How to export QuickBooks company file saved on flash drive to QuickBooks Online?

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How to export company file to QuickBooks online if saved on a flash drive and do not have QuickBooks desktop installed on the computer?

You’ll have to restore your back up on a Quickbooks Desktop program (Free Sample here:

http://http-download.intuit.com/http.intuit/Downloads/2012/Latest/Setup_QuickBooksPro2012.exe

License number: 7482-8847-2621-492
Product number: 204–992)

Then, once you restore there, you can import into Quickbooks Online by following these instructions:

1.In QuickBooks Online: click the gear icon in the upper right-hand corner.
2.Click Import Desktop Data.
3.Select your version of QuickBooks for Windows.
4.Click Continue.
5.Open QuickBooks desktop.
6.From the Help menu, choose Update QuickBooks.
7.Select all updates in the Update Now window.
8.Click Get Updates to download.
9.When update is complete – click Close.
10.Click File > Exit
11.Start QuickBooks again and install the updates – don’t choose the option for installing later.
12.Be sure to log OUT of QuickBooks Online now.
13.In desktop – click Company menu and Export Company File to QuickBooks Online.
14.Complete interview steps (including entering your login info for QuickBooks Online and selecting the company you’d like to import into.)
15.You’ll get an email when the import is complete.
16.Log into QuickBooks Online.
17.Run Profit & Loss and Balance Sheet reports from both versions of QuickBooks – must be run on Accrualand All Dates. Compare to make sure your import was successful.

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Handling upfront deposits and retainers

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Customer may pay you money in advance as a deposit before the job is even started. In accounting it is also commonly known as an upfront deposit or retainer. It is a liability on your books even though you deposit the funds into your bank account. At this point, you should not record it as income when you get it simply because you have not earned the income. Either you have not shipped the product or service has not started or completed at this point. So, think of this as an Unearned Income/Revenue at this point and it will sit on the company Balance Sheet as a short-term liability account.
How to setup QuickBooks for upfront deposits or retainers account?
You will start with creating two new things in QuickBooks.

1. Create a liability account for your upfront deposits or retainers. You will create this on the Company Chart of Accounts.

GO to Lists menu > select Chart of Accounts > select Account (located at bottom left) > choose New > select Other Account Types > select Other Current Liability > Continue > Account Name = Upfront Deposits > Description > Description = Upfront deposits, retainers, unearned revenue > Save & Close

Upfront deposits, retainers, unearned revenue

2. Create an upfront deposit or retainer item. You will create this on the Item List.
GO to Lists menu > select Item List > select item (located at bottom left) > choose New > select Service > Item Name/Number = Upfront Deposits >
Checkbox = this service is used in assemblies or is performed by a subcontractor or partner
Description = Upfront deposits, retainers, unearned revenue
Cost and Sales Price = 0.00 (default)
Expense Account = Upfront Deposits
Income Account = Upfront Deposits
Click OK

Upfront deposits, retainers, unearned revenue

Enter Sales Receipts to record Upfront Deposits
In this case, you have already received a check from the customer as an upfront deposit. You will deposit to the bank account or have already deposited the back account.
You will take the following steps to do this task:
1. Go to the Customers menu and click Enter Sales Receipts.
2. Click the Customer:Job drop-down list and choose the customer and the job name (if applicable).
3. In the Date field, enter the date you deposited the funds.
4. Click the Payment Method drop-down list and choose a payment method.
5. In the Item field, click the drop-down list and choose Upfront Deposit.
6. Enter the deposit amount in the Amount column.
7. To include a message on the customer receipt, click the Customer Message drop-down list and choose a message, or click Add New to create a new message.
You can also customize the Sales Receipt form by changing the title to Upfront Deposit to make it clear to the customer what the receipt is for.
8. Click Print or Email to create a receipt for your customer.
9. If the Deposit To field is displayed at the bottom of the form, select the bank account in which you want to put the funds.
Note: If your Sales & Customers preferences are set to “Use Undeposited Funds as a default deposit to account,”, your deposit will automatically be added to your Undeposited Funds account and you will not see this option.
10. Click Save & Close to record the Upfront deposit.

Upfront deposits, retainers, unearned revenue

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New to QuickBooks, how to record bill and write check

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In QuickBooks, you have two ways to Pay Vendor Bill by a Check.

1)    GO to Vendors menu > choose Enter Bills

  • GO to Vendors menu > choose Pay Bills

Once you have entered a vendor bill, you can pay a bill by check now or later.

enter and pay bill by check now or later

2)    GO Banking menu > choose Write Checks

This is just one-step way of recording a bill and writing a check at the same time.

enter and pay bill by check now

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Set up and process an Owner’s Draw account in QuickBooks

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An owner’s draw account is an Equity Account in which QuickBooks tracks withdrawals of the company’s assets to pay an owner. This is to set up and process an owner’s draw account.

To create an Owner’s Draw account in the company Chart of Accounts:

In QuickBooks Pro and Premier

  • Choose Lists > Chart of Accounts or press CTRL + A on your keyboard.
  • At the bottom left choose Account > New.
  • Click Equity > Continue.
  • Enter the account name (Owner’s Draw is recommended) and description (Monies taken out of the business by the owner).
  • Click Save & Close.

Monies taken out of the business by the owner

To write a check from an owner’s draw account:
In QuickBooks Pro and Premier

  • Go to Banking and select Write Checks.
  • in the Write Checks window, go to the Pay to the order of section, select the owner, and enter an amount next to the $ sign.
  • In the detail area of the check, assign the amount of the check to the equity account you created to record the owner’s draws.
  • Click Save & Close to record the check

compnay check drawn to the owner

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How to report tips in and out on employee paychecks in QuickBooks

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How to report tips in and out on employee paychecks

Create an allocated tips payroll item

Reported tips cause total payroll deductions larger than employee wage base

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How to track Job Time Costs for Owners (LLC members) that are not Employees

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How to track Job Time Costs for LLC members/owners that are not Employees? They are not on payroll so they cannot enter time-worked to jobs. But it is important to see how profitable the jobs are.

Idea here is create a Zero-Journal bill to allocate time and effort to jobs without impacting on P&L report.

QuickBooks Setup (one-time)

In your QuickBooks chart of accounts create the following new accounts:

GO to Lists menu > Chart of Accounts > Account > select New

  • Zero Journal (under Accounts Payable – this is to differentiate this from operational Accounts Payable). Refer to Image # 1 for setup screen.
  • Direct Labor – Owner’s Allocation (under COGS). Refer to Image # 2 for setup screen.

Image # 1Zero Journal A/P

Image # 2Direct Labor - Onwer's Allocation

Service Item Setup

GO to Lists menu > Item List > Item > New > select Service

  • Type = Service
  • Item Name/Number = Labor – Owner’s
  • Check the box > This service is used in assemblies or is performed by a subcontractor or partner
  • Description = Leave it blank (if you put anything here, it will show up in job cost reports as lengthy unnecessary title/description)
  • Sales = Labor (anything you like to see in your invoice as description)
  • Cost = Hourly Rate (say $40 per hour for this example)
  • Expense Account = Direct Labor – Owner’s Alloc (under COGS)
  • Sales Price = Marked Up Hourly Billing Rate (say $80 for hour for this example)
  • Tax Code = Non-Taxable Labor
  • Income Account = Job Labor (title for income account)
  • Refer to Image # 3 for setup screen.

Image # 3Service Item

Enter Zero-Journal Bill for Owner’s Time Allocation

GO to Vendors menu > select Enter Bills

  • Have a Weekly (or Bi-Weekly) Timesheet ready
  • Select Zero-Journal (NOT regular A/P)
  • Vendors = Owner’s Name (setup as Other Name)
  • Reference No. = Ending period of timesheet covered
  • Select Items tab
    • Select Labor = Owner’s from Item List (Service Type)
    • Description = Timesheet work period
    • Qty = Hours worked
    • Cost and Amount should automatically calculate (hourly rate was already setup as $40 per hour in this example)
    • Customer: Job = select Customer’s Name from Cutomer/Job
    • Billable = check billable box if it’s actually billable to commercial customer (optional)
    • Refer to Image # 4 for entry screen

Image # 4zero journal enter item tab

  • Select Expenses Tab
    • Account = Direct Labor – Owner’s Alloc (COGS account type)
    • Amount = Enter negative amount (in this example -600.00)
    • Memo = Labor allocation – Owner’s Time
    • Refer to Image # 5 for entry screen
    • Notice Expenses Tab & Items Tab
      • Should see negative amount (-$600.00 in this example) for Expense Tab
      • Should see positive amount ($600.00 in this example) for Items Tab
      • Net impact is zero journal entry with no impact to Profit & Loss account.
      • Refer to Image # 6 for entry screen

Image # 5zero journal enter expense tab

Image # 6zero journal entry

Now, let’s look at the various reports what will they turn out.

  • Job Profitability Detail Report & Item Actual Cost Detail Report for this Job
    • GO to Reports menu > Job, Time & Mileage > select Job Profitability Detail > select Customer
    • Refer to Image # 7 for report screen
    • Will reflect Owner’s cost of labor allocation for this job
    • Double click actual cost dollar amount, it will take you to Item Actual Cost Detail Report. It will give detailed costs all the bill items entered for this job. Refer to Image # 8 for report screen

Image # 77 job profitability report

Image # 8item actual detail cost

Big test is to see how it came out in the Profit and Loss Report. See Image # 9 below. It shows no impact to P&L, and it zeroes out. It worked!

Image # 9profit and loss

Please note that you should always run this past your CPA or Tax advisor to confirm it meets your needs, as we are not financial experts

 

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Export excel from Quickbooks

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Question:

Is there a function or report that I can export the whole P&L and B/S with accounts contain zero values?

Answer:

You can check out Trial Balance.

GO to Reports menu > Accountant & Taxes > select Trial Balance

Dates = select ALL

Click Customize Report > select Advanced Options > select ALL checkbox under rows and columns

SAVE

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