Case: A customer bought $105.00 worth of product and paid $80.00 in cash. You need to send an invoice to the customer for the balance. How would you handle this in QBO?
First, create a new invoice using product/service item code for $105.00. Use deposit field to post $80.00 as the prepayment on that invoice. Deposit field is located right below the total. Now, the invoice will show $25 balance due.
If you do not see “DEPOSIT” field on your invoice, go to “Company Gear” settings to enable deposit field: Gear icon (upper right corner) > Settings > Company Settings > Sales > Deposit > ON > save. See screenshot below for reference.
Once you enter deposit amount, your invoice screen will expand to show the following three fields added to the invoice form. Fill out the information appropriately:
a) Payment method
b) Reference no.
c) Deposit to
You will need to select “Deposit to” field depending on your situation. If you are depositing this deposit (prepayment) to the bank along with other payments as a batch deposit, then you should select Undeposited Funds Account. On the other hand, if you are depositing just $80.00 as a single deposit to the bank, you should select the appropriate bank account.
Statement of cash flow is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities.
First, the report run is based on an accrual basis accounting method in QBO. It is hard-coded so you can not change it to cash basis method nor can be edited for any preferences to classify cash like in QuickBooks desktop versions.
In QBO, they also have the following three standard sections for the cash flow analysis.
It shows the amount of cash earned from profit, where you received additional cash and where your cash was spent. It uses all Bank type accounts from your chart of accounts. It also includes “undeposited funds account” from other current assets type.
The Statement of Cash Flow assumes that all activity through current assets and current liabilities are OPERATING ACTIVITIES. It also includes “accumulated depreciation” from fixed assets type.
Any entries that affect fixed assets (at original cost, less accumulated depreciation) are INVESTING ACTIVITIES. It also includes “other assets” type.
Any entries that affect long term liabilities and equity are FINANCING ACTIVITIES.
Here is how the standardized list of mappings for the different category type assigned to a section of the Statement of Cash Flow in QuickBooks Online.
|1||Fixed Assets (original cost)|
|1||Long Term Liabilities|
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There is no built-in business report available by Sales Rep in new QBO at this time. By using available custom field on the sales forms (invoice and sales receipt), you can easily get the information by selecting and customizing standard built-in “SALES BY CUSTOMER SUMMARY” report.
This quick and easy tutorial video shows you how to customize sales report by sales rep for tracking sales and manually computing sales commissions in the new QuickBooks Online (QBO).
Here is another top-rated tutorial video by VPController for newqbo.net. We encourage you to watch the entire video.. You do not want to miss a step!
In new QBO, they’ve up to three custom fields selections available to customize invoice layout.
You can pick one field for Client Purchase Order Number.
From the Home page screen
- Select the Company Gear (located top upper corner)
- Select “Company Settings” under Settings header
- Select “Sales” under Settings”
- Select “Sales Form Content”
- Select “Custom Fields”
- This is where you add Client PO No.
- Save and Done
- See screenshot photo below for reference