Frum.Finance

set the channel description: accounting, bookkeeping, quickbooks, etc.

Let’s grow this new channel! Add anyone you guys think is shiyach. Thanks.

set the channel topic: accounting, bookkeeping, quickbooks, etc.

I’m using QuickBooks premier and when a check returned that we sent a vendor, I created a bill for it which shows up when I sort what to show as ‘Balance Details’.

It was originally created as an entry in the AP register which I believe it did not show up at all in the vendor’s transactions under the vendor centre.
And when I tried changing it to a stam journal entry IIRC it only showed up when being filtered to ‘All Transactions’.

If anyone knows a better way to have done this, I’m all ears. And if this helps anyone, great.

What do you mean by check returned? Do you mean bounced or that the physical check was returned to you?

Charged back to our bank account a few days later. Not physically returned.

This is one of the more complicated things that a bookkeeper needs to do. See this link
<https://quickbooks.intuit.com/learn-support/en-us/help-article/pay-bills/manage-bounced-check-wrote/L26onIB9m_US_en_US|https://quickbooks.intuit.com/learn-support/en-us/help-article/pay-bills/manage-bounced-check-wrote/L26onIB9m_US_en_US>

Thank you, I tested it and it has the correct result.

It might even be better in a way as it is more generic than the method I used.

Didn’t know I could link a check payment to a journal entry.

has renamed the channel from "accounting" to "accounting-bookkeeping"

Hi, would anyone know if it’s possible to reclassify the class of multiple transactions at once in the Desktop version of QuickBooks Premier Nonprofit?

I'm not sure but maybe also ask in <#C04KRREB6HK|non-profit>

Is anyone else confused that it seems like quickbooks definition of credit and debit are the reverse of the one found in any accounting textbook ever? Or am I remembering my accounting class backwards? :lolsob:

Hey, what do you mean specifically? (If I open up the journal to make an entry it looks like debits and credits are in their right place).

In QuickBooks if you add a new debit to an account, are you gaining money or losing money?

In a the bank account register I have 2 columns. Payment and Deposit.
If I receive a deposit, that would be a debit.
Are you thinking of something different?
Also, I’m using QB desktop. Not sure if QBO is different.

from QBO report, the 2 debits here are money coming in (credits) and the one credit is an expense (debit)

or am I remembering my accounting class backwards lol

I am backwards or quickbooks is backwards?

I’m not gonna say you but you are remembering it backwards 

gotcha okay lol sounds good and works for me

when i use my debit card, I am debitting my checking account no?

this is why I am getting confused I guess

In accounting when you make a debit card purchase you are crediting your bank account.

:man-facepalming:  okay thank you, i guess 8 years is enough time to forget what I learned in that class haha thanks

I think a lot of confusion comes from the way banks report information. To the customer, the bank account represents an asset. But to the bank, the account is how much they owe the customer, so it's a liability. They therefore report everything from their perspective.
So, when a customer deposits money, the bank (behind the scenes) debits cash and then (where the customer can see it) credits the account, which is a liability. Hence the term, "we'll credit your account" and why people think credits are "good."
But from the customer's perspective, a bank account is an asset and should increase with debits from an accounting perspective. E.g., if salary is direct deposited, that should be debit cash (the bank account) and credit salary revenue (or similar).
Hence the confusion.
Don't feel bad—I have students coming in to Intermediate Accounting, having taken 2 semesters of Priciples of Accounting, who still didn't understand this :smile:

Haha that makes me feel much better! Thanks! I only took intro to accounting so it sounds like this isn’t such a p’gam on me lol

The image you posted (and bank statements) are really a kinda T-account. Debits don't equal credits, so they're not journal entries.

double entry account they do equal right?

Yes, but a journal entry involves multiple accounts. You can look at each account individually, but there is no such restriction within an individual account.
The debits=credits restriction ensures that Assets=Liabilities+Equity

In the image you posted, your bank account is being treated as a cash account. So if it went up, it's shown as a debit and when it goes down, it's a credit. Of course, there would need to be another side to those entries. The credit entry (cash going down) would be balanced by a debit entry to an expense account (equity goes down). Etc. etc.

If anyone knows of a small business that might be looking for a bookkeeper please let me know. One of my biggest clients is closing his business so I’m in the market for some new clients. 