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Jun 21, 2018

How to undo a mistake in the bank feeds in QuickBooks Online

By | 2018-06-21T09:28:07+00:00 June 21st, 2018|QuickBooks|0 Comments

A common mistake in the bank feeds is to click the add button for income instead of matching a customer payment. This mistake could lead to overstating income on your P&L report.  If you are using invoices or sales receipts you will want to match the receive payments by your customers. If you find that you are adding income in bank feeds by clicking the add button then there will be an open invoice associated with the customer. Creating an invoice means you need to have a receive the payment associated with it. Alternatively, you can use sales receipts to recognize customer payments on the spot. Below is a screen shot of the bank feeds [...]

Jun 20, 2018

How to run the audit log in QuickBooks Online to see who voided and deleted transactions

By | 2018-06-20T11:07:45+00:00 June 20th, 2018|QuickBooks|0 Comments

The Audit Log will report all activity with a timestamp on the user who performed the transaction. An audit log report could show you when and who voided or deleted a transaction from the register. It also could let you see if a transaction changed from a reconciled status to un-reconciled status. Access the Audit Log by clicking on the gear icon which is located in the upper right corner then click Audit Log from the tools menu. You will see the following headers: Date Changed User Event Name Date Amount History A special trick that I like to use is the filter button to view all voided/deleted transactions. Click the filter button then check [...]

Jun 19, 2018

How to run a Profit and Loss report by Month in QuickBooks Online

By | 2018-06-19T06:59:11+00:00 June 19th, 2018|OntraPort, QuickBooks|0 Comments

The Profit and Loss report by month is an insightful report that sheds insight on monthly income or losses. As as small business owner, this report can help you understand which month was your highest net income month. It also can report which month had the greatest expenses. Knowing your income by month will help you create budgets and have a greater clarity of how your business operates in a yearly cycle. You may wish to collapse the report details by clicking the arrows next to Income, Cost of Goods Sold, and Expenses.

Jun 18, 2018

How to run the Profit and Loss report by Customers in QuickBooks Online

By | 2018-06-18T18:02:55+00:00 June 18th, 2018|QuickBooks|0 Comments

The Profit and Loss report by Customer (aka Income Statement) will display your income, expenses and net income (profit or loss) by customer. Like the regular P&L report, it will be based on a starting and ending period of time. You can access the P&L by Customer by first clicking Reports on the left navigation bar. Then scroll down and select Profit and Loss By Customer which is in the Business Overview section. You can also find it in the search bar by typing "profit" and then selecting the report from the pop up list. This report will help you understand a clearer picture of income or losses by customers.  

Jun 15, 2018

How to to run and customize the open invoices report in QuickBooks Online

By | 2018-06-18T18:03:27+00:00 June 15th, 2018|QuickBooks|0 Comments

The open invoices reports in QuickBooks Online displays a list of all customers that haven't paid in full. This report will link to the Accounts Receivable of the Chart of Accounts. A common mistake for small business owners is to forget the past work they performed for their customers. The may have sent an invoice out to a customer but got so busy serving other customers they forget to collect payments. A business owner who is not organized in collecting customer payments in a timely manner will threat his own chances for existing. The good news is that QuickBooks Online will not forget which customers still have invoices not paid in full. To run the [...]

Jun 14, 2018

How to decide which QuickBooks Online version is right for you?

By | 2018-06-14T13:06:37+00:00 June 14th, 2018|QuickBooks|0 Comments

QuickBooks Online offers three options to purchase. Simple Start Essentials Plus As of June 2018, the pricing is $20 (QuickBooks Online Simple Start), $40 (QuickBooks Online Essentials) and $60 (QuickBooks Online Plus) per month. As your business moves forward, you can opt to upgrade or downgrade your plan. If you want to track inventory in QBO, then need to purchase the Plus version. If you are a non-profit you probably want a copy of the Plus version so you can use the Class tracking feature. TechSoup offers a $50 price for the entire year for copy of a new QuickBooks Plus version. If you are a business coach then you can go with the Simple [...]