All posts by admin

Business

How to Setup & Track Inventory in QuickBooks Online

Maintaining the proper track record of inventory items in QuickBooks is essential for selling them. QuickBooks Online provides inventory tracking feature to get a clear insight into what’s in your hand, receive notifications to restock the items, and what you buy or sell. Are you in a dilemma regarding how to setup track inventory in QuickBooks Online and couldn’t find any exact match? If yes, this write-up will give you proper step-by-step instructions for managing the inventory seamlessly in QBO.

Don’t know how to track inventory in QuickBooks Online and require an expert’s assistance? Contact us anytime anywhere and get your issue resolved within the shortest time applicable. 

Learn How to Setup Track Inventory in QuickBooks Online.

Are you still confused about how to setup track inventory in QuickBooks Online? If the answer is yes, then you are not alone in this situation. This blog’s section will teach you the detailed steps to track inventory smoothly.

First Stage:- Settings of Inventory Tracking Must be Enabled

Before you include the inventory goods in QBO, you must enable inventory tracking in QuickBooks. For this, all you need to do is to implement the instructions as outlined below.

  • Initially, navigate to the highlighted Settings menu to begin the process.
  • After this, choose the Account and Settings option followed by Sales.
  • In the next step, click the Edit option in the Products and Services section.
  • Furthermore, verify that you have enabled the “Show Product/Service column on sales forms.”
  • You must also check that you have enabled both the “Track Quantity and Price/Rate” and “Track Inventory Quantity on Hand” options.
  • Conclude the process by tapping the Save and then Done option.

Second Stage:- Inventory Products Must be Included in QuickBooks

You must add the inventory items after enabling the QuickBooks Online Inventory Tracking. Moreover, you must also include the other products and services you sell in QuickBooks. Doing so will allow the users to include them as the line items with their sales forms.

However, adding inventory, non-inventory, and service time may vary. We have provided clear insight regarding this below; check them out.

Mention the Products for Tracking as a Part of Your Inventory

Are you sick and tired of thinking about how to add inventory in QuickBooks Online? Follow the steps outlined below to include the products for tracking as inventory.

First Approach:

You must first turn on the inventory tracking feature by applying the above-mentioned steps.

Second Approach:

Include Your Product’s Name, SKU and Category

  • To start the process, navigate to the Get Paid & Pay option.
  • Afterwards, select the Products and Services menu and then proceed further.
  • Thereon, pick the Name option to include the new product or service and then hit the Inventory option.
  • In the next step, mention a Name and SKU regarding what you are tracking.
  • Furthermore, hit the category drop-down menu to pick the Category.

Third Approach:

Adding Up the Product’s Quantity, Reorder Point, and Inventory Asset Account

  • First of all, you must mention the product’s Initial Quantity on Hand. Alongside, you have to add from when you have started tracking that quantity into the column of As of Date.
  • Thereon, write down the Reorder Point to get notifications when you need to reorder the stock.
  • Finally, click on the Inventory Asset Account dropdown and hit the Inventory Asset. QuickBooks will then utilize this account to keep track of all the products you already have in stock.

Fourth Approach:

Entitle Your Product’s Sales, Tax and Purchasing Details

  • Initially, include your product’s description on the Sales form and mention the Sales Price/Rate.
  • Afterwards, choose the Income account drop-down menu and then locate the account you use to track down what you sell.
  • Thereon, mark the “Inclusive of GST” checkbox, if possible.
  • Soon after this, pick the GST drop-down and select the tax rate to be used for an item.
  • Furthermore, include your product’s description and Product’s cost.
  • In the next step, choose the Cost of Sales option and mark the “Inclusive of Purchase tax” checkbox.
  • You must also opt for the applicable purchase tax and pick the Preferred Supplier.
  • Finally, hover your cursor over the Save and choose the Close option.

Third Stage:- Maintaining the Track Record Of What You Are Selling

After successfully setting up the inventory products, you can easily monitor when they will sell. There are two different ways to track what you sell, which are as follows.

  • The first way is to generate an Invoice if you will pay later by the customers.
  • Another way is to include a Sales Receipt if your customer is paying right now.

After making all the necessary deductions, you must have to verify what’s exactly available in hand and what’s on order. To verify it, navigate to the quantity you listed for an item to grasp more details. Thereon, if you have previously set reorder points, QuickBooks will immediately update you if anything is running low. Besides this, if you have already set the Low Stock Alert, QuickBooks will inform you if you need to restock.

Fourth Stage:- Inventory Must be Reloaded

If it is essential to restock the inventory products, QuickBooks will notify you. Soon after this, the users can order inventory in QuickBooks. Thereon, the users can monitor what they have obtained from the suppliers and what’s already in order. After doing this, you will notice that the quantity will eventually begin to fluctuate in terms of the quantity you obtain from the vendors.

Fifth Stage:- Usage of the Reports For Monitoring Your Inventory’s Status

In the last stage, you can use the Reports to look at various details, including the best seller, cost of goods, what’s in hand, etc. For using the reports for reviewing the QuickBooks Inventory Management performance and its status, apply the procedure below.

1. Check Your Best Sellers:- 

You first navigate to the “Sales and Customers” group of reports and then move further by running these reports.

  • To verify the total sales for every product and service, pick the Sales by Product/Service Summary.
  • Conversely, to verify the sales transaction by Product or service, go for the Sales by Product/Service Detail option.

2. Monitor What’s in Stock:-

Initially, you must move to the “Sales and Customers” group of reports and then run these reports to get the details regarding what’s in hand.

  • To know the quantity in hand, value, or average cost, go for Inventory Valuation Summary.
  • On the other side, hit the Inventory Valuation Detail to check transactions for every inventory item and how they hamper quantity.
  • Then, choose the Stock Take Worksheet to include the physical count to tally the inventory in hand in QuickBooks.

Related Page:  How To Reconcile in QuickBooks Online

Drawing to A Conclusion!!

The procedure to setup track inventory in QuickBooks Online is easier if proper steps are used. We assure you that now you can easily set and track the inventory items to monitor what you sell easily. However, if you find any issues while tracking inventory, feel free to contact our highly-trained QuickBooks professionals via live chat or email support. They will offer you incredible tips to come out of the issue easily.

Accounting

How To Delete Data and Start Fresh in QuickBooks Online?

There are instances when you may need to delete your data in QuickBooks Online and start bookkeeping from scratch. If you want to make a new beginning with the QuickBooks Online company, this post will definitely guide your way through it. As a new user also, you can delete your data and start over in QuickBooks Online.

This post also elaborates on what it takes to remove your old data from different versions of the program, such as QuickBooks Online Simple Start, Plus, or Essentials. Just navigate this blog until the end to learn more.

More About Starting Over in QuickBooks Online

Before you proceed any further, you need to keep in mind that all the company data will be deleted and can’t be reversed. QuickBooks Online Simple Start users can simply cancel their accounts and start a new account. Online Payroll and Full Service Payroll users can also perform the procedure to cancel their accounts and start a new one.

This process is convenient for payroll users as the payroll system stops responding during the cancelling process, and the data remains unaffected.

Read Also – back up my data with QuickBooks

Things To Keep In Mind Before Getting Started

Now that you have made up your mind to delete your data and start over in QuickBooks Online, verify the below-given pointers before you move ahead:

  • Log into your QuickBooks Online account as the administrator to get full rights.
  • The procedure we are going to discuss in the next sections will allow you to delete the one QuickBooks Online Company. In case you want to delete all of your Intuit data, refer to the manage data section or go to Intuit’s Privacy Center.
  • After starting over with QuickBooks Online, you need to consider important points on moving your list into a new company.
  • If you are a QuickBooks Online user, you will need to import a blank QuickBooks Desktop file to start from scratch.

Steps To Delete Your Old Data and Start Fresh

Now that much has been discussed, we can finally move to the steps to delete data for a fresh start with your QuickBooks Online.

Case 1: When Your Books Are 60 Days Old Or Older

For books as old as 60 days or older, you need to cancel your current QuickBooks Online Company and start a new company by implementing the below-listed steps. Here we go:

First Step: Cancelling The Current Company

Start this procedure by cancelling your current account; however, if you are a payroll user, you will need to cancel your payroll subscription as well. Once your QuickBooks is cancelled, Intuit deletes your data after one year. It allows Intuit to help users in case they want to come back to the previous account. Below are the steps to cancel your QuickBooks Online account:

  • Navigate to the Settings gear icon located underneath your company and click on Accounts and settings.
  • After that, move to the Billing and Subscription tab and click the Cancel button from under the QuickBooks section.
  • Now follow the on-screen prompts carefully to cancel your account. If you are using a QuickBooks payroll account as well, you have to delete it too.

After cancelling the current company, you can move to the next step.

Second Step: Starting a New Company

Once the company is cancelled, you can choose to start a new company. Below is how you can proceed with a new company:

  • Sign into your QuickBooks Online account in the first place.
  • The sign-in can be done using the same login credentials used for the previous account.
  • Alternatively, if you are a payroll user, you need to add payroll in the sign-up process; however, it is optional.

Case 2: If The Records Are Less Than 60 Days Old

If the bookkeeping records are less than 60 days old, follow the below stated steps:

  • Firstly, you need to sign up for QuickBooks Online.
  • After that, enter your username and password, which can be your previous account’s login credentials as well.

How To Delete Imported Data From QuickBooks Online?

If you want to delete the imported data from QuickBooks Online, the below-explained steps can help:

  • In the first place, click on the Settings gear icon.
  • Next, you need to click on imports and then choose the bank name with the important .CSV file, and it will show up a list of imported data.
  • Here, you need to click on the Trash icon, and it will delete the imported transactions with the data file.

What is the effect of cancelling a QuickBooks Account subscription on company file data?

When you cancel your QuickBooks Account subscription, it makes your data to be available for read-only access for one year starting from the date of cancellation. You can still create new transactions and implement the required modifications.

In A Nutshell!

In this post, we have tried to help you with the procedure to delete your data in QuickBooks Online and make a new start. Hope you find it helpful. However, if you still have any doubts or queries in mind, feel free to connect with us using our support channels. It will help you to get benefited from one-on-one assistance from a trained professional.

Accounting

Do I need to back up my data with QuickBooks Online?

As fast as we are growing in the technical world, cyber threats also knock on our door frequently. When it comes to the company data, it becomes more vulnerable to getting into the wrong hands. So, keeping your company data safe and secure is crucial before it gets damaged. Similarly, to keep the crucial QuickBooks company data safe, it offers an option to backup data with QuickBooks Online.

When you conduct the backup data with QuickBooks Online, it generates a duplicate copy, which can be used if the original one gets damaged. However, to get in-depth details about backing up data, go through this post attentively.

Didn’t have enough technical knowledge to generate the backup QuickBooks Online data? Worry Not!! You can call our experts anytime, who will provide the proper instructions to do the same. 

Does QuickBooks Online Have an Auto Backup Facility?

Questions often arise in the user’s mind about whether QuickBooks Online automatically backup data. QuickBooks Online stores all the data on the flash drive as it automatically prepares the data backup. But remember that it only creates the data backup to a certain level. It won’t backup your file to a previous point in time. However, Intuit only gives the disaster recovery backup to the QBO users.

Above all, being a user, you don’t get direct access to restore your data in the QBO application. In short, it means that your data is at high risk if you undo any changes manually or permanently lose data in the following circumstances.

  • Your data is affected by the attack of malware such as ransomware, viruses, etc.
  • If your client has made some changes without updating you.
  • It may also happen when an item is deleted due to some honest mistake.
  • Sometimes, the problems are caused due to the integration of the applications.

Key Points You Must Consider Before You Restore Backup Data in QuickBooks Online

You must consider the following points before restoring backup data in the QuickBooks Online application.

  1. Try to access the QuickBooks application in single-user mode.
  2. Also, ensure you keep the financial data secure by logging into the account as the Administrator user. This will help you to keep your crucial data safe, like credit card numbers, social security numbers, or the Employee Identification Number (EIN).
  3. Above all, you must also update your data file by reading all the transactions from when you scheduled the backup.

Step-by-Step Instructions to Restore Backup Data QuickBooks Online

Whenever you enable the Online Backup and Restore app, you will notice that QuickBooks will automatically prepare your data backup. Once it’s over, it will automatically monitor any modifications done to your company data. Eventually, after this, it will restore a backup to a certain point in time.

Follow the instructions below to turn on the Online Backup and Restore the Application.

  1. First of all, move to the Settings menu and then move further.
  2. In the next step, navigate to the “Back Up Company” option.

Note:- It might be possible that you are supposed to sign-in to your Intuit account and then click Authorize to move on.

Scheduling the One-Time Backup Manually

Are you stuck in an important task and wish to save everything to protect yourself from data loss? If that’s the issue, worry not. You may conduct the manual backup anytime, according to your comfort. For this, you must go through the following steps.

  1. Primarily, navigate to the Settings menu and then pick the Back Up Now option.
  2. In the next step, tap on the highlighted Add Company option.
  3. You must select the company file to schedule the backup by hitting the Search For a Company drop-down menu.
  4. Subsequently, click on the Next button and then Connect to move further.
  5. After this, look for the data file you want to backup and hit the Action drop-down menu to choose the Run Full Backup option.

Saving Of Your Backup File to DropBox or Google Drive

The users can easily save their backups to the DropBox or Google Drive after linking their accounts.

Associate Your Google Drive or the Dropbox Account

  • Initially, you must login to your QuickBooks Online company file for which you wish to generate the backup.
  • Afterwards, navigate to the Settings menu > Backup Company Data option. Herein, you can login to your Intuit account to proceed further.
  • Thereon, pick the Local Backup option and click the Link a Service option.
  • In the next step, choose the Link Google Drive or Link DropBox option.
  • Later, carry on with the steps enabling QuickBooks to generate the backups.

Recover Backup Data QuickBooks Online

  • Begin the procedure by logging into the QuickBooks Online company you wish to restore.
  • Subsequently, browse to the Settings menu and hit the Backup Company option.
  • In the next step, move to the Restore option and click the New Restore option to go further.
  • Now, tap the Select the Company drop-down menu and pick the company you wish to restore or overwrite accounting.
  • Add the date you wish to restore and the correct time when you want to restore.
  • Afterwards, include “Agree” within the “Ready to Restore Your Backup?” option.
  • Hit the Next button, and if you find the list of recommended actions, you are supposed to move further with it. Once everything is set on the list, navigate to the Refresh to Continue option.
  • Conclude the process by hitting the Start Restore option.

Simple Steps to Prepare Backup Via QuickBooks Online Backup Service

You must have to sign into your QuickBooks Online Backup service. Once you get the Account ID and Password, you must install the Online Backup Client program using the steps outlined below.

Initially, download the QuickBooks Online Backup Client program setup file through its official website.
Once the download process ends, you must install it on your device.

For the Users of Windows 7 or Vista:-

The users must right-click on MSI File and hit the highlighted  Run As Administrator option.

Windows XP Users:-
  1. Begin the process by clicking on the Run option to initiate the installation process.
  2. However, when you see the Security Warning regarding running the QuickBooks Online Backup, hit the Run button.
  3. Proceed further by tapping the Next button in the QuickBooks Online Backup Setup Wizard. Furthermore, go through the instructions on the screen to install the program.

Related Post:  QuickBooks Error Code 6129

To Summarize the Above!!

With this post’s help, we hope scheduling backup data with QuickBooks Online has become more convenient. Thus, it helps the users to keep their data safe without being misused or damaged. However, if you find any issues with the above steps, you can communicate with our professionals via the live chat facility to get the best results.

Bookkeeping

What Are The Top Bookkeeping Softwares For Small Businesses?

Businesses are very demanding and need constant innovation and creativity for their exponential growth. At the same time, managing and streamlining the constant cash flow financial transactions can give a headache to most entrepreneurs. Henceforth, most small and large-scale businesses rely on accounting and bookkeeping software for small businesses to tackle their day-to-day financial task. However, choosing the best bookkeeping software for small business is a confusing task as the market is flooded with a variety of accounting software for businesses.

Depending upon the business requirements, needs, and industry type, there is a quiver of accounting software for start-ups. Some companies offer cloud-based online accounting software solutions, while some offer on-premise accounting solutions. This confuses the users in picking the best accounting app for small businesses. Henceforth, our experts have evaluated the various bookkeeping software and picked the best one based on their features, ease of use, and pricing so that you can choose the best bookkeeping application without any hassle.

Easy and Simple Accounting Software for Small Business

The best small business bookkeeping software used for both bookkeeping and accounting purposes are:

  1. QuickBooks
  2. Sage
  3. Wave
  4. FreshBooks
  5. Zoho Books
  6. Hourly
  7. Xero
  8. Oracle Net Suite
  9. Quicken
  10. Acumatica

Before investing in bookkeeping software for small businesses, you must consider certain factors. Though some companies provide free bookkeeping services for small businesses, to use their advanced version, you need to pay. The free accounting software might have provided you with the basic features; however, you are not able to use the add-ons or the advanced features to accomplish complex tasks.

The table will provide a quick comparison of all bookkeeping software.

Software Best Suited for Starting Price Mobile Application Integration Structure

QuickBooks

 Small businesses $ 15 per month Yes Yes Cloud Based, Desktop application also available

Sage

 Small to medium accounting firms $ 50.58 Yes Yes Cloud based

Wave

 Small Businesses, Best free application Free Yes limited Cloud based

FreshBooks

 Small and Growing Businesses $ 4.%0 per month Yes Yes Cloud Based

Zoho Books

 Micro Businesses $ 10 per month Yes Yes Cloud Based

Hourly

 Small businesses, start ups, sgencies Free plan Yes Yes Cloud based

Xero

 Small and Growing Businesses $ 22 per month Yes Yes Cloud Based

Oracle Net Suite

 Large Businesses Custom Quotes Yes Yes Cloud Bases

Quicken

 Personal accounting Yes Yes Cloud Based

Acumatica

Small to mid size businesses Custom Quotes Yes Yes Cloud Based

Now, let us have a quick, detailed look at the above-mentioned bookkeeping applications.

1. QuickBooks

Developed by Intuit, QuickBooks is the most popular accounting software that most businesses use to streamline their accounting work. The affordable accounting software allows you to create invoices, generate reports, track cash flow, integrate bank accounts, and more. You can go with this scalable accounting application. Moreover, you can easily upgrade the monthly subscription with the growth of your business. The application offers both online as well as desktop versions.

There are four subscription plans, depending on the number of users.

  • Simple Start: 1 user and two accounting firms
  • Essential: 3 users and 2 accounting firms
  • Plus: 5 users and 2 accounting firms
  • Advance:25 users and 3 accounting firms

Available For: Windows, OS X, web Based (cloud)
Mobile App: Android, iOS

2. Sage

The easy-to-use accounting application offers extensive customization options and advanced features for both bookkeeping and accounting tasks. The application is aimed at small and large business owners and offers the latest accounting features, such as invoicing, inventory tracking, and more. The Sage Business Cloud is an umbrella of various accounting software such as Sage Payroll, Sage HR, Sage Intacct, and more. You can use the regional products of Sage, such as Sage CRM Sage 200.

Available For: Mac, Windows

Mobile App: No

3. Wave

Specially designed for small businesses, Wave is a completely free accounting application. It has almost all the features of a premium accounting application, like bank reconciliation, invoicing, expense management, and more.

Available for: Windows, OS X, web application (cloud)
Mobile App: Android, iOS

4. Fresh Books

Developed on smart technology and back office automation, the cheap accounting software for small businesses makes the bookkeeping task easy. The users can easily access important financial statements like cash flow statements and bank reconciliation.

Available For: web application,

Mobile App: Android, iOS

5. Zoho Books

It is one of the best alternatives for expensive accounting software. The application is the best option for start-ups and has a lot of features. The best part is that you can accomplish various tasks through the mobile app.

Available for: web application

Mobile App: Android, iOS

6. Hourly

The software allows you to track taxation laws, track employees working hours, disburse payments, and more. It is the perfect bookkeeping application for small businesses, agencies, and start-ups.

Available for: web-based application

Mobile App: Android, iOS

7. Xero

The application is a perfect suite for micro-businesses and start-ups and provides support to unlimited users. It is a simple accounting application that allows you to pay bills, manage inventories, generate reports, and more.

Available for: Cloud-based application

Mobile App: Android, iOS

8. Oracle Net Suite

The Oracle Net Suite is a powerful accounting software that is used to automate business and accounting operations. It is perfect for large businesses with complex needs. The plethora of features, such as automation, ERP tools, and integration, allows easy access to data in real-time.

Available for: Cloud-based application

Mobile App: Android, iOS

9. Quicken

It is the perfect accounting software for individuals and families, having a lot of features. The sophisticated features such as account balance tracking and investment tracking make it the prime choice of sole proprietors. The application has limited business features.

Available for: desktop accounting software for small business

Mobile App: Android, iOS

10. Acumatica

The software is perfect for small and medium businesses and offers various features such as bank reconciliation, cash management, billing and invoicing, accounts payable, and more. Different plans are available that allow you to scale resources easily. The accounting software is a perfect fit for distributors, manufacturers, retailers, and e-commerce companies.

Available for: web-based application

Mobile App: Android, iOS

Related Page: Why Should You Hire A Professional Bookkeeper

Final Wrap Up

The right accounting software reduces the time spent in managing the business financial task. However, picking the best accounting app for small business is a challenging task. While selecting the appropriate accounting application, you need to keep certain things in mind, such as business criteria, availability of software, features, budgeting, and more. Hopefully, we are able to save your precious time and money by providing you with the top 10 bookkeeping software for small businesses. However, if you do not meet your preferred software, you can get in touch with us. We will surely help you in picking the best-fit solution.

Accounting

How To Change the Closing Date Password in QuickBooks

With the beginning of the new financial year, it is essential for the QuickBooks users to close their accounts. However, closing the books at the end of the fiscal year is not mandatory as it might avoid any accidental changes that might hamper your reports.

Moreover, QuickBooks allows its users to set the closing date password so that they can measly modify their past books that require passwords. Continue reading this entire post attentively to gain in-depth knowledge to change the closing date password in QuickBooks. 

Procedure to Set a Closing Date and Password in QuickBooks Desktop For Windows

Below are some simple steps to change the closing date password in QBDT for Windows devices. 

  1. In the initial stage, opt for the Set Closing Date option from the Company menu.
  2. After this, navigate to the Set Date/Password option.
  3. Now, you are supposed to add the Closing Date and Closing Date Password in their respective text fields. 
  4. Then, hit the OK button to shut down the window. 
  5. Once you have successfully set a closing date and password, you will get a notification that consists of the following factors when you void.
    • A transaction date before the closing date.
    • An expense type of account. 
  6. Next, tap on the Yes option so that QuickBooks can easily generate two journal entries for you. As a result, it will balance the accounts affected by the check. 

Note: Establishing the journal entry is not an important step; it is optional step. So, you may also skip that point. Furthermore, you can still void the check if required.

Procedure to Set a Closing Date and Password in QuickBooks Desktop For Mac 

Here, we have explained the simple process of instantly changing the closing date and password in QuickBooks Desktop For Mac. 

  1. Primarily, opt for the Users and Passwords option from the Company menu. 
  2. Afterwards, head towards the Set Closing Date from the Users and Passwords column.
  3. Now, you are supposed to insert the Closing Date and a Closing Date Password. 
  4. Then, tap on the OK button to exit from the window. 
  5. Finally, you have to shut down the Users and Passwords window also. 

Stepwise Instructions to Change Closing Date Password in QuickBooks Online

Go through the below-listed pointers attentively to change the closing date password in QuickBooks Online. 

  1. Firstly, launch the QuickBooks Online application and hit the Settings menu to proceed further.
  2. Head towards the Company Settings option, followed by the Advanced tab.
  3. Afterwards, hit the Edit button from the Accounting section. 
  4. You are then supposed to change the closing date. 
  5. If you wish to change the password, then pick the highlighted New Closing Date Password. 
  6. Once you confirm the password, tap on the Save button. 
  7. In the end, hit the Done button to save the changes made. 

Detailed Instructions to Remove Closing Date Password in QuickBooks Desktop

As discussed above, setting the closing date and password might safeguard you from accidental changes. But you might have to remove the closing date and password in the future. You can do so by implementing the instructions listed below. 

  1. In the beginning, move to the Accounting menu and proceed to the next step.
  2. Following this, head toward the Preferences tab. 
  3. Thereafter, you have to choose the Company Preferences option. 
  4. Afterwards, navigate to the current “Closing Date”. 
  5. Now, you have to select the button to Set Date or Password. 
  6. As a result, it will launch the window to set the Closing Date/Password. 
  7. Next, you can easily Delete the Date from the field for the Closing Date. 
  8. Finally, hit the OK button and save the required changes made. 

Summing It Up!!

With the help of this detailed guide, you can now change the closing date password in QuickBooks easily. However, you can communicate with our highly-skilled professionals for quick assistance if you still have any doubts. You will get all answers to your queries within the least time applicable. 

Business

How to Reconcile in QuickBooks Online? An Understandable Guide

Reconcile in QuickBooks online bank plays an important role in QuickBooks as it lets the users match their bank statements with the ones in QuickBooks. Moreover, it also helps find discrepancies so that you can fix them instantly. Therefore, it will help you prepare an accurate balance sheet to give a proper wealth status to your company. Furthermore, go through this entire blog attentively to gain in-depth knowledge on reconciling bank accounts in QBO.

Simple Procedure to Reconcile in QuickBooks Online Seamlessly 

Reconcile in QuickBooks Online isn’t a challenging task, if you know the proper procedure to do so. Therefore, to help you with that, below, we have provided you with a complete set of instructions for reconciling accounts. Have a look at the pointers given below closely.

First Step: Examine Your Opening Balance 

In the initial stage, you must cross-check the Opening Balance that you have added in your accounts. Also, you must verify that the bank account balance must tally corresponding to the opening Balance of your account. Once completed, move ahead to the next step of reconciliation.

Second Step: Initiate the Reconciliation Process

After holding the monthly bank or credit card statement, you can begin the reconciliation task. For instance, if you are reconciling for multiple months, you must reconcile one statement at a time, starting with your previous one. Follow the instructions written below to accomplish the task properly.

  1. If your account are associated with online banking, examine that you match and evaluate all your downloaded transactions properly.
  2. Navigate to the Settings menu and hit the Reconcile option. For the users who are reconciling for the first time, opt for the Get Started Option.
  3. Choose the account that you want to reconcile. To choose the account, hit on the Account drop-down menu. Also, ensure you have picked the same account listed on the statement.
  4. Afterwards, cross-check the beginning balance. For that, you need to examine that the starting Balance in QuickBooks tallies with the one that is mentioned in your statement.
  5. Next, include the Ending Balance and End Date on your statement properly. Tip: In most banks, the Ending Balance is also known as the “New Balance” or “Closing Balance.”
  6. If you get the Ending Balance, check the Last statement ending date. This mainly reflects the last date of your last reconciliation.
  7. Finally, opt for the Start Reconciling option when you are all set.

Third Step: Correlate Your Bank Statements With QuickBooks

Now, it’s the time when you have to tally the bank statement with the one listed in QuickBooks. Go through the transactions one by one. Also, it is essential that you must check that the proper dates and transactions in QuickBooks are included, as it is very important that everything matches.

Instructions to Reconcile Accounts Associated With Online Banking
Review the steps listed below thoroughly to reconcile the accounts linked with Online Banking. Check them out.

  1. Begin the process from the very first transaction mentioned in your statement.
  2. After this, search for the same transaction from the Reconciliation window in QuickBooks.
  3. Now, you must tally both these transactions. Select the checkbox next to the amount in QuickBooks if both transactions tally. It will clearly represent as reconciled. However, to fasten things up, make sure that the transactions you have included or tally from online banking are already chosen for you.
  4. If the transaction isn’t visible on your statement but is reflected in QuickBooks, don’t select the checkbox.
  5. You are supposed to tally each and every transaction listed on your statement with the one included in QuickBooks.
  6. Tip: If you are sure you found a proper match, but something is wrong, like the payee. In that scenario, choose the transaction in QuickBooks to expand the view. Then, hit the Edit option to make the necessary changes in the details that didn’t match.
  7. In the end, you must cross-check that the difference between your statement that to the QuickBooks must be shown as $0.00. If you see it as this, hover over the Finish Now option.

Fourth Step: Cross-Check The Past Reconciliation 

In this step, you are supposed to run a reconciliation report to check on your work. So, apply the steps in the same way as given below.

  1. Begin the process by tapping on Bookkeeping or Accounting.
  2. After this, hit the Reconcile option followed by the History by Account option.
  3. Furthermore, use the drop-down menu to pick the account date and date range.

Fifth Step:- Get a Printout of the Reconciled Transactions 

QuickBooks Online automatically generates a reconciliation report for the particular session as soon as you end the reconciling process. After this, you can easily print the report or export it to another person if required.

Also Read – How to Recover QuickBooks Data files

Ending Words!!

We assure you that the steps explained in this post will give you insight into Reconcile in QuickBooks Online. If you cannot match your bank statement with the one in QuickBooks, you can take help from our professionals through the live chat facility.

Business

How to Recover QuickBooks Data Files

Now the time has gone when you have to worry about data loss. As with the invention of Auto Data Recovery by Intuit, you can easily recover QuickBooks data files. It is one of the fastest and most effective ways to restore lost or corrupted data files.

Operating this feature, an automatic backup is created of your data file. Moreover, it also utilizes auto replication features that recreate a duplicate copy of .QBW and QuickBooks Transaction log files and auto data recovery. Go through this entire post to get in-depth information on how to recover QuickBooks data files using auto data recovery.

Have a one-to-one conversation with our professionals through live chat facility to get information for all your queries within least time applicable. 

What are the Different Types of QuickBooks Auto Data Recovery?

File recovery in the QuickBooks applications plays a major role in restoring the lost files of your business. This can be done in two different ways, which are as follows;

  1. Recover the lost transactions via the current QuickBooks Transaction log file (.TLG) and the last copy of the QuickBooks company file (.QBW).
  2. Recreating all the files but the last few hours of transactions, along with a copy of the company and transaction log files.

Our Recent Post – How To Create and Send Purchase Orders in QuickBooks

Key Points You Must Know Before Using QuickBooks Auto Data Recovery Tool 

Before proceeding further to use the auto data recovery tool in QuickBooks, you must consider the following considerations.

  1. The users can access the Auto Data Recovery file only available in the Pro, Premier, and Enterprise Solutions of Windows.
  2. You won’t be able to access the ADR file in Accountant Editions of QuickBooks.
  3. The ADR data recovery has a limited file size, mainly 1.5 Gigabytes. However, if the QuickBooks file is larger than 1.5 gigabytes, the ADR will not generate.
  4. Check that you are operating the most recently launched version to get the most out of this feature.

Different Methods to Recover QuickBooks Data Files Using ADR Tool 

You can run the QuickBooks Auto Data Recovery Tool on lost files by implementing the methods described below.

First Method: Make Use of the .TLG file with .QBW.adr file to Recover Recent Transactions

Here, we have described some simple steps to use .TLG file and .QBW.adr file to restore the lost files.

  1. Begin the process by establishing a new folder on the Desktop and label it as a QBTest folder.
  2. Navigate to the folder that contains your QuickBooks company file.
  3. Tip: You can get the location of your data file from the Product Information screen by hitting the F2 key. Then, opt for the No Company Open Window.
  4. Now, search for the .TLG file within your company file folder. .TLG file has the exact name as your company file. If the .TLG file isn’t visible to you, proceed further with the following steps:
    • Initially, hit the Windows + E keys together to launch File Explorer on your screen.
    • Move to Organise and then opt for the Folder and Search Options.
    • Head towards the Hide extensions for known file types and click Apply, followed by OK.
  5. Next, copy the .TLG file and paste it into the newly generated folder i,e QBTEST.
  6. Access the QuickBooksAutoDataRecovery folder that you will find in the exact location where the data file is stored.
  7. After that, copy the .QBW.adr file and paste it into the QBTEST folder. You can now see both .QBW.adr and .TLG files on the newly constructed QBTEST folder.
  8. Navigate to your QBTEST folder, right-click the .QBW.adr file, and opt for Rename.
  9. Remove .adr at the end of the filename and then launch the data file saved on the QBTEST folder. Later, utilize your account register to see whether the transactions are present.

Second Method: Operate .QBW.adr and .TLG.adr Files to Restore Recent Transactions 

Go through the steps below to use .QBW.adr and .TLG.adr files to Restore a backup of your company file the lost transactions.

  1. To begin with, prepare a new folder on your Desktop and label it as QBTEST.
  2. Navigate to the location that carries your company file and then search for the QuickBooksAutoDataRecovery folder.
  3. Now, search for the .TLG.adr file and the .QBW.adr file. You will see that the name of this file is exactly as mentioned on the company file. If this file isn’t visible, implement these steps to show file extensions.
    • Hit the Windows + E keys altogether to launch File Explorer on your screen.
    • After this, go to Organise and then Folder and Search Options.
    • Then, hover your cursor over the Hide Extensions for known file types.
    • Later on, opt for the Apply option followed by OK.
  4. Afterwards, copy both file names i.e .TLG.adr and .QBW.adr and paste them to the QBTEST folder.
  5. Access the QBTEST folder, and wipe out .ADR at the end of the filename. In short, you will then see .QBW and .TLG files in your QBTEST folder.
  6. Launch the data file placed on your QBTEST folder and go through your account register to check that all the transactions are included.

Summing It Up!!

In this post, we have provided you with all the details required to recover QuickBooks file from hard drive & recover QuickBooks data files using the ADR tool. However, if you still need any help, consult with our professionals to get immediate results.

Accounting

A Handy Guide to manually upload transactions into QuickBooks Online

Being a QuickBooks user, are you also thinking about how to include those transactions that were incurred in the past? If yes, then you don’t have to think anymore. QuickBooks provides an option for users to manually upload transactions into QuickBooks Online applications.

For this, all you require is to connect your bank account with the QuickBooks Online applications. Then, you can easily download the transactions from your bank account and proceed with your banking tasks. Continue reading this complete post to learn about QuickBooks import bank transactions.

Facing issues while trying to upload transactions to QuickBooks Online? Contact us and have a conversation with our professionals anytime and get all your doubts clarified. 

Points You Must Consider Before QuickBooks Import Transactions

The users have to keep certain things in mind before QuickBooks Import Transactions into QuickBooks Online. Thus, it would help them to import the transactions seamlessly without any issues.

  1. Verify whether your bank account is qualified for a standard or direct bank feed with QuickBooks Online. Also, you must verify the list of your financial institutions that support bank connections.
  2. Ensure your computer is linked with a stable and good internet connection while you migrate QuickBooks Desktop to Online.
  3. Upgrade QuickBooks Online to the newly launched version to avoid any technical glitches.
  4. Also, you must verify that you are using the up-to-date version of the Windows operating system.
  5. Before uploading the transactions to QuickBooks Online, don’t miss out on generating the backup. The backup file will secure your data from being damaged in case of mishap.

Detailed Procedure to Import Transactions into QuickBooks Online Manually

To learn more about the process to import transactions into QuickBooks Online, perform the steps below.

First stage:- Choose the Appropriate Date Range

The QuickBooks users must know that those transactions will not be imported, which you recorded earlier. All you have to do is pick the date for the previous transaction in the account. Thus, it prevents you from all the duplicate issues.

  • Start by picking the Bookkeeping menu and then the Charts of Accounts option.
  • After this, look for the bank or credit card account in which you want to include the transactions.
  • In the next step, navigate to the highlighted Account History option.
  • Later on, you must locate and write down the date of the oldest transaction. You must know the fact that the oldest transaction is considered as an “Opening Balance”.

Second Stage:- Get the Latest Transaction Download From Your Financial Institution

  • You first have to login to your bank or credit card’s webpage using the accurate login credentials.
  • Thereon, you must follow your bank guidelines regarding downloading your transaction’s CSV files to your computer.
  • Moreover, ensure that the date range you have picked for the download is at least one day before your oldest transaction.
  • Next, you must mark the download transactions. You are supposed to place the file at the location where it is easily accessible.

Third Stage:- Cross-check the Company File Format and Size

You must ensure that your QuickBooks company file size must be up to 350 KB. If you spot that the file size is long and carries more storage space, reduce the date range. After this, try to download the transactions in smaller batches. Apart from this, you must also ensure that you have formatted the CSV file appropriately before you try to upload them.

Fourth Stage:- Begin Uploading the Transactions Manually

You must carry on with the following steps to upload the transactions manually.

For Those accounts that are Linked With Online Banking
  • Initially, move to Bookkeeping > Transactions > Bank Transactions option.
  • After this, pick the account you wish to transfer the transaction into.
  • Next, hit the highlighted Upload from File option.
  • Now, choose either the Drag and Drop or Select Files option, whichever is available. Then, opt for the file you have downloaded from your financial institution and choose the Continue option.
  • Go onwards with the instructions displayed on the screen to tally the columns on the file irrespective of the correct fields in QuickBooks.
  • You must pick the transactions you desire to import and hit the Continue option.
  • Subsequently, click the Yes button and choose the Done option after accepting your transactions.
For Those Accounts that Aren’t Associated With Online Banking
  • Initially, choose Bookkeeping, Transactions, and then Bank Transactions.
  • Afterwards, navigate to the Upload Transactions and choose the file you downloaded from the bank.
  • Pick the account where you wish to shift all the transactions and hit the Continue button.
  • Thereon, act according to the steps shown on the screen to compare the columns on the file with that to correct fields in QuickBooks.
  • You must opt for the transactions you need to import and click the Continue button.
  • Hit the Yes button and then the Done button after accepting your transactions.

Fifth Stage:- Classifications Of the Transactions

Now, in this stage, you only need to tally and classify all the uploaded transactions. You must keep in mind that the transactions will transfer to your accounts once you verify them. Apart from this, in the QBO application, certain information is added automatically after setting up the banking rules.

Sixth Stage: Reconciliation of the Transactions

In the last stage, you are supposed to reconcile your bank transactions to spot whether there is any difference between the QuickBooks and the bank account balances. Moreover, it also ensures that your account tally so that it gives a clear picture of the company’s financial position.

Related Page:  How To Recover QuickBooks Data Files 

To Summarize the Above!!

We hope you find this post beneficial and help you manually upload transactions into QuickBooks Online. If you get stuck while performing any of the above-listed steps, consult with our professionals immediately via live chat for a quick resolution. They will assist you with the proper tips to resolve the issue within the shortest time possible.

Accounting

An Ultimate Guide on How to Connect QuickBooks to ETSY Account

Connect QuickBooks to ETSY account is a simple way to automatically import ETSY payment account tractions into the accounting software. Moreover, this method also enables you to tally ETSY deposits with your bank accounts. Additionally, this method helps you in giving a clear vision regarding your ETSY shop income and expenses on your Profit and Loss Statement.

Continue reading this entire post attentively to better understand how to Connect Sync with Etsy with QuickBooks online account.

Are you facing difficulty while syncing QuickBooks account to ETSY account? If that’s so then consult with our excerpts through a live chat facility and fix your problem instantly.

Stepwise Instructions to Sync ETSY Account to QuickBooks

Wondering How to Sync Etsy with QuickBooks Online? If that’s so, then go through the stepwise instructions given below.

Stage 1: Organize Accounts in QuickBooks

  1. Before you move further by syncing with the ETSY app to import your transactions, check that you have organized the following accounts.
  2. You must have a bank account in which ETSY deposits your money from sales.
  3. Also, you must have the bank or credit card account where ETSY charges your seller fees.

To verify whether these accounts already exist in QuickBooks, follow the instructions below.

  1. In the initial phase, move to the Settings menu.
  2. Afterwards, hover your cursor over the Charts of Accounts option.
  3. Now, you have to search for the account from the list of options available.

Stage 2: Connect QuickBooks Account to ETSY Application

Once you have successfully set up your accounts, you can connect Set Up Sync with Etsy In QuickBooks online. For this, implement the stepwise instructions enumerated below properly.

  1. Initially, move to the Apps option and then choose the Find Apps option.
  2. In the search field, input “ETSY” and then opt for Sync with ETSY from the list of available options.
  3. Afterwards, you are required to choose the Get App Now option.
  4. You are supposed to go through the instructions displayed on-screen to set up the application, including these steps.
    • Give consent to Intuit to access your ETSY shop.
    • Pick the bank account you have already set up in Stage 1, so the app recognizes where to add the transactions.
    • Also, you have to choose the import start date. The ETSY application can import the transactions long back as Jan 1 of the last calendar year.
  5.  Once you finish the set up procedure, the application import your ETSY transactions to QuickBooks. The time taken for importing the transactions is completed based on the number of transactions. So, you must wait a few moments to accomplish the task.
  6. Moreover, after the first import, the application begins verifying your ETSY payment account at least once every three hours. Thus, it will bring up the latest transactions.

Stage 3: Make Adjustments In Your Books of Accounts For Past Transactions

If you decide to import the ETSY transactions from stage 2, the applications will insert those transactions already existing in the accounts. Thus, it might lead to duplicate entries in your accounting.

Furthermore, go through the instructions given below to make the adjustments in your books of accounts for past transactions.

Method 1: Use the Bank Feeds to Reorganize the Deposits

You can utilize the Sync with ETSY app to modify the category of bank deposits to the same account. This is so that the amounts are not counted twice within the books of accounts. Follow the instructions below to use the bank feeds for reorganizing the deposits.

  1. In the initial stage, move to the Banking menu and pick the bank feeds for the ETSY deposits.
  2. Afterwards, opt for the Categorized tab and then look for the “ETSY” to look for the deposits that you have linked with the Sales of Product Income.
  3. In the Action column, choose the Undo option for each deposit.
  4. Following this, opt for the “For Review” tab and look for the “ETSY” to look for the same once again.
  5. Next, for every transaction, choose the “Sales of Product Income” category and modify it as “ETSY < Name of your shop>”. Later on, you can add the name to your books of accounts once again.

Method 2: Generate a Journal Entry

You are supposed to generate a journal entry for making adjustments to the income. Doing so will encourage keeping your books of accounts balanced. Thus, it will also help in recording the same amount twice within your books of accounts.

  1. Begin the process by tapping on the + New option and then hitting the Journal Entry option.
  2. Now, from the first line, you must choose an account from the Account field. Later on, if you wish to debit or credit your account, insert the amount within the appropriate column.
  3. After this, pick another account from which you wish to move your money to and from. For instance, if you have added a debit or credit balance in the first line, you must mention the exact amount within the opposite column.
  4. Verify that you have inserted the exact amount within the Credit column on one line and the Debit column on different columns. This will signify that the accounts are balanced properly.
  5. You must add the details within the Memo section to know why you generated the journal entry.
  6. Finally, choose the Save and New or Save and Close option.

Stage 4: Reconciliation of ETSY Account With the Bank Account

You are supposed to check your “Etsy <Name of your shop>” account every month. Then, you must ensure that your ETSY payment account and bank balance match each other. Alternatively, you may also utilize your bank’s monthly statements or get your monthly statement downloaded from ETSY.

Read Also – How To Start a Bookkeeping Business in 2023

Ending Words!!

We hope you find this post beneficial, and now you can easily connect your QuickBooks account to your ETSY account. However, if you still have any queries, you can have a one-to-one conversation with our professionals through live chat.