Pass-through accounts

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.

Negative Accounts Receivable in QuickBooks

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

Reimbursable expenses: how to record 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

Accounts Receivable overpayment & underpayment

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

Record customer payments in QuickBooks

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

Archive of QuickBooks Q&A

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