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1. Quickbooks small business accounting 2011 updates update#
2. Quickbooks small business accounting 2011 updates pro#
3. Quickbooks small business accounting 2011 updates software#

If the Purchaser returns the money to the company, you may use a General Journal, Write Cheque or Transfer Fund’s method to transfer the money back from the Purchaser’s account to the bank account. The advantages of using a “Bank” account type for tracking of the advances paid to the purchaser is that you can use the “Reconciliation” function in QuickBooks to tally up the account.Īny positive amount left in this Purchaser account, which can be viewed from either the Register or the Balance Sheet report, will be the amount due by the purchaser to the company.

You can use the Cheque Register to view the transactions and the balances of this account (From the Banking menu select Use Register). When payment made by the purchaser, you may use the Write Cheque transaction to issue out payment from the Purchaser’s account to the “Vendor” with the corresponding account settings, such as Cost of Goods Sold account or relevant Expenses account) under the Expenses tab.ĭebit Expenses (or Cost of Goods Sold) accountĬredit Purchaser’s account (Bank account type). The double entry for this transaction will be:ĭebit the Purchaser’s account (Bank account type)Ĭredit Bank account (The bank account which you transferred the money from) If Write Cheque method were to be used, then you need to create a name (either Vendor type or Other Name type) with the currency type set up to be same as the currency transacted (that is, CNY if payment to him/her is in CNY). You can use General Journal, Transfer Funds or Write Cheque method to transfer the fund to him/her. That is, if you are paying him/her in CNY (Chinese Yuan Renminbi), then the currency type will be in CNY. You may create this “Purchaser” as a Bank account type with the currency type set up accordingly. Your purchaser is like a “walking” ATM (Automated Teller Machine), help making payment as and when required.

You may give your purchaser a sum of money to go overseas to source for new products, make payment and arrange shipment back to your country. $108,168.00 will be the taxable purchase and $7,571.76 is the input tax value.

Quickbooks small business accounting 2011 updates update#

This will also update the Tax report, under the Tax on Purchase section. The Cost of Goods Sold account is a dummy account which you use to indicate the purchase value, you may consider to use a different account such as GST expense account. The double entry for this transaction is:

This is to contra off the value in the Cost of Goods Sold account. The first line under the expense tab is $108,168.00 with 7% rated GST, and the second line will be a negative value of $108,168.00 without any GST associated. 'Small business owners tell us they regularly work up to 50 hours per week,' said Dan Wernikoff, senior vice president and general.

Quickbooks small business accounting 2011 updates pro#

You may use a Write Cheque transaction to record this payment. New and improved features in QuickBooks Pro and Premier 2012 help small businesses uncover new business insights, get organized and save steps on mundane accounting tasks. However, when the goods arrived Singapore, you are required to pay the GST at the Custom (Sometime the forwarder may pay the GST on behalf of you).Īssuming the GST (7%) paid is $7,571.76 (that is based on an imported value of $108,168.00).

The foreign vendor, which you imported goods from, is not a GST register trader hence they will not indicate the GST on their bill.

Quickbooks small business accounting 2011 updates software#

After a quick review of bookkeeping basics, you'll discover how QuickBooks can help you build the perfect budget, process payroll, simplify your tax return prep work, create invoices, manage inventory, generate income statements, balance accounts, and much more.Software: Intuit QuickBooks accounting software Offering expert advice, bestselling author Stephen Nelson returns with updated coverage of the latest revisions and enhancements to the leading small business accounting software package: QuickBooks. Bestselling author Stephen Nelson returns with big help for small businesses