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How can I get QBO Payroll to automatically assign a paycheck number for printing checks?

Unfortunately they do not have the ability to auto-assign the check numbers at this time.
In the meantime, when you run payroll, on the last page after clicking Submit Payroll, Auto Fill Check Numbers will be an option. If you need to assign check numbers AFTER running payroll, follow this route:
– from the Employees tab, click Paycheck List
– select the checks you need to assign
– enter the check numbers on the right


 

[table id=39 /]
[table id=37 /]

Why are inventory purchases showing up as COGS instead of Inventory Asset?

I entered several POs yesterday, entered bills and paid the bills. All of these items are now showing up in COGS on my Income Statement rather than as Inventory Asset in my Balance Sheet. I have not sold them to any customers. What did I do wrong?

Answer:

It may be due to several company settings.

Follow the following step-by-step instructions:

#1 Products and Services settings ON > Company Gear (upper right corner) > Settings > Company Settings > Sales > Products and Services > All three selections should be ON

See attached photo 1.

#2 Bills and Expenses Item settings On > Company Gear (upper right corner) > Settings > Company Settings > Expenses > Bills and Expenses > All three items related settings should be ON

See attached photo 2.

#3 Track quantity on hand checkbox > Company Gear (upper right corner) > Lists > Products and Services > New > Product or Service Information form > Checkbox (I track quantity on hand for this product. This enables inventory cost accounting)
See attached photo 3.

#4 Item details section to enter inventory purchases > Create + sign > Vendors > Bill (or Expense or Check) > Select Item details (not Account details section) > Select Product/Service column to enter inventory purchases

See attached photo 4.

#5 Quantity available to create Invoice or Sales Receipt > Company Gear (upper right corner) > Lists > Products and Services > Quantity column should show quantity available to sell (no negative quantity, it will create problems down the road)

See attached photo 5.

 

1 products services settings ON
1 products services settings ON
2 bills expenses item settings ON
2 bills expenses item settings ON
3 track quantity on hand checkbox
3 track quantity on hand checkbox
4 Item details section
4 Item details section
5 quantity available on products and services list
5 quantity available on products and services list

How do I apply a Class or a Location Tracking to a Bank Transfer transaction? I need to run Balance Sheet by Class/Location.

When you do a transfer transaction using Bank Transfer Form (Create + sign > Other > Transfer), transferring funds from one account to another, you do not see a field where you can apply a class and a division on the transaction. This may be very critical data to run reports.

If this information is very important for business, you will need to write a Journal Entry. In Journal Entry Form, you can enter Class and Location.

Note: You need PLUS level subscription for Class and Location tracking features.

When you write a Journal Entry, if you just use one bank account as debit and another bank account as credit with class and location, it will still not show up on transaction report.

Trick is you still need to add one expense account with zero amount. See attached Journal Entry screenshot photo below.

When one expense account was added along with two bank accounts, the Transaction Report came out okay. It seems Class and Location transaction is mapped to Expense Account only at this time. Built-in Transaction Report will not have Class and Location columns, so you need to customize the report a bit. To customize the Transaction Report > Click Customize button > Select Rows/Column > Select “Change Columns” blue button > Add Location and Class from available columns > Click OK button.

Now, you can also run the Balance Sheet by Class report as well as the Balance Sheet by Location report. With a little bit of available customization steps, of course!

Video Tutorial:

bank transfer form

journal entry with one expense account

transaction report b of a with class

transaction report chase with class

How can I reclassify old transactions posted to locations? How can I do this fast?

There is no quick way to select all transactions and “Reclassify” “Location” at this time. You will need to open each transaction and reclassify it one by one.

If you have QuickBooks Online Accountant version, you can reclassify (accountant tool > upper left corner, little email icon) certain selected transactions and change CLASS in batch, but not LOCATION at this time.

If you think you need this feature added to future revision, send them feedback here:

From the home page screen > Company Gear (upper right corner) > Your Company > Feedback > Post Your Own Idea

[table id=39 /]
[table id=37 /]

QuickBooks Online: How to import bank transactions from Excel .csv file into QuickBooks Online?

Now, you can import bank transactions if your bank provides .csv (comma-separated values) file type. This is new improvement they have just made.

You will take the following steps to import bank CSV file:

From the home page screen > go to blue navigation bar on the left > select Transactions > select Banking under Transactions > click Update > select File upload

 

You can also import bank transactions directly from excel .csv file type into QuickBooks Online. Take these steps.

From the home page screen > go to blue navigation bar on the left > select Transactions > select Banking under Transactions > click Update > select File upload

This could be a huge time-saving task especially when bank do not provide a way to download old bank transactions but available in other formats. If you have bank statements in PDF format, you may be able to just copy and paste to Excel. You can also edit description data and make necessary changes in Excel spreadsheet. Once it done, save file type as Text CSV (*.csv). It takes the following columns to import from Excel:

Column 1 = date

Column 2 = description

Column 3 = spent as negative amount and received as positive amount

OR

Column 1 = date

Column 2 = description

Column 3 = spent as debit

Column 4 = received as credit

If the bank statement provides deposits and withdrawals in two columns, use four column format spreadsheet.

Once the bank file is uploaded into “New Transactions” section of bank feed, you can also add manage rules before transferring transactions to “In QuickBooks” section of bank feed.
 
You can watch this QuickBooks Online Tutorial Video for step-by-step training instructions.

 

1 bank1 csv
 

2 Save as Text  CSV type 

3 file upload 

4 select the file to upload 

5 select bank account

6 bank account quickbooks field