QuickBooks Explained

QuickBooks Tutorial

  • Sumo

Welcome to Learn Quickbooks tutorial for free!!!
We offer FREE QuickBooks tutorial videos to help you learn Quickbooks easily from basic to more advanced lessons. Quickbooks is a leading accounting software system that accommodates small to medium size businesses.

QuickBooks is versatile and works with variety type of industries to even personal bookkeeping.
It would be very hard to run a business without at least the basic grasp of accounting. Actually you probably won’t find any well-run business that doesn’t have accounting software nowadays. But which accounting software is the right one for you?

Introducing QuickBooks, the best accounting software for small to medium-sized businesses in this day and age. There are actually six Learn QuickBooks tutorials offered which will help you get a working knowledge of how to use the QuickBooks software to help run your business. And we all know great bookkeeping starts with being able to use business software the right way. Get Quickbooks Help for basic and advanced tutorials. Also check out our Quickbooks Training that we offer all for FREE!

QuickBooks for Beginners

  • Learn how to setup Quickbooks. This is great for first time users. Part 1 and 2 are on same page.
  • Learn the basics to Accounts Payable which is money leaving the company such as expenses.
  • Learn the basics to Accounts Receivable which is money coming to the company such as income.
  • Learn the basics to Bank Reconciliation which is vital to keep books accurate.
  • Generating Reports help you understand where you company stands financially all around and much more.

Quickbooks Setup Help

Quickbooks Chart of Accounts

Accounts Payable Training

Accounts Receivable Training

Quickbooks Inventory

Quickbooks Bank Reconciliation

General Journal Accounting

Quickbooks Reporting

Quickbooks Payroll Training

Quickbooks Online

Quickbooks – What’s New

Learn Quickbooks Tutorials

The first Learn Quickbooks tutorial will instruct you on how to do the Company Setup while the second tutorial deals with Accounts Payables. The third Learn Quickbooks tutorial will help you with your Accounts Receivables. The fourth lesson is about Banking and Reconciliations. And let’s not forget, there is one more Learn Quickbooks tutorial which deals with Reports from the different accounting functions such as Accounts Payables, Accounts Receivables, Banking and Financials (to name a few.)

Bookkeepers of any company would be glad to have such accounting software to work with as it makes bookkeeping that much easier to do. Not only that, but there are free video tutorials available online for customers who need more help learning how to use the Quickbooks software. And to make customer service even sweeter, such tutorials can even be customized depending on what aspect of accounting you need more help with. If you have gone through the tutorials and feel that you would like to purchase the software, you can buy Quickbooks and save up to 20% using the links on our site directly from Intuit.

Free Lessons on how to Learn QuickBooks

Having second thoughts about buying right now? That’s okay. You can always sign up for the Quickbooks newsletter at this link http://www.quickbooksexplained.com/newsletter-signup/ . Just give your name and email address and we’ll keep you posted about the latest developments. Who knows, after reading the newsletter you may just be convinced that buying Quickbooks accounting software is the right move to keep your growing business on track and profitable.

So if you are running a small- to medium-sized business and regardless of whether your bookkeeping problem is about Sales, or Vendors, or even Financials, Quickbooks is the accounting software you should choose to make doing business much easier for you and your staff.

157 comments - What do you think?
Posted byadmin- December 30, 2011 at 4:58 am

157 Responses to “QuickBooks Tutorial”

  1. Ahmad Khalid says:

    I want learn quickbooks

    • Ahmad Khalid says:

      I want know about quickbooks

      • md sujon says:

        I want to learn quick book . plz help me.

        • Learn Quickbooks Free says:


          We already have Free basic Quickbooks video tutorials online

          We can also visit our forum section, sign up and post a specific scenario question. You might get back a customized video response as we did for others.

          You can also check Account 101 for more videos we did.

          Dont forget to sign up to get cool updates.

          • Maneisha says:

            Thank you so much. Started a new job and randomly my boss asked if i knew how to use this programme….i had no clue but using this helped me a whole lot…now i can impress them with what i have learnt. Thank you

          • atilano says:

            i need help. when i write 25.50 in rate toitem list the system take me error an write 2.550,00. the system is wrong. helpme

          • admin says:

            Go to Edit; Preferences, General,
            click Automatically place decimal point.
            (You can override it if you want but it will prevent huge amounts from appearing in error)

      • Anonymous says:

        How do I tag revenue so I can graph or otherwise keep track of which practice area is bringing in how much revenue. I put the info in “job” description but then I can’t figure out how to mine and analyze that data… I need to know what category of work is bringing in how much revenue.

        • admin says:


          To get a graph on revenue you go to Reports, Company & Financial, Income & Expense Graph, click on the Income tab to see Income by Client.

          However, if you are not entering your sales on a sales receipt, it will not show up in the report.
          You can’t just enter a deposit and enter the Client’s name in the "Received from" field and have it show up.
          You need to enter either an Invoice, if it is to be paid later, or a Sales Receipt if you have a check to deposit  and have not sent them an invoice yet.

          Either way you deposit it to Undeposited Funds and make the deposit by clicking the checks in Undeposited Funds that you are going to deposit at that time, making sure that your actual deposit in QuickBooks matches the actual deposit at the bank.  If they do not match you will have an awful time trying to reconcile your checking account. 

          If you have not made any Sales forms, you will need to set up Items and link them to the correct Income account.
          If you have income regularly from several different kinds of activities you probably want to set up multiple Income Accounts.
          Using items keeps you from having to set up too many income accounts which makes your Profit & Loss statement and Chart of Accounts cluttered.
          You can always run graphs on sales by going to  Reports, Sales Graphs to see  the % of income

    • karl says:

      I need to be able to write check from several different bank accounts but the company name on each different account has to be printed on each check. Is this possible?

      • admin says:

        No it is not. QuickBooks will only print the name that is listed in the Company Information window on checks.

        You should have a separate file for each company, unless you are separating them by classes. In that case you still would not be able to change the name.

        I suggest getting pre-printed checks for each company and setting them up as classes in QuickBooks.

    • Omane Gurey says:

      hi all if i want study quickbooks how can iget it

  2. Enayatullah says:

    Very nice I really like it….

  3. Ryna says:

    I want to know clearly about how to create budget planning in Quckbooks . Thank you.

    • Learn Quickbooks Free says:


      I appreciate the request.
      I will hopefully have something within 1 week on creating a budget plan on quickbooks. Stay Tuned.
      You can also sign up for our video newsletter for new stuff coming out.

  4. HEMANT B. PATEL says:

    I know Quickbooks use little, but i want to know full lenth use of Quickbooks. How may i learn Free Online or Free Tutorial Video CD ? I am very thankful and appriciate to help me in this matter.

    Yours truly,


  5. Qadoos Ahmed says:

    I want to learn quickbook please complete guid me.

  6. cyriacus says:

    i want to learn quickbook online

  7. sampathliyanare says:


  8. Abul Hashem says:

    I want to learn quick book

    • Learn Quickbooks Free says:


      We already have a bunch of free videos on our website.

      If you have a specific question. Sign up at the forum, post a question, and you will get a video Response!

      Also sign up for our video newsletter for updated tutorials and other cool stuff

      Thank you!

  9. Abul Hashem says:

    I want to learn quick book.

  10. mulki haji hussein says:


  11. shellyhec says:

    I am doing bookkeeping for a transportation company. When setting up the account in Quickbooks should I set it up under bookkeeping or transportation?

    • Learn Quickbooks Free says:

      If I understand correctly, you want to know which Chart of Accounts to put yourself under when you get paid from this company?

      When writing yourself a check it would be under “Professional Services” Expense.

      Let me know if that answers the question.

    • Learn Quickbooks Free says:

      Hello Everyone,

      Doing A Survey for those who don’t mind participating.

      1. What is your favorit Magazine to Read?
      2. What is your Age?

      Thank you!

  12. Abul Hashem says:

    I want to learn quickbooks. I purchased the soft ware, but I can not proceed.

  13. Olga says:

    How to delete a wrong entry,such as bill?and the payment of this bill?

  14. Farid Contractor says:

    I know something about quickbooks through your youtube videos but I want to learn how to create the following companies’ chart of accounts….
    1)One Company with mutiple jobs/branches= Check cash, Money Transfer,Western Union, Utililties bills received,Money gram received.
    2)Hospital, Hospitality (Hotel/Motel/Restaurent Pharmacy Bakery and Sleepy’s Furnitures running on large scale business. Pl. show me on youtube videos under the title of “How to create chart of accounts of these companies. Thanks a lot. I spent $2000/- to learn quickbooks. But your free quickbooks teaching on youtube is indeed a blessing in this downfall economy.

    • Learn Quickbooks Free says:

      I will analyze your request and hopefully have something for you this weekend!

      I’m also taking a Survey from anyone who is willing to share their Age.

    • Learn Quickbooks Free says:

      Hello Farid

      After looking at your question several times, it seems to me that the question is bit wide and not so specific. If you have a specific scenario, I can create a video response, but it seems what you are seeking are many many lessons for each industry. It’s way too many videos and not specific enough to a certain situation. I’m afraid I can not make a video response to this direct request.


  15. Georgette Flamm says:

    Sorry, I didn’t express myself. You said that I can pay a bill and hand write a check for the same transaction. I don’t know if you understood me.
    My boss was checking write checks recorded as $5,300 on quickbooks. Then she clicked bills Icon (not pay bill) and noticed 2 bills recorded on quickbooks of $2650 that equal to $5,300 she doesn’t know how it happened. That was my question.

    • Learn Quickbooks Free says:

      Ok, so I still don’t understand the problem then.

      As long as the End result should be $5300, for the main part, you are OK for Audit reasons as we are looking at the bottom line.
      If not reconciled yet, you can always delete the transaction and re-enter it as one bill for $5300 if that makes you feel more comfortable.

      Does that answer you question?

  16. Don Truong says:

    Hi, am thinking to buy software that would help me keeping record of my inventory. There is too many software to chose from, am so comfuse. These are software that I know or heard of logic mate, intuit quick book, fishbowl inventory. My business is manufacturing jewelry, please give me advice. I want to release stress from it. Thank you

    • Learn Quickbooks Free says:

      Hello Don,

      Unfortunately, I can not recommend one software over another for inventory.

      What I can tell you is that quickbooks is descent, but may not be enough depending on how robust or simple your operations are.
      For A Robust one, I used BUsinessWorks Gold or something like that previously. However, it costs a pretty penny.

  17. Saleem says:

    I want to learn Quickbook Completley

  18. Albert says:

    I have difference between the aging AR and and GL. How can fix it? I changed the aging AR to report date, but it did not fix. Your help is appreciated

    • admin says:

      Hello Albert,

      This is another one that is hard to explain without actually seeing whats going on.
      email me at info@meganicheuniversity.com your contact info. You will also need to download teamviewer that way I can see your desktop and try to help you out personally.
      If you are outside of US, we can even connect on skype.


  19. Adrian says:

    What software programm of QB would you recommend me to download… that looks just like the one you use in your tutorials?

  20. Adrian says:

    Can you teach me basics of A/P or A/R?
    I watched your tutorial lessons for quickbooks and I love the way how you teach.
    You are the best!!!

  21. abdi hakim says:

    i want to learn quickbooks . plz help me

  22. Ratee Them says:

    I want to learn Quickbooks, so i want soft program of Quickbooks to setup my computer.

    • admin says:


      Our Website has over 40 videos of FREE Quuickbooks Tutorials.

      We also have 20% COUPONS for Quickbooks in our “Buy Quickbooks” Section.

      Check out our FREE Contest to have a chance to WIN A Quickbooks

      If you have Any specific questions on quickbooks, visit the forum section, post a question and we have done many video responses to people. But it must be a specific scenario question.

  23. Sheri says:

    Recording a Split

    We had to put in our injection into our business before our loan would fund. Now that we have Quickbooks I need to put the funds in but split the amount between the two partners. How do I get this to balance showing how much money we have put in
    Thank you, Love this site.


    • admin says:

      If 2 owners put in equity funds into the company, then you would create 2 separate chart of accounts

      Owner Equity – Owner 1
      Owner Equity – Owner 2

      When you record the deposit, it goes into these 2 accounts split however you need it to be.

  24. Bambi says:

    Is it possible to split a deposit in QB? I have a service based business where customers are not tracked by name. I enter the days revenue as sales. Some of the transactions are paid for by cc, some by cash/check. My problem is that not all of the cc deposits are credited to my bank account by the end of the month (usually 2-3 days worth). Is there a way to split the cc portion of the deposit for that day? I have trouble reconciling because there are a few days at the end of each month where I have the sales for the day recorded (cash, cc, check) but the cc funds have not hit the bank.
    Thank you

    • admin says:

      If I understand correctly, I would then make 2-3 separate transactions each day.

      1. for Credit Card
      2/3. for Cash/Checks

      • Bambi says:

        OK. That makes sense. Then I would be able to deposit the “undeposited funds” separately as well.
        Thank you very much. So glad I stumbled onto this site.

  25. Bambi says:

    I need some help resolving a reconciliation issue. Our business uses a cash register and some days, the register doesn’t balance with the sales. Sometimes we are short sometimes over. This causes a problem when I reconcile the checking account because the sales are input according to what we sold.
    Can you help me understand what accounts I should set up to track the overages, the shortages and how to reconcile?

    Thank you

  26. M.Arif says:

    I want to learn Quickbook

  27. asif rafique says:

    Dear Sir,

    i wanna ask to something about quickbook?
    why people learn this software and where they use it?
    please tell me the solution of this problem?

  28. Bambi says:

    Good Afternoon Guys – Have another question for you. Our business uses social media daily deals like Living Social. Our offer is typically discounted 50% for whatever service we are promoting at the time. How do I (or should I) log and track the discounted sales?

    P.S. Yes, I am female, although Bambi was a buck!

    • admin says:

      I guess it would depend on how they collect their money.

      Do they collect the money from customers and give you the net proceeding?

      Or how does it exactly work?

    • admin says:

      By the way everyone, Don’t forget to register for our Contest Giveway for a FREE Quickbooks Pro or MAC 2013

  29. Kate says:

    Hello there,

    We are doing payroll through payroll company and some of our employees have checks and some of them Direct Deposits. In the beginning of this year (2013) we have received a couple of credits on our account from Payroll company for non-cashed checks 2012. What would be the best way to record it into QuickBooks? Thanks a lot for your help. Cheers!

    • admin says:

      Hello Kate,

      Sorry it took a while to get back. We were on vacation.

      Click on this link to get your answer on how to record a Payroll Credit for Non Cashed Checks

      Let me know if you have any other questions.

  30. NDA_SC says:

    I have QB 2013 Premier… do these principals you teach apply to the version i possess?

  31. latonya says:

    I have a potential job at a daycare and the owner says she needs someone who knows all about computers, quickbook, excel and as much as possible to run a small business. I will be the only office personnel so I need to be on my A game. Any and all help is greatly appreciated.

    • admin says:

      We have Basic videos under “Tutorial Videos” and more advanced video in the “Quickbooks Training Section”.

      If you need additional specific help, visit our forum section, pop a specific question to get an answer.

  32. TeamHughes says:

    I am in the process of purchasing a company and have zero quickbooks experience. The lady before me was a sole proprietor and I will be incorporating. I want the store run through QBonline. I figure I should be able to do this myself with the help of your videos (yes I have watched them all – I am QB videod out! ;D).

    I have a few questions, that I assume will be better placed in an email format?

    I tried to find my questions in the forum and tried to post there, but I couldn’t figure it out so here I am!

    Let me know the easiest way to go about setting this all up. I understand the set up process, but I want to track inventory, but I assume my staff will not be using quickbooks as their receipt to customers. She does have a current POS but it’s pretty basic so I will do daily sales/cc enteries etc (but as what?) she does repairs and stuff as well…. I really just need to talk with someone about it all. Is it best just to pay for a course?

  33. TeamHughes says:

    ugh, never mind I figured out how to post in forum!

  34. Terry says:

    I started invoicing and collecting payments using QuickBooks for a friend’s company. At that time we did not have the previous year finalized. Yesterday I set up the trial balance for Day 1 using the trial balance from the year end for the previous year. I did not put in balances for A/R or A/P and forced the Equity A/C to balance. I was told that as I put in the A/R and A/P invoices it would reduce the Equity A/C to balance. My question is: as I input the individual A/R and A/P invoices do I use their actual dates created in the previous year? This only makes sense to me as to do otherwise would distort the income statement for this year.

    • admin says:

      Hello Terry,

      This one is tricky. I would need to know the exact entry made to force the A/R and A/P to tie to year end, then I can answer this one.


  35. Nora says:

    You guys ROCK!!! This website is amazing! Keep up the good work and thank you so much for all of your help in making this a free-learning process!

  36. Louis Barrios says:

    How can I find out what higher divisions of accounting is Quickbooks suitable for. Do you have trainin for higher divisions of accounting. I want to get training in Cost Accounting, Finance, Budgeting, etc.

    • admin says:

      Hello Louis,

      Within time, we will be expanding as we have into more tutorials and higher education within using QuickBooks and Accounting. Right now we are a self-funded organization. Speaking of budget, we have our own budget as well 🙂 , which means that it will be a gradual incline of video tutorials rather than everything one shot.

      We are seeking sponsorship to helping us offer FREE education worldwide in subjects such as QuickBooks, Excel, Photoshop, Video Production, SEO and much more.

      We have you, our audience to thank for our growth as we have received much positive feedback and praises which keeps us going!

  37. Devinie Williamson says:

    Thank you so much. You made it very easy to go from no knowledge to sailing right through it in no time.

  38. Alexandra says:


  39. Alexandra says:

    Hi, I am new to QB, but your videos have helped ma a lot. I would like to record vendors’ bills/invoices that I have already paid; some of them are 2-3 months old, but already paid by business credit cards or business accounts. Please help….Thank you


    • admin says:

      You are Welcome, Welcome, Welcome 🙂

    • admin says:

      Hello Alexandra and hello to all!

      We appreciate all the praises and responses.

      We ask that anyone that has a question, that they visit our QuickBooks Forum section, sign up, and direct your question in the appropriate section. That way we all get the benefits. Going forward we will only be asking questions in the forum.

      I appreciate your cooperation on making this a blessing experience for all!

  40. Lady Munoz says:


    I have been learning Quickbooks from you since last week, and I have a question:

    How do I record my taxes payments on Quickbooks?

    I could not find a video showing me that process.

    I appreciate your help,

    Lady Munoz

    • admin says:

      Hello to all,

      Going forward, We ask everyone to leave this section for comments only.

      For any questions to be answered, please visit our forum section.

      Thanks for your cooperation.

  41. quickbooks says:

    Valuable info. Lucky me I found your website unintentionally,
    and I’m surprised why this accident did not took place in advance! I bookmarked it.

  42. usman says:

    I really thanks for it.. i have too much info here and got now practice.. i want to working professionally on quickbooks… lot of info get here.. basically i have done M.com (Finance).. i have new user of quickbooks but well in accounts… so soon understand all process of quickbooks and know how they working so please you update new tutorial my email.. thanks sir, please take care and God bless you..

  43. Basit says:

    I want to know that how we can understand that which transaction comes under which head..e.g bank, equity, fixed assets, other accounts types..
    thank you.

  44. ana rondini says:

    how do I obtain reports or charts delineating income sources. For example I want to report to my boss what income is coming from which practice area in our small law firm. (e.g. revenues from Immigration Cases, revs from Divorce Cases, etc. etc.) I put the infor into the Job screen when I am entering the moneys received, but I dont know how to mine that data or pull helpful charts from that data… Thank you!!!

    • admin says:


      To get a graph on revenue you go to Reports, Company & Financial, Income & Expense Graph, click on the Income tab to see Income by Client.

      However, if you are not entering your sales on a sales receipt, it will not show up in the report.
      You can’t just enter a deposit and enter the Client’s name in the "Received from" field and have it show up.
      You need to enter either an Invoice, if it is to be paid later, or a Sales Receipt if you have a check to deposit  and have not sent them an invoice yet.

      Either way you deposit it to Undeposited Funds and make the deposit by clicking the checks in Undeposited Funds that you are going to deposit at that time, making sure that your actual deposit in QuickBooks matches the actual deposit at the bank.  If they do not match you will have an awful time trying to reconcile your checking account. 

      If you have not made any Sales forms, you will need to set up Items and link them to the correct Income account.
      If you have income regularly from several different kinds of activities you probably want to set up multiple Income Accounts.
      Using items keeps you from having to set up too many income accounts which makes your Profit & Loss statement and Chart of Accounts cluttered.
      You can always run graphs on sales by going to  Reports, Sales Graphs to see  the % of income

  45. Jennifer Thurs says:

    Needed to learn this software for a new job. The video tutorials are great! I had taken a basic accounting class in college but they didn’t use any programs just Excel. But I at least have the understanding how accounting works. Quickbooks seems like a very easy software to work with.
    Glad you have this website!

  46. M.Usman says:

    Thanks bro very good

  47. Aron says:

    Hi I want to make a JE for a check that never cashed. what is the difference of void check and revert? I want

    • admin says:

      For checks never cashed, you can do a Void Payment.

      Revert simply brings back original information that is changed before saving in same entry.

      • Aron says:

        so Revert will make a reverse JE? Does void check also make a reverse JE?

        • admin says:

          Revert No, Void Yes.

          But don’t go to Journal Entry.

          Simply go to “Banking”, find the check you wrote, go to Edit, and click on Void payment.

  48. Kelio James says:

    Hi i am working as an accountant and we have shifted our accounting software from tally to Quickbooks . The question i have for you is if i have one bank a/c which is ABC company bank a/c. Should i have separate Checking, savings, Merchant a/c for ABC company bank a/c?? Will it have an affect while doing bank reconciliation if i have all checking , savings, Merchant a/c as Just ABC company bank a/c

    • admin says:

      Hello Kelio,

      No, its not a must that you have separate bank accounts. You can do all your transactions under one account.
      Of course, if your books are hefty and it want to manage it a bit more easier, then yes, you can open up separate bank accounts to make reconciling a bit easier.

      Either way, you are OK.

  49. Karla Jones says:

    How do I research a transaction that I did not post? I had to let go my Business Manager and I have no idea where or who this money is going to. It is showing up on my bank statement as Quickbooks Intuit Payroll S ID: XXXXXXXXXX in the amount of 967.66. I have looked through my payroll and I cannot find it. I own a small business with very few employees. Most of my workers are independent contractors. I did a report for payroll and it is not on there. Any suggestions? I have a feeling that somehow it is hidden in there somewhere. I believe she may have set herself up to be paid automatically but I cannot find it anywhere. Please help.

    • admin says:

      It sounds like you are using Intuit Payroll Service.  If that is correct, call them and find out what it is.  It is probably a payroll tax payment .  If you don’t have a service you can call your bank to see exactly what that debit is for. 

      You can also go to Edit, Find, Amount, = and put in 967.66 and click Find.  Everything with that exact amount will show up. Double click, or highlight and click Go To to see the entry.

  50. Susie Wilson says:

    I am starting this program you have to learn Quickbooks, however I do not see anything for “Jobcost”. Do you have a tutorial for that?
    Thank you

  51. Aron says:

    If I have 2011 checks that was cleared but never got reconciled how can i reconcile both of these expenses?

    • admin says:

      If you have reconciled statements for the banks after that period, then you would have to undo all those reconciliations and go back from the beginning. Its most likely not worth it. Bank Reconciliation is to make sure you did all the entries correctly. At this point, I would probably just focus on the present and future.

  52. Anonymous says:

    THANK YOU FOR THIS SITE!!!! Starting a new job and never used Quickbooks although I wanted and needed a new job. This has helped SO MUCH!!!!! I got the job…. Thank you

  53. Deanna says:

    Can you tell me if your videos are for QB Pro 2012?

    • admin says:

      The Older videos are on QB Premiere 2009, and some new ones are on QB Accoutant 2013.

      FOr the most part, a lot is the same functionalities and accounting principles are always the same. There might be slight variations in design, and some features, but overall the same, especially for basic stuff.

  54. tajar96 says:

    Hi! We have recently purchased a business for ~500k that included a breakdown for goodwill, furniture, supplies, etc. Bank gave us some working capital ~75k on top of the purchase price. I have added a payable entity for ~575k (500 + 75) as that is what we will be paying down over time. Now, the 75k became opening balance of the business bank account, but how do I track it so that it is not double counted. Basically, the liability is 575k out of which 75k is in the bank which I will use for purchases, etc. I hope you understand my question. Thanks.

  55. Becky says:

    I am happy that I found you guys; question, will I be able to take the Quick Books certification test after watching all your Quick Book lessons; a single parent with limited funds;

    • admin says:

      Our Videos are more real live scenarios, whereas the certification test might go a bit into other stuff. I think you should be fine overall if you see all 40 videos. Nothing like real live practice though.

  56. AR_Question says:

    How to account for money collected agt. A/R paid up front – Hi! We recently bought a business and paid ~25k for the pending a/r. It looks like we will most likely not collect about 1k on that. Question is how do apply the money collected so far to the a/r in Quickbooks and then account for any loss or if I am really lucky any overage from that. I am maintaining the customers who paid, how much in excel right now and the actual money collected is just marked as income right now in QB. I am not sure if I need to do a transfer from the income to the a/r in QB. The a/r is an asset purchased as set up in QB. Thanks in advance.

  57. tajar96 says:

    How to make entries for origination fees refund to liability – Hello. We recently completed the purchase of a business using a bank loan for ~550k. I am using QB online essentials and made an entry for the liability in my chart of accounts. Every loan payment made has been split between the liability reduction and interest expense. BoA eventually refunded the origination fees for the loan – 816.25 by applying it to my principal after the first couple of payments were applied. Question is how to make that entry in my books to show the corresponding reduction in liability. I had paid the origination fees via another credit card, not the one associated with this business.

    I thought of just reducing my initial principal by 816.25, but that will create a mismatch in how much the liability was for the first couple of months. In the end it is 816.25 I had paid, can I add that to petty cash and then show the reduction in liability using that petty cash ? OR is there an easier way ?

    I am a new user to QB so the more details anyone can provide, I would appreciate it. Thanks.

    • admin says:

      If you paid with a non-business credit that means it was a contribution made on behalf of the shareholder. In your case you would first have to record the initial payment of the loan origination fee.

      Journal entry:
      Loan Origination Fee – 816.25 (Debit)
      Equity account – 816.25 (Credit)

      you would use the following journal entry for the refund:

      Liability Account – 816.25 (Debit)
      Loan Origination Fee – 816.25 (Credit)

  58. tajar96 says:

    Second question – Hi! We recently bought a business and paid ~25k for the pending a/r. It looks like we will most likely not collect about 1k on that. Question is how do apply the money collected so far to the a/r in Quickbooks and then account for any loss or if I am really lucky any overage from that. I am maintaining the customers who paid, how much in excel right now and the actual money collected is just marked as income right now in QB. I am not sure if I need to do a transfer from the income to the a/r in QB. The a/r is an asset purchased as set up in QB. Thanks in advance.

    • Robert Prejean says:

      Probably best to go to the user forums and ask this question.

    • admin says:

      The amounts collect should not be recognized as income you have to properly match it to the AR accounts. So take it out of income and apply it to AR.

      Once you are certain you will not collect some of the AR then you would have to recognize it as a bad debt.

      For example:*

      Bad Debt Expense 1000 (Debit)
      AR 1000 (Credit)

      *This is assuming you don’t have an Allowance for Doubtful Accounts setup.

  59. Robert Prejean says:

    Thanks for the tuts. I’ve been stumbling through Quickbooks for a while now and not had a lot of success. However, these videos are helping refine my knowledge and I’m launching two new business in 2014 so it’s imperative that I get this down. Part of this goal is to take accounting classes and I don’t want to be bogged down by simply trying to learn the program. Any leads on free accounting class videos online? LOL

    • admin says:

      Hello Robert,

      You can try our video’s to start you off and if you experience and trouble we can try our best to help out. However, if it gets to complicated and time consuming for you we can refer you to one of the accountants that we work with to assist you with your bookkeeping process. They are very efficient and affordable so you won’t need to take accounting classes. Please let us know if you’re interested.

  60. Elaine says:

    I just started a new job and am using QB. It has been defaulting to Jan 7 on estimates and invoices. Today is Jan 15, where do I go to fix this? Please respond asap. Thank you.

    • admin says:

      Go to EDIT – PERFERENCES – GENERAL – under Default Date to use for new transactions CLICK USE TODAY’S DATE AS DEFAULT

  61. Dellyz says:

    Pls how do i change my credit card information’s like phone number and email attached to my credit card?.

    • admin says:

      I don’t understand your question.

      However, if the Credit Card is setup as Vendor, then you can update it from Vendor Center.
      If setup as a Credit Card, you can update some info by finding it under chart of accounts.

  62. art says:

    like your site,but need to know how to make deposits to non profit accounts that are for churches. that don’t have vendors.

    • admin says:

      Hello Art,

      Making deposits for churches that are non-profit can be done either as a Sales Receipt to the person giving the money (if it is a donation) so reports can be made at year end for donors, or they can be made directly in the Make Deposit window. This is usually done if it is a batch of checks and/or credit card transaction from another program.

      Many churches use other software to track donations as QuickBooks does not have a report for year end giving reports. You can still do it using mail merge from a customized report but it’s easier to use another program for that and enter the total as either a Sales Receipt called “Deposits” for the Customer/Donor name.
      I’m not sure why you are asking about Vendors. Deposits are usually not made for Vendors. I hope this answers your question

  63. Chris U says:

    I have clients that I manage their monthly income and expenses. I would appreciate tips on how to setup their account (or Accounts) to track their income and expenses individually.

    Thanks, Chris

  64. julio figueroa says:

    To practice I created a sample company (buy and sale). Bank and Capital, both of them with 100000 each. When I want to record a purchase of Item, the Account Inventory Item appear two time and the total of both are less than Account Payable. Help please, what did a made wrong?

  65. Japhary Shaibu says:

    Great videos, thanks

  66. Fay Cau says:

    Hi There,

    Could you please help me with the following situation?

    When I posted the year ending adjusting entries dated on Nov. 30, 2014, there is warning said” An accountant’s copy has been created from this company file. While your accountant is working on your file, you can only work on transactions dated after 01/01/2015″.

    Could you please tell me how to delete the warning and post the entries normally.


  67. Shere says:

    A printer installed in quickbooks is not printing entire label

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  69. shah khan says:

    Hello sir … in customer invoice where i put the shipping income and in the vendor invoice shipping expences….show me the correct way of recording these two things

  70. denise says:

    im having a little problem, i lost my cc but i got a new one but on quickbooks when i try to do the reconcile it takes me somewhere else how do i merge the different cc but with the same account #

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  75. waqas says:

    Whats the different between , COA, Class , Item and Customer job . can any one explain these with examples

  76. waqas says:


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  80. Amin says:

    can a program handle the expiry-date alert, tracking and listing the items by expiry date. how can i do that ?

  81. Yo Prasad says:

    How can a freelancer user Quickbooks? Do an accountant need to buy the QB for Accountant version?

  82. Yo Prasad says:

    How can a freelancer use Quickbooks? Do an accountant need to buy the QB for Accountant version?

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  84. Charles says:

    How do you set up Mortgage loans where you are the lender and the amortization for each loan can be tracked?

  85. Roy says:

    I have a big problem with reconciliation.
    Last year I set up QuickBooks and enter cash sales for the year. However another person should reconcile and print financial report but did not. I do not have the time to go over last year entries to see if there are correction to carry out. can I start this year entries and reconcile this year bank and afterword do last year reconciliation. if no what is the correct actions.

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