When your business receives a lot of checks payments from your customers, sooner or later you will find one of them is bounced or NSF (Non-Sufficient Funds) or bounced check. Bank will charge you quite steep for a NSF check and you have to inform your customers to reissue another check, plus charging them for the NSF check.
In order to straighten your records in QuickBooks, you have to do the following steps:
- Record the NSF charge from the bank in your checking account by going to Banking > Use Register, a “Use Register” window will pop up.
Select your appropriate checking account in the “Select account” line.
Below is the example of $25, - NSF charge by using “Bank Charge” as Other Name type and expense it in “Bank Service Charge” expense account.
When you have a lot of products and customers, you will find customers who wants to return your product, or you realize that you want to give a discount/more discount, or you overcharge in the previous invoice.
How do you handle this type of transactions in QuickBooks? You can issue a credit memo to either reduce customer’s outstanding balance or used it againts future invoice, or you can issue a cash/cheque refund to them.
Creating Credit Memos
Let’s follow the steps below:
You can import your Customers, Vendors, and Products You Sell into your QuickBooks file easily. The main requirement for importing data is that the files have to be in Excel or IIF files. Excel files are usually worksheet files ending with .xls or .xlsx; while IIF stands for Intuit Interchange Format, which is a delimited text file specifically designed for QuickBooks.
As most of us more familiar with Excel, below is how to import data from your Excel files:
What is Job Costing? Job Costing is a way to track many expenses occurred in one specific job (project). These expenses are used to compare with the revenues generated by that specific job, to determine if it is profitable. Many professionals, interior designers, and especially contractors, use job costing in their operations.
For example: A construction company wants to analyze whether its flooring job and roofing job is making any profit in building a 600-SQ Ft Addition of one of its customer, Jason Cioran. These two jobs involved Direct Labour and Direct Materials.
Let’s walk through how we can set it up in QuickBooks:
- First of all, ensure that the Reimbursable Expenses is “turned-on” by selecting Edit > Preferences > Time & Expenses > Company Preferences > check Yes in “Do you track time?” and check “Track reimbursed expenses as income” checkbox.
To turn on the time tracking feature in QuickBooks, go to Edit > Preferences > Time & Expenses, choose Company Preferences tab and click “Yes” button in “Do you track time?” as shown below:
