How to Handle NSF Cheques in QuickBooks

For an NSF cheque received from a customer, here’s a slick way to handle it. Let’s assume that you already received a payment and deposited it into the bank in QuickBooks, to match what you did in real life. Then the bank took the amount of the cheque (and perhaps a service charge) out the bank to reflect the fact that it was NSF. Here’s what to do from that point forward: Click on Cheque as if you’re writing a cheque to the customer (or job of a customer) which bounced the cheque on you. For the cheque number, put … Continued

Reasons why Certain QuickBooks Detail Report Totals Might Not Match the QuickBooks Financial Statements

There will be the odd time when a client runs a subledger report (such as Accounts Receivable) but its total does not match the company total on the balance sheet. Do not panic ! For a list of reports that should match, click here. Find a guide to obscure reasons why subledger report totals do not match the account amounts on the balance sheet and income statement by clicking here. You will need Adobe Reader to open “PDF” documents, and you can get it free by clicking here.

Backing up your data on CD

Back in the olden days of floppy diskettes, backing up your QuickBooks data was pretty straight-forward. You would click on the Backup icon or click on File|Backup and you would back up to your “A” drive. A compressed form of your QuickBooks Working file (e.g. yourcompany.qbw; the extension stands for QuickBooks Working file) would be either created or overwritten on your floppy diskette (e.g. yourcompany.qbb; the extension stands for QuickBooks Backup file). You would be instructed when to switch diskettes and your backup set would contain several floppies, depending on the size of the QBW file. But that was then; … Continued

Looking for release updates to your old QuickBooks software ?

Many QuickBooks users encounter a problem when they have to re-install their old QuickBooks software on a new computer and then it will not read the data they last read using the same version of QuickBooks on the old computer. Assuming that there is nothing wrong with the data, and that they are attempting a File|Open if it’s a *.QBW file that is on your hard drive or a File|Restore if it’s a *.QBB file, what could be the problem ? If you are getting a message you cannot read the data in your version of QuickBooks (but you are … Continued

How to Handle Barter Transactions In QuickBooks

Create a bank account called “Barter”. In between barter transaction postings, it’s a good idea to make this account inactive. Also, in between posting groups of barter transactions, the balance in this notional account will be $0. (The account register colour for the Barter bank account should be a colour that is different from existing real bank accounts on the chart of accounts.) You have a customer who is also a vendor. Let’s call that company SmithCo. On the vendor list, SmithCo will have the vendor name “SmithCo (v)” while the company name will be just “SmithCo”. On the customer … Continued