I have a bunch of CAD credit card expense transactions for USD purchases. Is there an easy way to account for the foreign exchange loss? Or do I have to set each one up as a bill in USD to get the exchange to acrue?
I can't figure out how to categorize a payment to the credit card made from my checking account, when the bank feed shows it automatically. I know how to categorize it from the checking account point of view, but not sure what to do with the transaction in the bank feed of the credit cart
2:24 Having Payment account and Payment method seems to be redundant. If you have setup say MasterCard as a payment account (bank) then how could Payment method be anything else? I appreciate this an issue with QB not you but still any comment you have on that would be useful. It seems to me QB have cobbled something together here.
@@riverrat5822 lol we've just changed over after running TAS Software for years and Pegasus before that. You had to really understand a bit of accounting for those i.e. difference between a balance sheet and P&L., accruals, retained earnings etc. but it certainly put me in good stead. They are pretty much redundant now so no software updates etc. QB seems very much aimed a the lay person and aimed more at the USA market it seems BUT it has some great features like the link to the bank & credit cards, drag & drop purchase invoices to create them, automatic VAT and payroll submission. And it's not expensive. I guess our first year end will tell!
Intuit is no longer an accounting company -- they are a data mining organization. They couldn't care less that they have sloppy, lazy coding in the accounting software.
www.QBUniversity.org/Masterclass - discover the 4 simple steps to learn QBO!
I have a bunch of CAD credit card expense transactions for USD purchases. Is there an easy way to account for the foreign exchange loss? Or do I have to set each one up as a bill in USD to get the exchange to acrue?
I can't figure out how to categorize a payment to the credit card made from my checking account, when the bank feed shows it automatically. I know how to categorize it from the checking account point of view, but not sure what to do with the transaction in the bank feed of the credit cart
It should show as a payment from the checking account or basically a transfer from checking (or whatever account you used) to the CC account
What if you used a personal credit card for a business transaction? Would tracking be the same?
Question - if I make a mistake entering them how can I edit? Thanks!
Go to the Credit Card register and just edit them
I am new in the Quickbooks world. I have a question: can I write a payroll check without taxes?
Not without social security and Medicare withholding but you can without income tax withholding
Just write the check as an expense. Don't run it through payroll. Don't know why you'd want to do that, but yeah you can do it.
2:24 Having Payment account and Payment method seems to be redundant. If you have setup say MasterCard as a payment account (bank) then how could Payment method be anything else? I appreciate this an issue with QB not you but still any comment you have on that would be useful. It seems to me QB have cobbled something together here.
that is the QuickBooks way haha. it is such garbage, frustrating software but there isn't anything better.
@@riverrat5822 lol we've just changed over after running TAS Software for years and Pegasus before that. You had to really understand a bit of accounting for those i.e. difference between a balance sheet and P&L., accruals, retained earnings etc. but it certainly put me in good stead. They are pretty much redundant now so no software updates etc.
QB seems very much aimed a the lay person and aimed more at the USA market it seems BUT it has some great features like the link to the bank & credit cards, drag & drop purchase invoices to create them, automatic VAT and payroll submission. And it's not expensive. I guess our first year end will tell!
Intuit is no longer an accounting company -- they are a data mining organization. They couldn't care less that they have sloppy, lazy coding in the accounting software.