QuickBooks Asia

Back to Basic – QuickBooks 2009/10 Asia’s Home Page

QuickBooks 2009/10 Asia has been launched for more than 5 months, I believe to some upgrade user who has upgraded from the previous version find the newer version has some great features that previous version doesn't have; of course, there are some minor issue that they may find it 'stupid' comparing to the earlier version (or rather more refined steps). Overall, the newer QuickBooks 2009/10 Asia does provide an easy to use navigating tool that helps user to navigate around QuickBooks accounting software.

For the next coming blog posts I am going to introduce some great features in this new QuickBooks 200/10 Asia.

First, I could like to introduce the 'Home' page of QuickBooks 2009/10 Asia. Although, personally I don't really use the Home page most of the time (I prefer to use either the Navigation bar or Menu bar) but it does provides the user (especially for those who are new to QuickBooks) with an easy to use flow chart for their accounting process.

In the Home page, it divided the accounting function into 5 sections. They are Suppliers, Customers, Employees, Company and Banking.

At the left hand side, it starts with a Supplier work flow that consists of Purchase Orders, Receive Inventory (both with and without Bills), and Enter Bills against Inventory, Enter Bills & Supplier Credits, Pay Bills and Mange Tax (G.S.T.).

In the Customers work flow, it consists of Sales Orders, Estimate, Invoices, Receive Payments, Enter Daily Sales (Cash Sales Receipt), Statement charges, Statements (Statement of Account) and Refund & Adjustment (Credit Note).

In the Employees section, it allows user to access the Payroll Centre, Enter Time (Time Sheet for recording time spend on project/job), Pay Employees and Pay Liabilities.

Company section is the core area that consists of Chart of Accounts, Items & Services, Build Assemblies, and Adjust Quantity on Hand and Audit Company feature (This is a process for year-end closing).

Banking section (some people refer it as a Cash Books) that consists of Banking feature such as Record Deposits, Write Cheques, Print Cheque (not for Singapore user), Reconcile (Bank Reconciliation) and Cheque Register (Bank Register).

At the far right, it consist of Account Balances that shows a Summary of all your bank balances (if you have the access right to bank account), a Get Started function to help new user to customize the QuickBooks and a Learn about Services (not for Singapore user) that links to Australia Quicken Services.

This Home page is a simple work flow for the accounting process; as a new user in QuickBooks, you can follow the ‘arrows’ to navigate from one function to the other. In short, just follow the arrows; you will never get loss in QuickBooks.

Join my QuickBooks training to explore how QuickBooks accounting software can simplify your accounting process.

Advance payment to supplier

In business, supplier do request for an advance payment (or deposit) from you before the actual bill and goods being delivered to you.

Since there is no bill received from supplier, how shall we enter this transaction?

The easier method is to use a Write Cheque. You can use a Write Cheque function in QuickBooks to record an advance payment make to your supplier.

In the Write Cheque form, the payee will be your supplier name, the No. will be used to record the Cheque number and account we shall use Accounts Payable account.

In this way, we can view this transaction in the A/P (Accounts Payable) ageing report and Balance Sheet (Under Accounts Payable account). Note: This amount should be not show in either the expense or cost of goods sold account as it is not realized. The transaction is just within the Balance Sheet accounts.

When the actual Bills is in, we can record it and knock it off with the advance payment made earlier.

How to record a TT Charges into QuickBooks?

When customer makes payment to you via Bank TT, the Bank deducted a TT Charges from the payment. Thus, the physical amount received will be lesser than the invoiced amount.

How to record this TT Charges (Bank Service Charge expense account) into QuickBooks?

There are a few methods of recording this TT Charges.

Example: 

You invoiced your customer $1,000.00

Customer make a payment of $1,000.00 via TT.

Bank deducted a TT Charge of $20.00

Amount deposited into the Bank is $980.00 ($1,000.00 - $20.00).

By Make a General Journal Entry method.

During Receive Payment from Customer, you can receive as $1,000.00. Then, created a General Journal to Debiting TT Charge expense account $20.00 and Crediting Bank account $20.00.

During your Bank Reconciliation you will see $1,000.00 in your Deposit page and $20.00 in your Payment page. You need to select both during your bank reconciliation.

By Write Cheque method.

This method is similar to Make General Journal method; the different is that you use a Write Cheque instead of recording a General Journal.

In the Write Cheque form, the payee will be the Bank (Supplier name), the account use will be the TT Charge expense account and the amount will be $20.00.

During Bank Reconciliation, like the above Make General Journal method, you are required to select both $1,000.00 from the Deposit page and $20.00 from the Payment page.

By Undeposited Fund method.

This method is a better method comparing to the above two methods. You receive payment from customer as $1,000.00 (full amount) into the Undeposited Fund account (for QuickBooks 2007/08 and above, you select ‘Group with other undeposited fund account’ radio button.

Then, select Make Deposit from Banking menu; you will see the amount received from customer ($1,000.00). Select this $1,000.00 received from the customer and click the Next button to continue with the next page.

In the following page, add an extra line item below this $1,000.00 received from customer. In the ‘Receive From’ field (optional), select Bank (Supplier name), and the ‘From Account’ field select TT Charges (expenses account) and enter ‘-$20.00’ in the amount field.

In this case, $980.00 ($1,000.00 - $20.00) will be debited into the Bank. In your Profit and Loss report, you should see a $20.00 in TT Charge expense account. Besides, in Bank Reconciliation you will only see $980.00 under the deposit page.