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Vendor Post Dated Cheques (PDC) Handling in Quick book (QB)

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  Vendor Post Dated Checks/Cheques Entry in Quick Books Enterprise 12.0 PDC Issued Accounting in QB 12 The purpose of this document is to define mechanism for recording and tracking “ Post Dated Cheques/Check” paid to vendors (PDC Issued to Vendors). The whole process is hereby defined step by step using screenshots to make it more clear and to facilitate user. Step-1 Prepare “ Purchase Order” against the desired vendor as shown below in the screen from the PO creation window. Provide the required information and note the “PO No.” to put as reference while making payment to vendor using PDC.   Step-2 Follow the path and open “ Make General Journal Entries” window to record the PDC payment against the desired vendor. Go to > Company Tab > Make General Journal Entries As the PDC cheque as a security document is being provided to the vendor so as per standard he should be debited with the amount mentioned on the cheque. But no funds disbursed from our bank a...
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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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How to account for Foreign Currency Transactions? How to Enable Multicurrency Feature in Quick books (QB 12) 2012 Accounting of Exchange Gain/Loss Customers, Suppliers, Banks having Foreign Currency This blog is about to understand foreign currency transactions and how can we enable it in Quick Books 12. How can we assign currency to a customer, supplier, and bank other than foreign currency? Let’s have a basic overview of it and how accounting is automated in Quick books Enterprise Solution 12.0. Basic Terms to Understand this Concept: Exchange Difference: It is the difference resulting from translating a given number of units of one currency into another currency at different exchange rates. Exchange Rate: It is the ratio of exchange for two currencies. Fair Value: It is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Foreign Currency: Currency other than the fu...
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