Most company has more than one bank account to run their business – checking, saving, money market, payroll account, etc. Companies with a lot of liquidity invest their money in saving or money market account to earn interest, and then transfer in to checking account &/ or payroll account to pay their bills &/ or employees.
QuickBooks provides an easy & quick way to transfer funds between accounts:
From the Main Menu, select Banking > Transfer Funds to open Transfer Funds Between Accounts window:
Besides the Search command that appear on icon bar to search general transactions, QuickBooks has another Find command that allows you to find detail transactions. For example, the Find command has the ability to find invoice for Customer X with specific amount and date.
Here is how to use the Find command:
From the Main Menu, select Edit > Find or Ctrl + F to open the Find window, and the Simple tab is automatically selected:
Once you have tracked billable time& mileage spent, and job costing items & expenses, you are now ready to create their invoices:
1. From the Home Page in the Customers pane, select Invoices or from Main Menu > Customers > Create Invoices.
2. Select the job from Customer:Job drop down list. Once selected and if the customer has outstanding billable time, mileage, or costs, you will be prompted with Billable Time/Costs dialog box:
Customer’s partial payments of any kind – down payments/deposits or retainers are money you receive upfront before you actually sell your products or services. In other words, you have not earned the money yet or you still owe the money to your customer.
For example, many lawyers require retainers to perform their job, or you sell hot products that require down payments to order it to manufacturer, or you simply require deposit to from your customers.
How do we handle this type of transactions in QuickBooks?
1. First, you need to create Customer Down Payments/Retainers account in your chart of accounts with Other Current Liability type.
2. Second, create Down Payments/Retainers item in your Item List as Other Charge or Service item type. Attach the Other Liability account created in Step 1 to this item. Make sure the Tax Code field is for non-taxable item.
Read more: How to Record Customer Down Payments and Retainers
If you have same transactions recurring over and over again, QuickBooks can help you by memorizing these transactions. For example:
• Weekly invoice to your regular customers,
• Quarterly insurance premium charged to your credit card,
• Monthly bank charges to your account,
• Monthly bills to utilities provider, etc.
Before you can memorize a transaction, you have to open the corresponding window for the transaction you want to memorize. In other words, you first have to open Invoice, Sales Receipt, Enter Credit Card, Write Cheque, Enter Bills, or Make General Journal Entries window. Fill in necessary fields that remain the same in future transactions. Otherwise, leave it blank so you can always change it next time around.
Press Ctrl + M to open Schedule Memorized Transaction window: