure to abide by those rules and practices could result in administrative, civil, or criminal sanctions. When you have incurred costs on the project in excess of the deposit or retainer, you create an invoice and apply the amount of the deposit to the invoice. The deposit will be subtracted from the amount the client owes you. At that point, revenue is recorded and the deposit is moved out of the liability account. To set up QuickBooks for upfront deposits or retainers 1. Create a liability account for your upfront deposits or retainers. 2. Create an upfront deposit or retainer item. To handle an upfront deposit or retainer 1. Record the upfront deposit or retainer as a liability. 2. Apply the upfront deposit or retainer to an invoice. 3. (Optional) Handle the upfront deposit or retainer for a cancelled job. If/when needed, you can run the upfront deposit or retainer balance report for your customers.
You may need to resort your customer list. To do this:
1. Open your customer center 2. High-light any customer and right-click them 3. Choose resort list That should also put all of your reports back into alphabetical order.
You can search by customer account number from within the Customer Center. To do this:
1. Open the customer center 2. In the view box at the top of the customer click, click on the drop down arrow and select custom filter 3. In the search field, choose all customers 4. In the for field, enter the account number 5. In the in field, choose either all common fields, or account number 6. Click go This should find any customer that has the account number you entered.
Click here to access the help document that explains how to merge customers.
1. From the Lists menu, choose Customer:Job List . (In 2006 & higher, open the Customer Center)
2. From the Activities menu button, choose Use Register. (In 2006 & higher, click on the Edit menu and select Use Register) 3. Find the customer's opening balance transaction in the register and select it. 4. Click Edit Transaction. 5. On the invoice, change the amount. 6. Save the invoice. If you did not enter an opening balance for this customer, but instead entered a series of initial transactions, there will not be a single opening balance entry that you can adjust.
Create a new customer record for the customer with a new address. Rename the old customer record by adding “(old)” at the end of the customer’s name. This should allow you to continue to use the same customer name for the new record.
The statement dates will not update unless statements have been printed for all customers for the date range that appears. If you print statements just for selected customers, or for a particular customer type, the date range and statement date will not move forward.
If you do not need to print statements for all your customers at once, then you can manually change the dates in the Select Statements to Print window. To print statements, from the QuickBooks File menu, choose Print Forms, and then Statements. You can print to a file if the printer setup is configured to do so, or print to a print spooler (Print Manager) with the printer turned off. Then delete the print job from the spooler.
QuickBooks uses the Intuit Standard Statement template, which does not display a due date, as the default template.
To create a customized statement with a field for the due date: 1. From the QuickBooks Lists menu, choose Templates. 2. In the Templates list, click Intuit Standard Statement once to select it. 3. Click Template at the bottom of the list and select Duplicate. A duplicate template will be added to the list. 4. Double-click the duplicate template created in step 3 to open the Customize Statement window (in QuickBooks 2006 versions and prior) or the Basic Customization window (in QuickBooks 2007). 5. In the Template Name field, enter a new name for your customized statement form for QuickBooks 2006 versions and prior. For QuickBooks 2007 versions click on the Manage Templates button, enter a new name for your customized statement form in the Template Name field and then click on the OK button. 6. Click the Fields tab in QuickBooks 2006 and prior versions. In QuickBooks 2007 versions click on the Additional Customization button and then click on the Header tab. 7. Select the Due Date checkbox in the Print column. 8. Click OK. If a Warning window appears, click Relayout. 9. In QuickBooks 2006 and prior versions click OK to close the Customize Statement window. In QuickBooks 2007 versions click OK to close the Additional Customization window and then click OK to close the Basic Customization window. When you prepare statements for printing, make sure this new template is selected. Note: To ensure correct due dates on your statements, make sure each customer's record is set up to reflect the desired payment terms. For more information, please review the QuickBooks Help Index topic terms for payment.
There may be credit memos or payments that have not been applied to invoices or statement charges. The list shows a total balance, while the statement shows open invoices.
To resolve this issue, apply all credits and payments: 1. From the QuickBooks Customers menu, choose Receive Payments. 2. Select the customer name from the Customer:Job drop-down list. 3. Select the Apply Existing Credits? checkbox. (The total credits or payments that are unapplied will appear as Existing Credits, just above the checkbox.) 4. Select the invoices or statement charges to which the credits or payments apply. 5. Click OK to save the changes.
The customer statements used the Bill To information from the customer record to fill in the name and address on the statement. If this Bill To information is missing in the customer record, the name and address will not appear on the statement.
Edit the customer record and add the name and address to the Bill To field. 1. Open the edit customer list 2. Right-click on the customer name and select Edit Customer: Job. The Edit Customer window opens. 3. On the Address Info tab in the Bill To: field, type the Customer name, address, city, state and zip. 4. Click OK. 5. Re-create the statement.
Click here to access an instructional document on how to access finance charges on statements.
Click here to access a help document for this topic.
To identify the customers who have not done business with you in the past year, you can use the following report:
1. Click on the Reports menu and choose Custom Summary Report. 2. In the Modify Reports window, under the Display tab, in the Dates field, select the desired time period during which you'd like to see customer activity (for instance Last Calendar Year). 3. In the “Display columns by” field, select a unit of time - it can be the same unit of time selected for the Dates field (for instance, Year). 4. In the “Display rows by” field, select Customer. 5. Click on the Advanced button at the bottom, and change Display Rows from Active to All and then click OK. 6. Click OK to run the report. The report will display all of your customers, and will show you the dollar amount of business that they have done with you for the time period selected. Any customer who has not done any business with you will show 0.00. To list only the customers with a 0.00 balance, export the report to Excel and use the Autofilter feature. To do this: 1. Click on Export from the report window. 2. In the Export Report window, select the Advanced tab. 3. Check the Auto Filtering checkbox. 4. Click on Export. 5. Once the report has exported to Excel, you can click on the dropdown for Total and select 0. The report will now display only the customers who have $0.00 activity for the time period.
If a customer has an invoice for $100, and a credit memo for $100, they will have a zero balance. However, unless you apply that credit memo to the invoice, you will find that customer has an open balance, and will show up on reports they normally would not.
To resolve this, go into the receive payments screen and select your customer. Apply any available credits to any outstanding invoices. You should then no longer see that customer on the report.
You may need to resort your customer list. To do this:
1. Open your customer center 2. High-light any customer and right-click them 3. Choose resort list That should put all of your reports back into alphabetical order.
To issue a refund to a customer for a partially paid invoice, create a credit memo for the entire amount of the original invoice, write a refund check against the credit memo for the amount paid against the invoice, and then apply the remaining amount of the credit memo to the original invoice.
To create the credit memo, choose Create Credit Memos/Refunds from the QuickBooks Customers menu. Note: Create a credit memo for the full amount of the original invoice, and include the same items and quantities from the original invoice. (Do not save the credit memo yet.) To create a refund check: 1. Click the Check Refund icon near the top of the window. 2. In the Write Checks window, change the amount on the refund check from the full invoice total to the amount of the partial payment, and then click Save & Close. 3. Click History to verify the refund check is linked correctly to the credit memo history, and then click Cancel. 4. Click Save & Close. 5. Apply the remaining amount of the credit memo to the original invoice in the following manner: 6. From the QuickBooks Customers menu, choose Receive Payments. 7. From the Received From drop-down list, select the customer who is receiving the credit. Note: The available credit amount is labeled Unused Credits and appears in the lower right part of the window. 8. In the Applied To list, select the original invoice. 9. At the bottom of the list of invoices, click Set Credits to display the Discount and Credits window. 10. Select the available credits you want to apply. Note: If necessary, adjust the credit amount in the Amt. to Use column. 11. Click Done to save your credit selection, and then click Save & Close to apply and record the credit. 12. View the invoice to ensure it is now marked PAID, and then click Cancel.
The default when passing time to invoices is to display the notes field. When selecting time entries to post to invoices, click on the radio button that indicates to transfer item descriptions to invoices:
1. From the Customer invoice, click Add/Time Costs button. 2. From the Choose Billable Time and Costs window, ensure the Time tab is active, and click the Options button. 3. From the Options for Transferring Billable Time window, click the Transfer item descriptions radio button and click OK twice.
If you have the Estimate and/or Sales Order preferences set to not print items with a $0.00 amount, and the invoice is created from either of those forms, the invoice will also not print items that have a $0.00 amount. This is designed so all linked forms show consistency.
Please do one of the following: 1. Create an invoice from scratch to be able to print $0.00 amounts. OR 2. Edit the Estimate/Sales Order preferences to allow printing of $0.00 line items so invoices created from these forms will inherit the same behavior: a. From the QuickBooks Edit menu, choose Preferences b. Select Jobs and Estimates, and click Company Preferences c. Clear Don't Print Items that have a Zero Amount d. Click OK
Changing the Invoice Date will not update Invoice Due Date unless the Terms field and Terms show on the Invoice.
Assign the terms to the Customer so they will auto fill on the Invoice: 1. In QuickBooks 2004 and QuickBooks 2005, from the Edit menu, select Customers:Job list. 2. In QuickBooks 2006 and QuickBooks 2007, open the Customer Center. 3. Right click on the customer and select Edit Customer:Job. 4. Select the Additional Info tab. 5. Select the down arrow on Terms and select the correct terms. 6. If not listed then add/new and setup the terms.Select OK to close the Edit Customer. Edit the customized Invoice Template and add the Terms field to the screen: 1. From the List menu, select Templates. 2. Right click on the Customized Template and select Edit Template. 3. Select the Fields tab. 4. Click the Terms checkbox under the Screen column to show Terms onscreen. 5. Click OK to close the Customize Invoice Screen. Correcting the Invoice. 1. On the invoice ensure the Terms are showing in the Terms field. 2. Change the Invoice date, the Due Date will now update.
Progress invoicing is invoicing from an estimate in stages instead of for the full billing. When you turn on progress invoicing, you can create an invoice for part of an estimate. QuickBooks gives you the choice of invoicing either for a fixed percentage of the entire estimate, or for different percentages of each line item on the estimate. You can also show on the invoice how much of the estimate you have previously billed to the customer.
Before you create a progress invoice for a job, you must do two things: Make sure the Progress Invoicing preference is set Create an estimate for the job using items To create a progress invoice 1. From the Customers menu, choose Create Invoices . 2. Select the job from the Customer:Job drop-down list. Since you have created one or more estimates for the job, QuickBooks displays a window for you to select the estimate you want to create a progress invoice against. 3. Select the estimate and click OK. 4. When the "Create Progress Invoice Based On Estimate" window appears, select how you want to create the invoice. Make your selection based on the type of contract you have with the customer, and click OK. Use the Help button on this window if you need more information about your options. 5. If the "Specify Invoice Amounts for Items on Estimate" window appears, enter the amount, percentage, quantity, and/or rate due for each item you want to appear on the invoice, and click OK Use the Help button on this window for more information. 6. Choose Preview from the Print menu in the Create Invoices window to see how the invoice will look when it is printed. The printed version of an invoice looks different than the screen version. 7. Click Print to print the invoice. 8. When you're satisfied that the invoice is correct, click Save & Close. The invoice will automatically be added to Accounts Receivable.
Take a look at the "item" associated with the invoice. It sounds like you may have set up an "item" and linked it to a bank account rather than link it to an income account. Instead of reducing accounts receivable it is reducing your bank account when you receive payment.
Compare the item on the invoice that is giving you a problem to an item on an invoice that does not cause the problem. You should be able to quickly spot the set up error on the offending item.
The problem all along was how QB defines "Total" you and I think it means the balance due and QB thinks it means what was billed. What needs to happen is you need to replace the "Total" block with the Balance Due block and show payments.
Bring up your invoice in designer, delete the "Total" block at the bottom (click in it and hit the delete key). Click the button "Add" and select "Data Field" use the scroll bar to select "Balance Due". Do it again and select "Payments/Checks". Move those fields to where you want them, I put them toward the bottom, with balance due last. (if you have a tear off portion on the invoice the total block must be replaced by Balance Due too) Do a print preview to make sure things line up. The invoice will show the total of all payments in the Payments block and it will show the balance due in the balance due block.
Set up a bank-type account for your checking account.
Set up a current liability type account for the Line of Credit. Do not enter any opening balances when creating the accounts. Use the checking account for all deposits and checks/debits/bill payments as usual. When the bank draws from your Line of Credit, use the transfer funds screen to post the transaction. When you make a payment to the Line of Credit, write a check (put 'autopay' in the number field if the bank debits it). On the first line of the check account, enter the principle amount, off-setting the Line of Credit. On the next line, hit an expense type account called Interest Expense (you only need one expense account in your Chart of Accounts for any interest that you pay) for the interest portion of your payment. If there are any fees incurred for using the Line of Credit, use the Write Checks screen with the appropriate account, and enter "fee" in the number field and the amount which will show up on your bank statement. When you get your bank statement from the checking and the Line of Credit, you will reconcile them both using Banking --> reconcile.
1. Click on the Banking menu and choose Make Deposits
2. Check the deposits that are erroneous and click OK 3. In the next window, on the first blank line click in the “From Account” column 4. Select the income account that was overstated by the duplicate deposit 5. Enter in the amount field, the negative amount 6. Click Save & Close
Although QuickBooks (U.S. version) does not support multiple currencies, QuickBooks uses the currency symbol specified in your Microsoft Windows Control Panel on printed forms.
To change the currency symbol 1. From the Windows Start menu, choose Settings, and then choose Control Panel. 2. Double-click the Regional Settings icon. (In Windows 2000, double-click Regional Options.) 3. Make sure the correct location is selected to give you the correct currency symbol. In Windows 95, 98, Me, and NT, select the correct location for International Settings on the Regional Settings tab. In Windows 2000, click the General tab, and then select the correct location for Your locale (location) from the drop-down list. 4. Click OK to save the new setting. 5. You must restart your computer for the settings to take effect. Keep in mind that QuickBooks does not support multiple currencies, nor does it perform calculations. If you switch from one currency to another, the exchange rate will not be calculated, only the currency symbol will change. NOTE: The Canadian version of QuickBooks, does support multiple currencies. Click here to be taken to the QuickBooks Canada site.
QuickBooks does not print check numbers or account information directly to your checks. This is due to banks requiring MICR (Magnetic Ink Character Recognition) to be used on checks for security reasons. However, you can order checks with this information pre-printed at the following link: http://www.intuitmarketplace.com.
Another solution is to purchase a program to print MICR encoded checks. You can find several programs compatible with QuickBooks by going to the following link: http://marketplace.intuit.com and searching for MICR.
There are a couple restrictions for changing fonts on checks. The font for the numeric dollar amount is preset by QuickBooks to Arial 10 point font, and can't be changed. Also, text fonts printed on your checks can't be in color.
These restrictions ensure that your checks comply with banking industry and Check 21 requirements.
You can turn on or off the auto-recall feature in QuickBooks in the General preferences. To do this:
1. Click on the edit menu 2. Select Preferences 3. Choose General on the left 4. Click on the My Preferences tab at the top 5. Check or uncheck Automatically recall last transaction for this name 6. Click OK
The check template is not editable like the invoice template is. Because of the size of checks, the logo is not resizable, and will automatically be displayed in a square format.
See the attached PDF file that I created to help you set up your loan in the loan manager.
A balloon payment loan is a formalized loan with a final payment that is larger than the regular payment amount. Balloon payment loans usually have a lower interest rate than a standard loan to compensate for the larger, final payment. Most balloon payment loans have fixed monthly principal and interest payments with a defined payback period.
In some balloon payment loans, each payment covers only the accrued interest (without affecting the principal), and the entire, original loan amount is due at the end of the repayment period. This type of balloon payment loan is also referred to as a non-amortized loan, an interest-only loan, or a one-payment loan. This one-payment type of loan cannot be tracked in the Loan Manager. If your loan terms include a balloon payment, it will appear as the final payment in your Loan Manager Payment Schedule. The Loan Manager automatically calculates the amount of this payment using the information you entered when you added the loan to the Loan Manager and to the current balance of your QuickBooks liability account. (If a balloon payment appears that was not part of your loan terms, check your journal entries and the Loan Manager loan details for accuracy.) Small discrepancies can occur due to calculation methods.
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