Pass-through accounts are used when we collect money on behalf of another organization, then pass it along to that organization at a later time. They are sort of like electronic envelopes that hold the money until it is time for it to be paid. That money is not income. It belongs on the Balance Sheet until it is paid. Here are two ways to record these transactions.
Here is an actual question I received about negative accounts receivable in QuickBooks, from a gal named Kathy: When I run a Balance Sheet, there is a negative accounts receivable amount. Do you know why? My answer: First let's talk about a normal Accounts Receivable process. This is when a customer invoice is created first. … Continue reading Negative Accounts Receivable in QuickBooks
There are three ways to record reimbursable expenses in QuickBooks. The first two are very similar. Method 1 - The Expense Tab/Expense Account Method When recording an expense incurred for the customer, one of the three purchase windows can be used. These are the Write Checks, Enter Bills, or Enter Credit Card Charges windows. Use … Continue reading Reimbursable expenses: how to record in QuickBooks
There are three windows that are used in QuickBooks to record purchase transactions. Since they perform similar functions, I often refer to them as "the three purchase windows." This post explains what they are and how they work. It includes a table I made for easy reference.
Here is an actual question I received about how to recover a deleted transaction in QuickBooks. Hi Jennifer, I just deleted a HUGE journal entry that took me a couple hours to enter. I closed and saved it, went back later to print it and meant to delete a single LINE from the entry, but … Continue reading Recover a deleted transaction in QuickBooks
Here is an actual question I received about how to handle accounts receivable overpayments and underpayments. Hi Jennifer, I would like to know how to handle "old" transactions for accounts receivable overpayments and underpayments from customers in 2009. One is a .01 underpayment and the other .45 overpayment. I've spent hours trying different methods to … Continue reading Accounts Receivable overpayment & underpayment
One of the most common problems I see in QuickBooks is that people do not record customer payments and bank deposits correctly. This matters because incorrect entries here will make bank reconciliations harder. Deposits in the QuickBooks check register need to match how they appear on the bank statement. Let's say it time for you … Continue reading Record customer payments in QuickBooks
by Jerry Jennifer, I just opened my business 3 months ago and am using QuickBooks Online Edition. I am the sole owner of my S coprporation. To pay myself I use the Owner's Draw account. Do I have to report those draws in my personal income tax as an income and also pay taxes on … Continue reading Owner’s Draw for S-Corp?
Here is the archive of real questions asked by real QuickBooks users, answered by Jennifer. Need personal QuickBooks help? Contact Jennifer now. Archive of QuickBooks Questions (& Answers) Click below to see other questions and answers... BANK RECONCILIATION I cant seem to access the previous months bank recs There is no drop down screen. I am using QB 2010 … Continue reading Archive of QuickBooks Q&A
Jennifer answers a reader's question about getting vendors & customers on the same report in QB Mick writes: I have vendors who bill on multiple customer jobs. When they send a bill, the identified job is entered against the bill. I can't for the life of me see how to produce a report for a … Continue reading Vendors & Customers on the Same Report