Question: Where is the item list on quickbooks online?
Answer: click on the gear icon and then select “products and services” under “List”
create an income account called gain/loss on asset sales
then it depends, if the asset is subject to depreciation, you calculate and post partial year depreciation
then journal entries (*** means use the total amount in this account)
debit asset accumulated depreciation***, credit gain/loss
debit gain/loss, credit asset account***
deposit the check received for the […]
You can by issuing an invoice, but in QB an invoice is a final sale which impacts on your income
a pledge is a promise, nothing more, and IMO should be entered on an estimate. Estimates are non posting so if it falls through, no impact on the financials
Good day, mary.
Welcome to the QuickBooks Community. Let me help you pull up the report for your billed and unbilled time activities.
In QuickBooks Online (QBO), we only have the Billable and Non-Billable filters on the report. However, you can pull up the Unbilled Time report and compare it to the Time Activities by […]
if you are taxed as a sole proprietor or a partnership it is equity investment
I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
owner/partner equity drawing – you record value you take from the business here
owner/partner equity investment – record value […]
Buying it created a Fixed Asset. If you held it and used it you would take depreciation to recover cost. If title transferred Create a sales receipt for selling price and reduce it by the Current Asset private loan amount. Each month contractor pays you apply to principal and interest. […]
Hello @sarah22. I can provide clarification on reporting and usage limits in QuickBooks Online.
Classes that have been made inactive will appear on reports, such as the Profit and Loss by Class. They will be indicated as having been deleted and there isn’t an option to filter them. This is similar […]
Hi there, @nikkim1.
Thank you for posting in the Community. I’m here to share some insight about the inactive products showing in the Purchases by Product Service Detail Report.
Yes, you’re right. Inactive products would still show on your report if there are transactions linked to them. Deleting those from […]
Hi there, @nbishop_springboardssolns.
Welcome to the Community family. I’m here to share a few details on how to handle your business and personal expense correctly.
Regarding the cell phone bill, you can create an expense for it. Then create a Bank Deposit as a refund/transfer from the personal account. The […]
the problem is your starting value being posted to a liability account
the loan should have been entered and off set to a cash type bank account
then you “buy” the inventory items using the cash type bank account
if you do it that way COGS will be right both cash and […]