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How to create Chart of Account?

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 How to create Chart of Account?  How to add /Edit/Delete/Inactive an account in Quick Books? Chart of account is pre-requisite for in any accounting solution at the time of implementation. Every ERP & small Accounting applications have different ways and account types to add chart of account. The most important thing is to have unique and flexible numeric codes for each type of account. These account codes should be created with such a technique that you can later add specific type of account in hierarchy. Normally chart of account is prepared in four levels to substantiate hierarchy of account types/FS elements. e.g., Assets, Liability, Equity, Income, Expense. Drawings are accounted for in Equity type and Expenses are further split into Cost of Sales & Expenses (Admin, Selling, Financial). Coding custom being mostly followed is under given but you may define your own suitable and logical coding for each type; FS Elements             ...
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Pay Bill: Used for Making Payments to Suppliers/Vendors?

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        Pay Bill: Payments to Suppliers/Vendors?      Follow the navigation to record payment to Supplier/Vendor:        Go To > Home Page > Pay Bill Click on show all bills, Bills can be sorted based on due date and specific vendor related can be displayed by selecting desired vendor. From dropdown select relevant Vendor to whom you are making payment. When you select a vendor all the outstanding /Partially Bills paid will appear in this box. If there is any discount offered by vendor then click on this, enter amount and in GL account enter “OTHER INCOMES: DISCOUNT RECEIVED” At the end select the Account from where you want to make a payment. For example, Cash in Hand Or any Bank Account. Click on “Pay Selected Bill”. Click on Pay More Bills Tab for making further payments. In case of tax withheld on payment, first create Journal Entry for the amount withheld and adjust it using “Set Credit” and then make payment against r...
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Recording Purchases Returns/ Supplier Returns in Quick Books

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  Recording Purchases Returns/ Supplier Returns in Quick Books 12.0 How to Record Debit Note in Quick Books? How to record purchase return in Quick Books? Follow the navigation to open the Debit memo form: Go to -> Home page -> Click on Enter Bill -> Credit Radio Button This window will open, follow the steps given below to record Vendor return. 1.       Select the Vendor from the dropdown, you can type to search the respective vendor for posting return. 2.       Select the “Return Date” and add Ref. number. 3.       Add remarks in “Memo” field related to transaction. 4.       Select the “Item” or “Service” being returned from “Item Tab” and “Expense Tab” respectively, 5.       Add description for memorizing a transaction later. 6.       Select “Site/Warehouse” where you from where you want to return stock back to su...
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