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How to Record Purchase Items/Services Bill in Quick Books/ QB/QBO?

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How to Record Purchase of items/Services in Quick books 12.0 / QB/QBO? Recording Purchase of Items: Follow the navigation to open the required document and interface. Go To > Home Page Or Vendors Tab > Enter Bill Follow the under given steps to record the purchase of Items from Vendors/Supplier. From dropdown select relevant vendor . Enter Transaction date Enter Reference number if any. Due date means when bill is payable. Enter due date. Select “Item Tab” after that select item from dropdown. If you get service from any supplier then click on "Expense" Tab. Enter description about the transaction Enter the Quantity  of item purchased. Enter the “Unit of Measurement”  UOM with respect to selected item. Enter cost per unit; remember that cost should be as per selected UOM. E.g. If you have selected Feet in UOM then cost/Feet, if you have selected inch then cost/Inch. Select “Customer Job” if you are purchasing this item for a specific “Customer Job” or for som...
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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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How to Customize / Memorize Report in Quick Books?

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How to Customize Report in Quick Books? How to Memorize Report in Quick Books? This blog is about the report customizations in Quick books and memorize it in specific folder for later view/print of the same in the same customized format. There are lot of reports in Quick books categorized with respect to each module and almost all reports can be customized except some. If you don't see option of "Customize Report" button that means you cannot customize that report so much and you have to view results in the designed format. You can export report in excel and customize according to your need. Here, i am going to generate, customize and memorize report related to "Cash & Banks" as Cash and bank ledgers not available in Cash and Bank module. and it is a basic need of each entity's management to have these reports. Go to --> Home Page -->  Click on Chart of Account --> Cash & Bank or Specific Cash Account Generate Quick Report by short key  (Ct...
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