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Mastering QuickBooks 2023, Adding a Client in QBO, Record invoice payments…
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Credit memos may be applied to future purchases of goods or services. Unlike a refund, a credit memo does not remit money to the customer. While credit memos can be issued in conjunction with refunds depending on the incident, issuing a credit memo alone does not automatically entail sending the customer's money back.
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What is the importance of QuickBooks?
QB provides you with key finical reports you need to make decisions in your business, also having access to those reports make tax season a lot easier.
Those key reports are Profit and Loss (Period in time) statement as well as a balance sheet (Overall business-Assets and Liabilites).
The main areas of your business include the following:
Money coming into your business (sales)
Money going out of your business (expenses)
Inventory and fixed asset purchases
Tracking the money you owe (liabilities)
Using the chart of accounts to properly track everything Accounting methods: cash versus accrual Double-entry bookkeeping
Every Business generates sales weather from product, service or a combination of the two.
In general they are two diifferent type of sales
Cash and Credit Sales.
Credit Sales would be A/R "Accounts Receivable"
Most of the outflow of money is used to pay for Business expenses, they are two type of business expense: Reoccurring and Non-Reoccurring
QuickBooks is designed to help you easily track both recurring and non-recurring expenses.
I believe this is key, automation is what i hear about a lot and taking all the manual entry out of Booking is a plus for me. :check:
The chart of accounts is a systematic way of categorizing financial business transactions. Every transaction for your business can be categorized into one of five primary categories: Assets, Liabilities, Owner’s Equity, Income, and Expenses.
Understand that each business will need its on Chart of Accounts due to transaction differences. :check:
What can i use as a workaround for sales order since QB does not offer this feature. :red_flag:
QB does not perform Automatic fixed asset tracking with Fixed Asset Manager:
Understanding How much historical data does your client want to bring over to QuickBooks?
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Best practice is to start tracking your data in QuickBooks at the beginning of a year, quarter, or month.
Also, Understanding How much detailed information does your client want to bring over to QuickBooks?
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While it can be time-consuming, entering historical transactions is a great way to learn how to use QBO.
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Do you need to track income and expenses by department, business segment, or location?
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