Chart of accounts recording transactions
This video has different types of information pertaining to a multiple question forum posting we receiving from one of our viewers.
Jay says:
September 20, 2012 at 8:35 pm
This mainly had to do different types of chart of accounts from banking, to expenses and income accounts. The one area we do not have knowledge with is converting USD to other monitary units. A lot of this is basic Accounting 101 with some advanced features. Its a nice all around video.
Check out basic Quickbooks Tutorial Lessons – and yes, its all FREE!
Question: I am confused about how to assign account types between income and accounts receivable. My client is a government agency. Should I categorize as: Consulting Income, which is an Income account, or as Government Agency, and code as Accounts Receivable because I will receive payments for services over several months?
Thanks, Anane
Hello Anane,
The short answer is: You set it up as “Income Account”
When you create an invoice, it will put it automatically in “Accounts Receivable”
Once you receive payment, it will slide it into income (cash basis)
Other Notes:
Accounts Receivable (A/R) is a temporary shelter so to speak. At some point, A/R has to be taken to income or written off as bad debt in expense.
If you want to learn more QuickBooks, make sure you visit our home page with has all our tutorials, lessons, training and tips.
Thank you, I have viewed your series to refresh and learn new skills in Quickbooks. Thank you. Hopefully with all of your great information I will be hired for this position.
Caroline
You are Welcome. Good Luck!!
I need to apply a credit to an open invoice using QB online. How can I do this?
We have a customer that is using a finance company for there hardware, So we have an AOP with our vendor. The Fiance company will send payment to our vendor and once the invoice is paid in full our vendor will send us our part. Bu, the problem I’m having is the fiance company want’s me to show the 50& of the payment they sent to our vendor, so they can see this on our invoice and resend them that, so they can pay the remaining 50% owed at a later date. How can I do this to show the credit to the invoice? Need help ASAP
Regards,
Gena Nixon
Check out this video to answer your first question
http://learnquickbooksfree.com/apply-credit-memo/
A bit confused by your 2nd question.
But if you need to show something on paper, force an entry that will result in that outcome, and then delete afterwards. I think that should solve your problem.