However, users may need to manually adjust the account if discrepancies arise. 

In this article, you’ll learn how to adjust retained earnings in QuickBooks Online and Desktop and better understand their importance in your financial strategy. Let’s dive in!

How to adjust retained earnings in QuickBooks Online

QuickBooks Online does not allow direct transactions to the Retained Earnings account, so adjustments must be made using an equity adjustment account via a journal entry. Make sure to do this with care and always back up your account before making changes.

Here are the steps to adjusting retained earnings in QBO:

1. Open “Reports,” select “Balance Sheet,” set the date range, and locate “Retained Earnings” under “Equity.”
2. Run a Profit and Loss Report to verify that net income correctly rolled into retained earnings.

Image credit: CustomGuide

3. (Optional) Run the General Ledger Report, filter for Retained Earnings, and review related transactions.
4. Click “+ New,” select “Journal Entry,” and set the appropriate date.
5. Choose an equity adjustment account (not Retained Earnings) in the “Account” field.
6. Enter a debit if reducing retained earnings or a credit if increasing it.
7. Add a memo for reference and attach supporting documents if necessary.
8. Click “Save and Close” to record the journal entry.

Image credit: Intuit QuickBooks

9. Re-run the Balance Sheet Report to confirm the updated Retained Earnings balance.
10. Check the General Ledger for the recorded adjustment.

Tip: Avoid posting directly to retained earnings, document adjustments thoroughly, and consult an accountant if correcting prior-year financials.

Push QuickBooks Online further than ever with Method.

See all the ways how

How to adjust retained earnings in QuickBooks Desktop

Similarly to Online, adjusting retained earnings in QuickBooks Desktop is only possible through the use of journal entries. 

Step 1: Create adjusting journals

1. Open QuickBooks Desktop and log in to your company file.
2. Go to the “Company” menu and choose “Make General Journal Entries”.

Image credit: Intuit QuickBooks

3. Set the appropriate date for the journal entry to ensure it aligns with the correct reporting period.
4. In the “Account” field, select an appropriate equity adjustment account (such as an “Owner’s Equity” or “Prior Period Adjustment” account).
5. Enter the necessary debit or credit amount to increase or decrease the retained earnings balance.
6. Provide a brief memo explaining the reason for the adjustment for clarity and future reference.
7. Click “Save & Close” to finalize the changes.

Taking these steps helps your business maintain clean, reliable financial records that are ready for audits and financial reviews.

Step 2: Editing the beginning retained earnings balance

Adjusting the beginning balance of retained earnings should only be done in specific cases, such as fixing an error from a prior year or aligning your records with audited financial statements. 

To make this adjustment, create a journal entry that adjusts prior period accounts, such as income or expense accounts.

Thoroughly document the reason for the change to maintain a clear and accurate audit trail. 

Step 3: Troubleshooting retained earnings discrepancies

Discrepancies in retained earnings can happen for various reasons, and identifying the root cause will help you resolve them. Below are some common issues that may impact retained earnings:

• Unrecorded transactions: Missing or incorrectly posted entries can alter net income, directly affecting retained earnings.
• Errors in prior period adjustments: Mistakes made during adjustments for previous periods can carry over, causing inaccuracies in current balances.
• Incorrect closing entries: Errors during the year-end closing process can result in skewed retained earnings figures.
• Misclassified accounts: Transactions assigned to the wrong accounts can disrupt the accuracy of financial records, and impact retained earnings calculations.

Carefully review your financial statements, run reports, and correct these issues to make sure that your retained earnings are accurate and aligned with your business’ actual financial position.

The importance of retained earnings in financial reporting

Retained earnings are the portion of a company’s profits that are not distributed as dividends but kept within the business. Retained earnings: 

• Provide resources for reinvestment.
• Help stabilize operations.
• Increase investor confidence. 

However, retained earnings can also be negative if a company has accumulated losses over time. This is known as an accumulated deficit and can indicate financial instability.

How retained earnings influence business decisions:

Supporting growth

Retained earnings allow businesses to invest in expansion, purchase equipment, and develop new products, helping them scale effectively.

Managing debt

Companies can use retained earnings to pay down debt, reduce financial liabilities, and improve their overall financial position.

Safeguarding stability

Retained earnings act as a financial buffer during tough times and against unexpected expenses, helping businesses remain resilient and maintain smooth operations.

Building stakeholder confidence

A strong retained earnings balance shows that your business is profitable and financially stable, which can attract investors, reassure lenders, and build trust with stakeholders.

Understanding how important retained earnings are for growth, stability, and trust helps you make smarter financial and strategic choices.

Calculating retained earnings in QuickBooks

Calculating retained earnings in QuickBooks is straightforward, thanks to the platform’s built-in features that automatically track and update this account. Follow these steps to understand and calculate your retained earnings:

1. Run a profit and loss report:
   • Navigate to the “Reports” menu in QuickBooks.
   • Select “Profit and Loss” and set the date range to cover the relevant accounting period.
   • Note the net income (or loss) for the selected period, as this directly impacts your retained earnings.
2. Generate a balance sheet report:
   • Return to the “Reports” menu and select “Balance Sheet”.
   • Ensure the date is set to the current financial period.
   • Locate the “Retained Earnings” account in the equity section to see its current balance.

Image credit: Intuit QuickBooks

3. If an adjustment is required, enter a journal entry using an equity adjustment account:
   • Add the net income (or subtract the net loss) from the profit and loss report.
   • Subtract any dividends or owner distributions made during the period.
4. Review the results:
   • Cross-check the updated retained earnings balance with the balance sheet to confirm accuracy.
   • If discrepancies exist, revisit the Profit and Loss and Balance Sheet reports to ensure no transactions were missed or misclassified.

Following these steps gives you a clear picture of your retained earnings in QuickBooks. But again, remember that QuickBooks automatically rolls net income into retained earnings, so you should not attempt to manually adjust the retained earnings balance unless correcting errors.

Retained earnings vs. net income in QuickBooks

Retained earnings and net income are both important to understanding your business’ financial performance, but they serve different purposes in accounting. Net income is the profit or loss your business earns over a specific period, calculated as revenue minus expenses. This is done at the end of an accounting period (e.g., monthly, quarterly, or annually).

Retained earnings, on the other hand, are the cumulative total of net income that your business retains or keeps after distributing dividends to shareholders or owners over multiple periods. These retained earnings are reinvested into the company to support growth, pay off debts, or serve as a financial buffer in case of an emergency. 

In QuickBooks, net income flows into the retained earnings account at the end of each fiscal year. If dividends are issued, they reduce retained earnings but do not affect net income.

Differences and similarities between retained earnings and net income in QuickBooks:

When you get a grasp of the differences and the relationship between the two terms, you can interpret your financial reports more effectively and make better-informed decisions about reinvesting profits or managing distributions.

How to manage retained earnings in QuickBooks efficiently

To review, accurate data entry, regular monitoring, and financial planning keep retained earnings up to date in QuickBooks. Use reports like the Profit and Loss Statement and Balance Sheet to track changes. Document any adjustments with clear memos for an audit trail, and review retained earnings annually to align with business goals. 

Here are a few more best practices to manage QuickBooks retained earnings.

Regular reconciliation

Regular reconciliation of retained earnings helps you quickly identify and correct discrepancies by cross-checking your retained earnings account against your profit and loss statements and balance sheets. 

This will keep the integrity of your financial statements and simplify audits and tax filings, giving you confidence that your records reflect your business’ actual financial position.

Annual analysis of ongoing trends

Review year-over-year retained earnings to assess the impact of: 

• Reinvestments.
• Debt payments.
• Distributions. 

This analysis helps you understand whether your retained earnings strategy aligns with your long-term goals, such as funding expansions or maintaining financial reserves for unexpected situations.

Setting benchmarks for optimal values

Define retained earnings benchmarks based on: 

• Industry.
• Company size.
• Growth stage. 

For example, startups may reinvest earnings for growth, while established businesses might prioritize maintaining financial reserves. Clear benchmarks help balance reinvestments and distributions for sustainable financial stability.

Key takeaways

• Retained earnings represent the cumulative profits reinvested in your business and are important for financial health and strategy.
• Adjusting retained earnings in QuickBooks involves creating journal entries and reconciling discrepancies.
• Regular reconciliation and analysis of retained earnings trends are essential for maintaining accurate records and making informed decisions.
• QuickBooks automatically calculates retained earnings during the year-end close, simplifying bookkeeping and reporting.

Keeping your retained earnings accurate means tracking data without the mess—or the guesswork. Method CRM syncs with QuickBooks in real-time, so your financials stay up to date without manual errors creeping in. Automated transaction tracking, custom workflows, and detailed reports help you stay organized, simplify reconciliations, and make smarter decisions about reinvestments or payouts. Whether you’re growing fast or keeping things steady, Method keeps your QuickBooks data clean, clear, and audit-ready. Check out the video below to learn more.

If you’re ready to give it a shot, start your free 14-day trial of Method today.

How to adjust retained earnings in QuickBooks FAQs

What should I do if the retained earnings in QuickBooks are incorrect?

If you’re retained earnings in QuickBooks are incorrect, first identify the discrepancies by reviewing your balance sheet and general ledger. Then, correct the errors by creating adjusting journal entries. As a final step, make sure to review your books and consider consulting with an accountant to ensure accuracy.

What is a correcting entry for retained earnings?

A correcting entry adjusts retained earnings to fix errors from prior periods or reflect changes in accounting estimates. These entries are typically recorded as journal entries.

How do you treat retained earnings in accounting?

Retained earnings are treated as part of a company’s equity and appear on the balance sheet. They are adjusted annually to reflect net income and dividends, supporting financial reporting and decision-making.

The post How to adjust retained earnings in QuickBooks appeared first on Method.

In this article, you’ll learn how to delete journal entries in QuickBooks, whether you’re using the Online or Desktop version. You’ll also learn how to reverse an entry when it’s a more suitable option, along with tips for efficiently managing your journal entries.

Let’s get started!

Steps to take before deleting QuickBooks journal entries

Before we get into the step-by-step process of deleting journal entries in QuickBooks, here are some precautions you’ll need to take:

1. First, create a backup of your QuickBooks data before making any changes to your records. 
2. Request “Full Access” (Desktop) or “Admin Access” (Online). You can only delete journal entries with full permissions. 
3. Review your company’s audit trail settings to ensure that you can monitor changes for compliance or reporting purposes.
4. Review the impact of the journal entry you want to delete on your financial records. Ensure the deletion won’t lead to discrepancies or errors in your reporting.
5. Consider reversing the entry instead of deleting it, especially if it was an error.

How to delete journal entries in QuickBooks Online

1. Open QuickBooks Online and log into your company file.
2. Click on the gear icon in the upper right corner.
3. Under “Your Company,” select “Chart of Accounts.”

Image credit: Intuit QuickBooks

4. Find the account associated with the journal entry you want to delete.
5. Click “View register” in the Action column for that account.
6. In the account register, locate the journal entry. The word “Journal” should be in the “Ref No.” or “Type” column.
7. Click on the journal entry to expand the view.
8. At the bottom of the expanded transaction, select “Delete.” You can also do this from the individual entry by clicking “More,” and then “Delete.”

Image credit: Intuit QuickBooks

9. A confirmation prompt will appear. Click “Yes” to proceed with deleting the journal entry.
10. After deletion, review your financial reports to ensure that the deletion did not cause any issues or discrepancies in your balance sheet or profit and loss statements.

How to delete journal entries in QuickBooks Desktop

1. Open QuickBooks Desktop and log into your company file.
2. Navigate to the Chart of Accounts:
3. From the top menu, select “Company”, then choose “Make General Journal Entries.”

Image credit: Intuit QuickBooks

4. In the “General Journal Entries” window, select “Find” and enter the Name, Date, Entry No., or Amount—then click “Find.”
5. Once you see your desired journal entry, double-click it.
6. Select “Delete” or “Void.”
7. A confirmation prompt will appear. Click “OK” to proceed with deleting the journal entry.
8. After deletion, review your financial reports to ensure that the deletion did not cause any issues or discrepancies in your balance sheet or profit and loss statements.

Clear journal entries

You should clear entries when they are tied to processed transactions, like payments or receipts, that match your bank statement and need to stay in your records for reconciliation. On the other hand, you should delete entries when they contain errors, such as incorrect amounts or duplicate transactions, to maintain accuracy.

To make the right call, consider the context of each entry. Note that deleted entries require closer inspection to ensure their removal won’t disrupt your financial statements. 

To clear a journal entry in QuickBooks, take the following simple steps:

1. Perform the steps above to view your journal entries.
2. Double-click on your chosen entry to open it. 
3. Ensure that the entry corresponds to a cleared transaction that has already been verified against your bank statement or credit account.
4. Mark the entry as cleared by checking the box under the “Clr” column in QuickBooks Online or by changing the status from “N” (not cleared) to “C” (cleared) in the “Clr” column in QuickBooks Desktop.
5. Click “Save & Close” or “Save & New” to update the transaction.
6. If you’re reconciling your bank account, go to the “Reconcile” screen in QuickBooks and verify that the cleared journal entry is properly accounted for in the reconciliation process.
7. Check your bank reconciliation and financial reports to ensure that the transaction appears correctly and the balances are accurate.

Reverse journal entries

Reversing a journal entry in QuickBooks is a simple way to correct an error while keeping your financial records transparent and intact. Instead of deleting the original entry, which removes it completely, reversing creates a new entry that cancels out the impact of the previous one. This approach is particularly useful for fixing mistakes like incorrect amounts or misclassified accounts while preserving your complete view of your transaction history. 

To reverse a journal entry in QuickBooks: 

1. Follow the steps above to access your list of journal entries.
2. Create the reversing journal entry:
   • QuickBooks Online: Create a reversing journal entry by clicking “More” at the bottom of the journal entry window and selecting “Copy” to create a duplicate. Then, change the date and update the amounts so that the debit amount is in the credit field and vice versa. 
   • QuickBooks Desktop: Open the journal entry, go to the “Edit” menu, and select “Reverse Journal Entry.” QuickBooks will automatically swap the debits and credits.
3. Double-check the reversed journal entry to ensure that the amounts and accounts are correct. Also, ensure that the date matches the intended reversal period.
4. Click “Save & Close” or “Save & New.”
5. Check your financial reports to ensure that the original and reversed entries are properly reflected.

When should you delete journal entries?

Delete journal entries only when they were made in error and don’t impact financial reporting. Common reasons include: 

• Incorrect dates.
• Wrong accounts. 
• Duplicates.
• Placeholders not meant for final records. 

Proper deletions keep your books accurate, but removing the wrong entries can cause reporting discrepancies, reconciliation issues, and audit complications. To avoid risks, consider reversing entries instead of deleting them.

Deleting different types of journal entries

Not all journal entries should be deleted, as each type plays a key role in financial reporting. Here’s when deletion may be necessary and what to consider:

• General journal entries: Record adjustments, corrections, or transfers between accounts. Delete only if entered incorrectly, ensuring it doesn’t impact account balances.
• Adjusting journal entries (AJEs): Used at the end of an accounting period to update accrued expenses, depreciation, or prepaid assets. Deleting can distort financial reports, so reversing is usually the better option.
• Recurring journal entries: Automate routine transactions like rent or utilities. Delete if they’re no longer needed, but check for upcoming scheduled entries to avoid unintended gaps.
• Payroll journal entries: Track employee wages, taxes, and benefits. Deleting can cause payroll discrepancies and tax reporting issues; instead, make corrections through payroll adjustments.
• Closing journal entries: Finalize revenue and expense accounts at year-end, transferring balances to retained earnings. These should never be deleted, as they are crucial for accurate financial statements.

Before deleting any journal entry, confirm it won’t disrupt reconciliations, financial reports, or tax compliance. Again, when in doubt, reversing the entry is often the safer option.

Managing multiple journal entries

QuickBooks doesn’t allow batch deletion of journal entries—each must be reviewed and deleted individually to ensure accuracy. However, you can simplify the process using built-in tools:

• QuickBooks Online: Filter transactions by date, amount, or type for faster entry identification.
• QuickBooks Desktop: Use the “Find” feature to locate specific entries.
• Both platforms: Use bank feeds and reconciliation tools to identify entries needing deletion.

For frequent deletions, third-party apps offer batch deletion, but always review changes and back up data to prevent errors. These apps can be faulty, so taking these precautions is an absolute necessity.

Deleting a specific line in a journal entry

Sometimes, you may need to delete a single line in a journal entry instead of the entire entry in QuickBooks. Here’s how to do it:

How to delete a journal entry line in QuickBooks Online

1. Go to “Accounting,” then “Chart of Accounts.”
2. Click “View Register.” 
3. Locate and open the journal entry. 
4. Identify the line to delete, then click the trash can icon. 
5. Ensure the entry remains balanced and click “Save.”

How to delete a journal entry line in QuickBooks Desktop

1. Go to “Lists,” then “Chart of Accounts.”
2. Open the account register. 
3. Find and open the journal entry. 
4. Select the line, go to “Edit,” and choose “Delete Line,” or use Ctrl + Delete. 
5. Verify the balance and click “Save & Close.”

Note: Deleting a line in a journal entry can unbalance your records, as each line represents a debit or credit. QuickBooks won’t save the entry until the balance is restored.

Deleting a recurring journal entry

A recurring journal entry in QuickBooks automates routine transactions like rent, utilities, and accruals, reducing manual effort and errors. Before you delete anything, check the impact on future postings, adjust past transactions, and back up your data to prevent discrepancies.

If you’re certain about deleting a recurring journal entry, here’s how to do it:

How to delete a recurring journal entry in QuickBooks Online

1. Click the gear icon.
2. Select “Recurring Transactions.”
3. Find your chosen journal entry. 
4. Click “Edit,” then “Delete.” 
5. Confirm the deletion.

How to delete a recurring journal entry in QuickBooks Desktop

1. Go to “Lists,” then “Recurring Transactions.” 
2. Select the journal entry and open it. 
3. Navigate to “Edit” and choose “Delete.” 
4. Confirm the deletion.

Tips to follow to avoid journal entry deletion mistakes

Here are some practical tips and best practices to avoid common mistakes when deleting journal entries in QuickBooks:

• Back up your data before deleting any journal entries to prevent irreversible errors.
• Double-check entries to confirm they are mistakes and not essential records.
• Never delete reconciled entries, as this can cause discrepancies in your financial reports.
• Consider reversing instead of deleting if you need to correct an error while maintaining transparency.
• Review financial statements after deletion to ensure accuracy in your balance sheet and profit and loss reports.
• Keep a record of deletions for audit purposes and future reference.
• Delete only when necessary and during off-hours to avoid disrupting system users or ongoing reports.

Key takeaways

Deleting journal entries is sometimes your only option to put your financial records in proper shape. Remember to:

• Get “Full Access” (Desktop) or “Admin Access” (Online) to delete a journal entry.
• Back up your data before adjusting or deleting any journal entry.
• Ensure a reversal cannot fix an entry before deleting.
• Consider using a third-party tool if you need to delete multiple journal entries frequently.
• Consider the journal entry type, as different types may require slightly different considerations.
• Always double-check your records after deleting and entering to ensure things remain intact.

Tired of fixing errors and deleting journal entries in QuickBooks? Mistakes happen when you’re manually entering data, switching between systems, and juggling updates across platforms. Method eliminates those headaches by syncing with QuickBooks in real time—so every customer detail, invoice, and payment update is automatically reflected in both systems. No more duplicate entries, no more scrambling to fix mistakes. Just accurate, easy bookkeeping that saves you time and frustration. If you want to learn more about Method, check out the video below.

Ready to keep your QuickBooks data clean from the start? Try Method free for 14 days.

How to delete journal entries in QuickBooks FAQs

Can you mass delete journal entries in QuickBooks Online?

No, QuickBooks Online doesn’t allow mass deletion of journal entries. You must delete them individually, but filtering by date or amount can help speed up the process. Third-party apps may offer batch deletion.

Can I see deleted journal entries in QuickBooks Online?

No, once deleted, journal entries are permanently removed from your records. However, the Audit Log tracks deletions, showing who deleted an entry and when—but not the full details of the deleted transaction. To access it, go to the gear icon, click “Audit Log,” and filter by “Delete.”

Which accounts cannot be deleted in QuickBooks Online?

System accounts like Bank Accounts, A/R, A/P, Opening Balance Equity, and Retained Earnings cannot be deleted to maintain financial integrity. While you can deactivate unused accounts, deleting accounts with historical transactions could disrupt reports and compliance.

The post How to delete journal entries in QuickBooks: Complete guide appeared first on Method.

Managing finances effectively relies heavily on maintaining accurate journal entries. They’re the backbone of financial recording, reconciliation, and reporting. 

Luckily, with QuickBooks Online, you can effortlessly record, edit, and review journal entries to ensure your finances are spot-on and compliant. 

Want to tap into this powerful feature? Read on to learn how to view journal entries in QuickBooks Online—and discover specific types of journal entries and relevant tips to help you manage journal entries effectively.

Where to view journal entries in QuickBooks Online

Here’s how to view journal entries in QuickBooks Online:

1. Log in to QuickBooks Online.
2. Click on the Navigation Bar on the left-hand side of your screen.
3. Select “Reports.”

Image credit: Coupler

4. On the “Standard” tab, scroll down to the “For my accountant” section.
5. Select “Journal” to open the list of your journal entries. 

Image credit: Intuit QuickBooks

The journal entries page is straightforward. It displays all existing entries in organized columns, including the: 

• Date.
• Description
• Debit amounts.
• Credit amounts. 

To locate specific entries, you can filter by: To edit or review individual entries, simply click into them from this page. To locate specific entries, you can filter by: 

• Date range (e.g., “Last Month,” “This Year”).
• Specific accounts (e.g., “Bank Accounts,” “Accounts Receivable”).
• Other parameters like “Reconciled” or “Unreconciled.”

Additionally, you can customize the columns to display only the information you need, making it easy to find and review your entries. 

Remember that regularly reviewing journal entries is essential for accurate financial reporting. Think of it as balancing your checkbook—when you review journal entries, you can catch mistakes and prevent errors from compounding.

Push QuickBooks Online further than ever with Method.

See all the ways how

Viewing specific types of journal entries

There are multiple types of journal entries, each providing valuable insights into various aspects of your business, such as: 

• Revenue.
• Expenses.
• Assets.
• Liabilities.
• Equity. 

Here’s a closer look into the most common journal entry types.

General journal entries

A general journal entry records financial transactions that impact your company’s accounts. It acts as a digital ledger entry containing key details such as the date, account names, debit/credit amounts, and a brief description. General journal entries serve various purposes, including:

• Adjusting account balances.
• Recording transactions that aren’t automatically captured by other QuickBooks features (e.g., non-cash transactions like depreciation or accruals).
• Correcting errors in previously recorded transactions.
• Allocating expenses or transferring funds between accounts.

Note that these entries can involve multiple accounts. Users can also attach supporting documents or notes (depending on their plan), ensuring records are comprehensive and easy to review.

Manual journal entries

Manual journal entries in QuickBooks Online are like financial adjustments, where you can record unique transactions, correct errors, or allocate expenses. They’re handy for: 

• Correcting mistakes.
• Handling complex transactions.
• Making accounting adjustments like accruals and depreciation.

Take the following steps to create manual journal entries in QuickBooks Online, remembering to be careful in your approach:

1. Log in to QuickBooks Online and navigate to the main dashboard.
2. Click on the “+ New” button at the top left corner of your dashboard.
3. Select “Journal Entry” from the dropdown menu.
4. Enter the date, journal entry number (auto-populates), and description.
5. Choose accounts involved in the transaction from the dropdown menu.
6. Enter transaction amounts in the debit and credit columns.
7. Add attachments or notes in the description column (optional).
8. Review and save.

Image credit: Intuit QuickBooks

Adjusting journal entries

Adjusting journal entries are updates that you make to your general ledger at the end of an accounting period to record any unrecognized income or expenses for the period.

These entries refine your financial records to reflect the true financial position of your business. They account for transactions such as: 

• Accrued revenues.
• Prepaid expenses.
• Depreciation. 
• Other items that haven’t yet been recorded. 

These types of journal entries are crucial in driving financial accuracy as they let you reconcile differences between your initial records and actual financial realities. 

Recurring journal entries

Recurring journal entries are a game-changer for routine financial transactions. Essentially, they’re pre-scheduled journal entries that automatically repeat at set intervals, eliminating manual entry hassles and saving your team tons of time. 

QuickBooks Online lets you create recurring journal entries for regular transactions, such as monthly rent, salary accruals, or depreciation. Here’s how to set them up:

1. Follow the standard steps outlined above for creating a journal entry in QuickBooks Online. If you already have the journal entry prepared, simply open it.
2. Once you’re in the entry, click “Make Recurring” at the bottom of the journal entry form.
3. Choose a frequency, such as weekly or monthly, and review the details to confirm.
4. Click “Save,” and QuickBooks will automatically generate future entries based on this template.

Image credit: Firm of the Future

Benefits of recurring journal entries

Recurring journal entries offer several advantages, including:

• Simplified financial management: Automate routine transactions to minimize manual data entry and simplify processes.
• Enhanced productivity: Save time by reducing reconciliation issues, allowing you to focus on strategic financial planning.
• Improved compliance: Ensure accuracy and consistency with QuickBooks’ built-in audit trail, promoting transparency and accountability.
• Better budgeting and forecasting: Facilitate precise financial projections and simplify the budgeting process with reliable recurring entries.

Tips for efficient journal entry management

Here are seven practical tips to enhance financial accuracy and efficiency:

1. Categorize transactions: Group entries by type (e.g., income, expenses) for better organization.
2. Use filters: Apply filters like date range or account to quickly find specific entries.
3. Review regularly: Periodically check entries for accuracy, completeness, and duplicates.
4. Reconcile accounts: Verify account balances align with journal entries to ensure accuracy.
5. Investigate discrepancies: Address errors or anomalies promptly to maintain data integrity.
6. Export data: Download entries to CSV or Excel for advanced sorting and analysis.
7. Document corrections: Log all changes and corrections for transparency and audit purposes.

By applying these strategies, you’ll make this entire process easier while also gaining better insights into your journal entries and finances as a whole.

Using the search bar to find specific journal entries faster

The search bar in QuickBooks Online is a quick and helpful way to locate specific journal entries quickly. 

To make the most of it, enter keywords like entry numbers, dates, account names, or transaction types to search for specific transactions. 

You can also click on “Advanced Search” to apply filters, such as date ranges, transaction types, accounts, and reconciliation status. 

To best refine your results, combine keywords with filters, such as searching for journal entries from a specific month or payments to a particular vendor.

Note that QuickBooks Online does not support wildcard characters or advanced phrase matching, so using precise terms will give you the best results. 

Key takeaways

Now that you’ve learned how to view journal entries in QuickBooks Online, here are a few key things to remember when managing journal entries:

• You can view journal entries in QuickBooks Online by following five easy steps.
• Different types of journal entries give you insights into various aspects of your business, such as revenue, expenses, assets, liabilities, and equity.
• Always document corrections made in journal entries for audit purposes.
• The search bar can help you find specific journal entries quickly.

If you’re sick of wrestling with repetitive data entry and endless tweaks in QuickBooks, Method CRM’s got your back. Built to sync perfectly with QuickBooks, it pulls customer management, communication, and invoicing into one easily manageable place. No more system-hopping or copying the same info twice—Method updates QuickBooks in real time. You make a change, it’s reflected instantly. That means your journal entries and financial records stay spot-on, minus the extra hassle. To find out more about Method, check out the video below.

Ready to give it a go? Try Method free for 14 days—no credit card required.

How to view journal entries in QuickBooks FAQs

Can I view all journal entries in QuickBooks at once?

Yes, you can, and it’s a huge time-saver. Fortunately, QuickBooks Online makes it easy. To access all journal entries, navigate to the Accounting menu and select “Journal Entries.” Click the “Filter” button and choose “All Journal Entries.” You’ll see a comprehensive list of every journal entry, including manual, recurring, and adjusting entries.

Can I edit journal entries in QuickBooks after viewing them?

Editing journal entries in QuickBooks Online is possible but requires caution, as changes can affect your financial statements and reconciliations. All you have to do is click “Journal” in the “Reports” section, find the entry you want to edit, and click the pencil icon (Edit). You should avoid editing reconciled entries and always document any changes, as this can disrupt your financial records.

Is there a shortcut to view journal entries in QuickBooks?

No, QuickBooks Online does not have as many keyboard shortcuts as the Desktop version, so you’ll have to navigate through the interface rather than use quick keystrokes.

The post How to view journal entries in QuickBooks Online: Easy steps  appeared first on Method.

Merging vendors in QuickBooks organizes your records and helps prevent confusion during invoicing, reporting, and tax filing. 

In this article, you’ll learn how to merge vendors in QuickBooks to ensure your vendor list remains clean and up to date. Let’s get started.

What is merging vendors in QuickBooks?

Merging vendors in QuickBooks is the process of combining two or more vendor profiles into a single entry. This is necessary when you have duplicate vendor records, often caused by slight variations in how you enter information (like different spellings of a company name or separate entries for the same business under different contact details). Over time, these duplicates clutter your system, making it harder to track transactions, pay bills, and generate accurate reports. 

Merging vendors consolidates all transactions and payments for a specific vendor into a single profile. This: 

• Helps eliminate confusion.
• Ensures your financial data remains clean and accurate.
• Simplifies your accounts payable management. 

Steps for how to merge vendors in QuickBooks

Now that we understand what merging vendors means, let’s walk through the steps to: 

• Identify duplicate vendor profiles.
• Verify their details.
• Consolidate them into a unified profile.

QuickBooks Online

QuickBooks Online simplifies vendor management by helping you track payments, bills, and purchases. You can easily add, edit, and organize vendor details. 

Identifying duplicate vendors

To search for and identify duplicate vendors in QuickBooks Online:

1. Open your QuickBooks Online account and navigate to the dashboard.
2. From the left-hand menu, click “Expenses” and select “Vendors” to access your vendor list. 
3. Use the search bar at the top of the vendor list to type in the vendor name you suspect may have duplicates.
4. Scan through the list for vendors with similar but not identical names. These may include slight spelling differences, abbreviations, or extra spaces.
5. Click on each vendor’s name to open their profile. Compare contact information, addresses, and transaction history to confirm if they are duplicates.

Image credit: Rex Jacobsen

Merging duplicate vendors

After identifying duplicate vendors, the next step is to merge them. Here’s how to go about that:

1. Decide which vendor profile you want to keep as the main entry.
2. Open the duplicate vendor profile and click on “Edit.”
3. Change the display name of the duplicate vendor to exactly match the name of the primary vendor.

Image credit: Intuit QuickBooks

4. Click “Save” to update the vendor. QuickBooks Online will automatically merge the two vendor profiles, transferring all transactions from the duplicate vendor to the primary vendor.
5. Return to the vendor list to ensure the duplicate entry has been removed and all transactions are correctly consolidated under the primary vendor profile. 

Note: QuickBooks Online only lets you merge up to four vendors at a time.

Updating transactions and information

Although the vendors have been merged, your job isn’t quite done yet. You still need to verify that all transactions and information were merged as well. To do that:

1. Check the transaction history of the primary vendor to ensure that all payments, bills, and credits from the duplicate vendor have been transferred correctly.
2. If the duplicate vendor had any open balances or unpaid bills, ensure they are now reflected under the primary vendor’s account. You may need to adjust any discrepancies manually.
3. If the duplicate vendor had different payment methods or bank account details, update the primary vendor’s profile with this information, if necessary.
4. Ensure that any linked transactions, such as invoices or purchase orders, are now correctly associated with the primary vendor. If any are still linked to the duplicate, update them to reflect the primary vendor.
5. Review your accounts payable and related reports to ensure everything is accurate and balanced. This will help catch any missing or incorrect transactions.
6. Ensure that the primary vendor profile contains all relevant details and combines the data from both vendors, including:
   • Contact information.
   • Tax ID.
   • Payment terms.
7. Finally, run updated reports, such as the Vendor Balance Detail report, to confirm that everything is correctly merged and that all data is accurate.

QuickBooks Desktop

QuickBooks Desktop offers similar vendor management features as QuickBooks Online, letting you create and organize vendor profiles, record bills, make payments, and generate reports. To merge vendors on QuickBooks Desktop:

Open the Vendor Center

1. Launch your QuickBooks Desktop application. 
2. On the top menu bar, click on the “Vendors” tab.
3. From the drop-down menu, select “Vendor Center.”
4. The Vendor Center will open, displaying a list of all your vendors, where you can add, edit, or manage vendor information.

Image credit: PNATC

Identify duplicate vendors

1. In the Vendor Center, use the search bar at the top to search for vendor names you suspect might have duplicates. 
2. Look for vendors with similar names, slight spelling differences, or variations in contact details.
3. Click on each vendor’s name to open their profile and compare details such as addresses, contact information, and transaction history to confirm duplicates. 
4. Check if the vendors have overlapping transactions or bills, which could indicate they are duplicates.
5. Once identified, make a list of the vendors you believe are duplicates.

Note: If you’re using the Accountant or Enterprise version of QuickBooks Desktop, note that there is a specific “Merge Vendors” button once you’ve identified duplicates.

For Accountant:

1. Go to “Accountant.” 
2. Select “Client Data Review.”
3. Click “Merge Vendors.”

 For Enterprise:

1. Go to the “Company” tab. 
2. Select “Accounting Tools.”
3. Click “Merge Vendors.” 

Edit the vendor to be merged

1. Click on the vendor name you want to edit (typically the duplicate vendor that you want to merge into the primary one). 
2. In the vendor’s profile, click the “Edit” button in the bottom right corner. 
3. This will open the edit window where you can see the vendor’s details. 

Image credit: Treasury Software

Modify vendor name

1. In the edit window, go to the “Vendor Name” field and update the name to exactly match the primary vendor’s name. This ensures both profiles align correctly for merging.
2. After updating the name, click “OK” or “Save & Close” to save your changes.
3. Double-check that the vendor name now matches the primary vendor’s name and is ready for merging.

Confirm changes

1. If necessary, make any last-minute changes to the vendor details, ensuring they match the primary vendor’s profile.
2. Once satisfied with the details, click “OK” or “Save & Close” to finalize the edits.
3. Review the updated vendor profile to verify that QuickBooks applied all changes correctly and that the details are consistent with those of the primary vendor account.
4. If there are other duplicate vendors, repeat the steps to edit and confirm their details before merging.

Verify vendor list

Having completed your modifications, it’s time to ensure everything adds up. To verify the updated vendor list:

1. Click on the “Vendors” menu at the top, then select “Vendor Center.”
2. In the Vendor Center, scroll through your list of vendors to check that you’ve correctly updated all details for each vendor.
3. Use the search bar to locate specific vendors you’ve edited or merged. Ensure their names, addresses, and other details are accurate and consistent. 
4. Look for any remaining duplicates or inconsistencies in vendor names or information. If you find any, address them by editing or merging as needed. 
5. Click on individual vendor profiles to confirm that their transaction history (bills, payments, refunds, etc.) properly matches to the primary vendor. 
6. Generate reports such as the “Vendor Contact List” or “Vendor Balance Detail” to ensure that all information is accurate and that no entries are missing or duplicated.
7. Double-check the balances for each vendor to ensure there are no discrepancies after merging.
8. Once everything appears accurate, save any changes and ensure your vendor list is up to date and ready for use.

Essential considerations when merging vendors in QuickBooks

When merging vendors in QuickBooks, you need to pay careful attention to ensure you combine the right profiles and accurately transfer all relevant data. Here are some essential considerations to help you avoid errors and ensure a smooth vendor merge process. 

Back up your data

Always create a backup of your QuickBooks company file before making any changes, including merging vendors. Doing this:

• Protects against mistakes, allowing you to revert to the original data if there are errors during the merging process.
• Preserves data integrity, ensuring all transactions and vendor details remain intact, even if they are unintentionally altered or lost.
• Avoids permanent changes, protecting your financial records from becoming compromised if your team makes any mistake. 

Review transactions

Before you merge vendors in QuickBooks, carefully review all transactions associated with them. This helps ensure that you don’t lose or incorrectly transfer any important financial data. Reviewing transactions helps you: 

• Ensure you’ve correctly transferred all transactions to the primary vendor profile.
• Account for open bills or payments associated with the duplicate vendor.
• Prevent lost or duplicated transactions during the merge process.
• Ensure that you’ve linked all associated transactions, such as purchase orders or credit memos, to the correct vendor profile.
• Confirm that reports like accounts payable or vendor balance details remain accurate post-merge.

Custom fields

When merging vendors in QuickBooks, consider how to handle custom fields. Custom fields are unique data fields that businesses use to track specific vendor information, such as contract numbers or special payment terms. 

Since QuickBooks merges vendor profiles based on the name and primary details, custom fields from the duplicate vendor profile may not automatically transfer to the primary vendor profile. So it’s a good practice to manually transfer any vital information stored in custom fields to the primary vendor’s profile before merging. 

This ensures that you don’t lose any critical details unique to the duplicate vendor. After merging, review the primary vendor profile to verify that QuickBooks has correctly carried over all custom field data.

Why do you need to merge vendors in QuickBooks?

Merging vendors in QuickBooks has a couple key perks. It helps keep your data accurate and makes handling vendors easier. When you combine duplicate vendor profiles, you cut out confusion in your records and ensure that all your transactions and payments connect to one vendor account. 

You’ll notice fewer mistakes, such as missed payments or double bills. This also helps you better see what each vendor is doing. Plus, with less clutter in your vendor list, managing your accounts payable becomes a breeze. You’ll find that creating reports is simpler and more dependable. In the end, this saves time and makes your financial management smoother.

Key takeaways

• Merging vendors consists of combining two or more vendor profiles into a single entry.
• The vendor merging process in QuickBooks Desktop differs slightly from that of QuickBooks Online.
• Always back up your QuickBooks company profile before initiating a merge process.
• Confirm consolidation of transactions and information after merging vendors.

Want to extend the limits of QuickBooks? You can simplify vendor management and so much more with Method.

Designed for QuickBooks users, it syncs your leads, customers, and vendors in real time—no duplicates, no errors, no headaches. And that’s just the tip of the iceberg.

Watch the video below to learn more about what Method makes possible for your business.

Ready to give it a shot? Try Method free for 14 days—no credit card required.

How to merge vendors in QuickBooks FAQs

Can I undo a vendor merge in QuickBooks?

Unfortunately, once you complete a vendor merge in QuickBooks Online, you cannot undo it. This is why it’s crucial to carefully review all vendor details and transactions before merging. That said, in some versions of QuickBooks Desktop, there is a limited window of time during which you can use the “Undo” feature to reverse a merge.

Can I merge vendors with different currencies?

QuickBooks does not allow you to merge vendors that have different currencies assigned to them. QuickBooks links each vendor to a specific currency, and requires that both vendors involved in the merge share the same currency. If you attempt to merge vendors with different currencies, you’ll receive an error message and won’t be able to complete the process. To resolve this, you would need to manually adjust the currency settings or re-enter vendor information to ensure consistency before merging. 

Can I merge a vendor with a customer in QuickBooks?

No, QuickBooks does not allow you to merge a vendor with a customer. QuickBooks treats vendors and customers as separate entities within the system, each with its own set of features and transactions. Merging them could cause confusion in your records, as vendors typically deal with accounts payable, while customers are linked to accounts receivable. 

The post How to merge vendors in QuickBooks: A step-by-step guide appeared first on Method.

How OBE is created in QuickBooks

QuickBooks automatically generates an OBE account to temporarily balance the difference between your business’ assets and liabilities. The process begins when you create a company file, configure your settings, and choose an accounting method.

As you enter opening balances for your assets, liabilities, and equity accounts, the OBE account offsets these amounts. Once the setup is complete, QuickBooks transfers the OBE balance to retained earnings or equity accounts, ensuring your financial records are accurate and ready for use.

Entering starting balances for accounts

Take the following steps to enter initial balances:

1. Open QuickBooks and access your company file.
2. Go to “Lists” > “Chart of Accounts”.
3. Right-click and select “Account” > “New”.
4. Enter an account name.
5. Choose an account type.
6. Select detail type.
7. Check the “Make this a subaccount” box if the new account is a subaccount. Then, select its parent account.
8. Input opening balance.
9. Specify the balance date in the “As of” field.
10. Click “Save”.

Image credit: Intuit QuickBooks

Keep in mind that the steps above apply only to bank, asset, credit card, liability, or equity accounts. Asset accounts include cash, accounts receivable, and inventory. For cash, use your bank statement balance as the opening balance. For accounts receivable, input any outstanding invoices. And for inventory, record the value of your initial stock.

Liabilities cover loans payable (outstanding loan balances), accounts payable (unpaid bills), and credit cards (credit card balances). Equity accounts include common stock, representing the initial investment, and retained earnings, which reflect prior earnings.

Connecting bank accounts

To connect bank accounts to QuickBooks:

1. Open QuickBooks and go to the left-hand menu.
2. Click on the “Bookkeeping” tab, select “Transactions,” and choose “Bank Transactions.”
3. Click on “Connect account.” You can select “Link account” if you’ve already connected an account.

Image credit: Intuit QuickBooks

4. Search for your bank from the list or enter its name in the search bar if it’s not listed. Once found, click “Let’s Go.”
5. Read the terms and conditions and click “Agree.”
6. You’ll be prompted to log in with your online banking credentials. Enter your username and password.
7. Follow any additional prompts from your bank for security verification.
8. Select the specific account(s) you want to connect (like checking or savings) and click “Finish.”
9. Specify the date range for the transactions you wish to import, typically up to two years.
10. Click “Connect,” and QuickBooks will begin importing your transactions, which may take a few minutes.
11. Once connected, navigate back to the “Banking” section. You’ll see all your transactions listed under each account.
12. Take time to categorize and review these transactions for accuracy.

When you import historical transactions, QuickBooks automatically sets an opening balance for your bank account. Any discrepancies between your initial asset and liability entries may lead to adjustments in the Opening Balance Equity (OBE) account.

If your recorded bank balance doesn’t align with other entries, QuickBooks uses OBE as a temporary placeholder to balance the difference. It’s important to monitor this account and address discrepancies promptly. Leaving unadjusted amounts in the OBE can distort your financial statements, making it harder to accurately assess your business’ financial health.

Adding inventory quantities

To add initial inventory quantities in QuickBooks: 

1. Log into QuickBooks and navigate to the “Settings” gear icon. 
2. Under “Account and Settings,” go to the “Sales” tab and enable the options for “Show Product/Service column on sales forms” and “Track quantity and price/rate” to activate inventory tracking.
3. Click the “Products and Services” link under the “Lists” heading. This will take you to where you can manage your inventory items.
4. Click the “New” button or “Add an item” button. Select “Inventory” from the dropdown menu to add a new item.
5. In the “New Item” window, fill out the necessary details such as:

• Name: A unique identifier for your inventory item.
• SKU: A unique code used to track the item in inventory.
• Category: The classification of the item for organization and reporting.
• Initial quantity on hand: Enter the quantity you have as of your start date.
• Sales price/rate: The price at which you will sell the item.
• As of date: Set this to when you want to start tracking inventory.
• Reorder point: The minimum quantity at which you want to be alerted to reorder the item.
• Inventory asset account: The account used to track the value of your inventory assets.
• Description: A brief description of the item.
• Sales price/rate: The price at which you will sell the item (may need to be filled again if required).
• Income account: The account that records income from sales of this item.

Image credit: Intuit QuickBooks

6. Once all details are entered, click “Save and Close” to add the item to your inventory list.
7. If you need to adjust quantities after entering them, return to the “Products and Services” page, select your item, and make any necessary adjustments.

When you input initial inventory quantities, QuickBooks temporarily balances these entries using the Opening Balance Equity (OBE) account. If discrepancies exist between your recorded inventory assets and liabilities, QuickBooks adjusts OBE as a placeholder until you correctly allocate the amounts to their appropriate accounts.

Stop spending your day sending emails, estimates, and invoices.

Watch Method do it for you

The post What is opening balance equity in QuickBooks and how to use it appeared first on Method.

Even in the warmest relationships, refunds happen. Maybe a shipment arrived late, or there were too many pencils and not enough pens—regardless, you get your money back from vendors from time to time. Once that refund arrives in your account, QuickBooks Online will be ready for action.

This guide has all the steps outlining how to record a vendor refund in QuickBooks Online. Let’s get started!

What are vendor refunds in QuickBooks Online?

QuickBooks Online views a vendor refund as any event where a vendor returns money back to your business. 

A refund returned by a vendor may occur due to various reasons. Maybe they charged you excessively, provided reimbursement for an unwanted item, or repaid a credit that remained unused on your end. 

Unlike refunds for customers—where funds flow out from your account—in the case of vendor refunds, the cash flow comes from them and into your account.

Recording these in QuickBooks is key to keeping your bank accounts, vendor balances, and financial statements accurate—otherwise, you can see how things could get messy. 

Steps to record vendor refunds in QuickBooks Online

There are three main steps to recording vendor refunds in QuickBooks Online. Each one makes sure your financial data stays neat and accurate, so managing the cash flow becomes easier, and you avoid having to perform an unreconciliation. 

Step 1: Record the refund as a vendor credit

When a vendor refunds you, the first thing you’ll need to do is record it in QuickBooks as a vendor credit. QuickBooks will use this to track the amount owed to you by the vendor.

It’s especially important if this refund is going to be applied to any bills in the future.

Purpose of recording a vendor credit:

• It ensures the refund is properly tracked, so nothing gets missed.
• It keeps a clear record for reconciling your accounts later on.
• It creates an audit trail just in case you need it come tax time.

Navigate to vendor credit

1. Log in to QuickBooks Online.
2. From the + New button on the left-hand menu, select “Vendor Credit”.

Image credit: LiveFlow

Enter vendor credit details

3. Here, you’ll see fields to enter the vendor credit details. Here’s a breakdown:
   • Vendor name: Pick the vendor that is providing the refund.
   • Date: Enter the date of the refund.
   • Category: Choose the expense account or category related to the refund.
   • Amount: Add the refund amount here.
   • Memo (optional): Write a quick note about why you got the refund as a reminder.

Image credit: 406 Bookkeeping Services

Save the vendor credit

4. Click  “Save and Close” to finish. Or, if you have more vendor credits to log, click “Save and New” to keep going.

Step 2: Record the refund deposit

It doesn’t matter how the money was returned to your business (check, direct deposit, cash, or even a tangible item)—you need to record it strictly as a deposit in your bank account. 

Recording the deposit is important because it:

• Accurately shows the cash flowing into your account.
• Ensures there are no mismatches in your bank reconciliation. 
• Helps QuickBooks recognize the deposit as an incoming transaction.

Navigate to “Bank Deposit”

1. Log in to QuickBooks Online.
2. From the + New button on the left-hand menu, select “Bank Deposit”.

Enter deposit details

3. The Bank Deposit screen will open, where you can enter the following details:
   • Bank account: Pick the account where the refund was deposited.
   • Date: Enter the date the refund was deposited into your bank.
   • Received from: Select the vendor who gave you the refund.
   • Payment method: Choose how the refund was received (check, cash, etc.).
   • Account: Select the right account for the refund, typically the expense account tied to the original purchase.
   • Amount: Add the refund amount.
   • Memo (optional): If you want, include a short description for later reference. 

Image credit: Intuit QuickBooks

Save the deposit

4. Save the deposit by clicking “Save and Close,” or select “Save and New” if you have some more deposits to add.

Step 3: Link the vendor credit to the deposit

Now, you’ll need to link the vendor credit you recorded in Step 1 to the deposit you recorded in Step 2. This lets QuickBooks connect the dots and accurately reflect the refund in both your Accounts Payable and any subsequent financial reporting.

Linking the credit matters because it:

• Prevents any duplicate transactions from showing up in your financial statements.
• Keeps your Accounts Payable and bank balance in sync.
• Makes reconciling accounts and handling audits way less complicated.

Navigate to “Pay Bills”

1. Log in to QuickBooks Online.
2. Select “Expenses” From the left-hand menu and then click “Pay Bills”.

Image credit: QuickBooks

Apply the vendor credit

3. Find the vendor associated with the credit.
4. Check the box next to the matching bill or deposit.
5. Under the “Credit Applied” field, you’ll automatically see that available credit associated with that specific vendor. 
6. Double-check that the credit amount matches the deposit amount.

Image credit: QuickBooks

Save the payment

7. When everything looks right, click “Save and Close” to finalize the payment. If you have more credits to apply, click “Save and New” to keep going.

Can you track vendor refunds separately in QuickBooks Online?

Yes, QuickBooks Online allows you to track vendor refunds completely separately. You can do this by using the Vendor Credit and Bank Deposit features, where you can create two distinct records. These will show up in your vendor reports, transaction logs, and balance sheet. 

Keeping these refunds separate makes reconciliation far easier and provides a clear audit trail for tracking refunds from vendors.

What if I made a mistake while recording a vendor refund?

Everyone makes mistakes, but luckily, fixing them in QuickBooks Online is simple and easy. Here’s what you can do:

1. Open the “Expenses” tab from the left-hand menu.
2. Find the refund entry containing the mistake.
3. Click on the transaction to open it up.
4. Edit the incorrect details, like the vendor name, amount, or category.
5. Click “Save and Close” to update the transaction entry.

If the mistake is big, such as selecting the wrong vendor entirely, it’s usually better to delete the entry and start over from scratch. That way, you avoid any confused looks from your accounting team down the road.

Key takeaways

• Recording vendor refunds properly is important. You need to do this to keep your bank account, accounts payable, and financial reports reliable and accurate.
• Stick to the simple three-step process. Record the vendor credit, log the refund deposit, and link the credit to the deposit for a full reconciliation of your accounts.
• QuickBooks Online makes it quite straightforward to handle your vendor refunds with handy tools like Pay Bills, Bank Deposit, and Vendor Credit.
• Always remember to link vendor credits to deposits to avoid any duplicate entries in your financial reports.
• Make use of the notes and memos features to create meaningful descriptions when recording any refunds. 

Managing vendor refunds doesn’t have to be a headache. Neither does keeping your finances organized alongside your vendors, leads, and customers. Method CRM syncs directly with QuickBooks Online to centralize contact info and automate the nitty-gritty like payment tracking. The result? Spot-on financial records without the grunt work.

With Method, you get a crystal-clear view of your transactions—attach docs, customize workflows, and keep everything running like clockwork. It’s all about saving time, cutting out errors, and keeping a solid audit trail. To learn more about what Method makes possible, check out the video below:

Or, if you’re ready to see for yourself, start your 14-day free trial of Method.

How to record a vendor refund in QuickBooks Online FAQs

Can I record a partial refund from a vendor?

Yes, QuickBooks Online lets you handle partial refunds just as easily as a full one.

Just enter the partial refund amount when creating the Vendor Credit. Later, when you link the credit to a deposit, QuickBooks automatically matches the correct amount for you.

Can I attach documentation to the vendor refund transaction in QuickBooks Online?

Any receipts, invoices, or documents related to the vendor refund can and should be attached to the QuickBooks transaction for reference. You can easily do this while entering the Vendor Credit or Bank Deposit.

Look for the Attachments section and add your files there. This way, there will be plenty of reference material for anyone reviewing the transaction.

Can I record a refund from a vendor that I haven’t paid yet?

Absolutely. If you haven’t paid the bill yet but still received a refund, skip the Vendor Credit step and create a Bank Deposit for the refunded amount. QuickBooks records this as an incoming deposit in your bank account.

Is there a way to make tracking refunds easier?

If tracking refunds feels like a lot to juggle, you might want to try Method CRM. It integrates perfectly with QuickBooks to centralize vendor info and simplify payment tracking, making your accounting workflow a whole lot smoother.

The post How to record refunds from a vendor in QuickBooks Online appeared first on Method.

• Fixing mistakes.
• Making tax adjustments.
• Updating reconciliations from past entries.

In this article, you’ll learn how to import accountant changes in QuickBooks Desktop to keep everything accurate and up to date. By the end, you’ll be prepared to handle these imports like a pro.

What are accountant changes in QuickBooks?

Accountant changes are basically those tweaks, adjustments, or fixes your accountant makes to your books. For QuickBooks Online, these changes are made by an “Accountant User” and do not require an import, as everything is hosted in the cloud.

For Desktop, accountant changes typically require the “Accountant’s Copy” feature, which lets accountants make changes to your company file while you continue working on their own copy.

Image credit: QBK Accounting

Of course, with two copies, there will be discrepancies. So, once your accountant completes their adjustments, you can import them to reflect the changes on your main QuickBooks file.

These edits usually come right after they have reviewed your financial records and noticed a few things that weren’t quite correct. They might include:

• Reconciliations: Making sure your bank statements line up perfectly with your QuickBooks records.
• Tax adjustments: Fixing anything that would impact your tax filings, like moving expenses into the right categories. 
• Journal entries: Adjusting older transactions to fix mistakes or account for things like accruals. 
• Category changes: Reclassifying expenses or payments into the right buckets and categories for more accurate reporting.

These changes are key to keeping your financial records accurate, staying on the right side of the IRS, and ensuring that all your financial reports accurately reflect what’s happening financially in your business.

5 steps to import accountant changes in QuickBooks Desktop

Importing accountant changes into QuickBooks Desktop is a straightforward enough process, but taking the time to do it carefully means your records will stay as accurate and audit-ready as your accountant intended. Here’s a step-by-step guide to handle it:

Step 1: Prepare for import

Before you start, you’ll need to prepare your company file. A little preparation goes a long way, and in the case of QuickBooks, it will save you a lot of issues down the road.

Key preparation steps:

• Coordinate with your accountant: Make sure you’re on the same page about any changes being made and whether a second glance is required before the import.
• Back up your company file: Don’t skip this step. If something goes wrong during the import, backing up your company file will be a lifeline when restoring the data.

Here’s how to back up your company file in QuickBooks Desktop:

1. Open QuickBooks Desktop.
2. Go to the “File” menu.
3. Select “Back Up Company” and then click “Create Local Backup”.
4. Pick where you want to save the backup on your computer.
5. Click “Save” to complete the backup.

Image credit: Intuit QuickBooks

Once the backup is saved, you can move on to the next step.

Tip: It’s good practice to store the backup in several places. One instance on your computer is fine, but it’s smart to leverage additional media storage like a flash drive, as well as using your Network Attached Storage (NAS) or a cloud-based file storage tool. Ask your IT team for help if needed.

Step 2: Access the company file

Now is the time to pull up your company file so you can start the import. This ensures you’re working with the correct file.

Here’s how to access your company file:

1. Go to the “File” menu at the top-left corner of the screen.
2. Select “Open or Restore Company” from the menu.
3. Find and open the file you want to work on. Double-check it to make sure you have selected the right one.

Step 3: Start the import process

Now, it’s time to import the changes your accountant made and sync them with your QuickBooks Desktop records. 

To initiate the import process:

1. Click on the “File” menu at the top-left of the screen.
2. From the dropdown, select “Utilities”.
3. Click “Import” and then choose “Accountant Changes.”
4. You’ll be prompted to locate the .QBY file (the file your account will have sent with their changes).

Image credit: WizExpert

How to choose and import the accountant changes:

1. Find the .QBY file on your computer (the one your account sent you).
2. Select the file and follow the instructions on the screen to start the import.
3. QuickBooks Desktop will check the file to make sure it’s compatible with your company file, and if everything checks out, the import will start.

This part might take a few minutes, depending on the size of the file, and how many changes your accountant made. Be patient while it’s being imported, as it’s common for the progress to stall from time to time.

Step 4: Review and accept changes

Once the import finishes, QuickBooks Desktop will show you a list of your accountant’s changes. This is your final chance to review everything and make sure you’re happy before it gets added to your records.

To review and accept accountant changes:

1. Check the summary: You’ll see a breakdown of the changes, such as adjustments to journal entries, reclassifications, or reconciliations. 
2. Go through each change: If something doesn’t add up or looks off, don’t hesitate to contact your accountant to discuss it.
3. Approve or reject changes: After reviewing, decide whether or not to accept or reject each adjustment. 

Taking a moment to review each and every change now will save you from dealing with adjustments and mistake-fixing later.

Step 5: Stay connected with your accountant

Your accountant plays a key role in keeping your finances in top shape, so it’s a good idea to maintain communication during the import process.

Here’s how to stay connected:

1. Ask questions: If something isn’t clear, don’t hesitate to contact your accountant before approving any changes.
2. Use QuickBook Notes: The Notes feature in QuickBooks Desktop lets you flag anything quickly that you want to discuss or clarify with your accountant.
3. Set a regular review schedule: If you’re importing changes every month or quarter, schedule a quick Zoom call or meeting ahead of time to go over everything together.

Once you’re on the same page as your accountant, accept the changes and integrate them into your QuickBooks file. Keeping communication open helps you address issues quickly, understand why adjustments were made, and, most importantly, ensure that all financial records stay accurate and compliant. 

Tips for seamless collaboration when importing accountant changes

Working more closely with your accountant makes the process of importing changes into QuickBooks much less stressful. Here are a few ways to keep collaborating and stay in your accountant’s good books:

Establish clear communication

Decide together upfront how and when changes will happen. Will you review everything before it’s imported? Or will you take a look at it afterward? Setting clear expectations will save you both a lot of time and frustration.

Agree on a timeline

Setting schedules for when changes are to be made and imported into QuickBooks is the best way to avoid last-minute surprises and keep your day-to-day bookkeeping on track. 

Use the “Notes” feature in QuickBooks

Both QuickBooks Online and Desktop have a Notes feature. Use it to leave comments and provide useful context for your accountant. These can be about specific transactions or areas that need a little extra attention. It’s one of the best ways to keep on the same page.

Regularly reconcile your accounts

Regular reconciliation in QuickBooks is one of the easier ways to keep records clean and make your accountant happy by reducing the adjustments that they need to make. 

Here’s a quick step-by-step, but for a more detailed guide, we have a more in-depth article here.

1. Log in to QuickBooks and select “Reconcile” from the “Accounting” or “Tools” menu. 
2. Pick the bank or credit card account you need to reconcile from the downtown menu.
3. Enter your statement details by inputting the ending balance and statement from your most recent bank or credit card statement.
4. If the balances don’t align, don’t panic. Fix any discrepancies by checking for errors like duplicate transactions, missing entries, or an accidental typo. Adjust these as needed to fix them.
5. Once the difference is $0, click on “Finish Now” to complete the process.
6. Schedule this process to occur monthly or quarterly, depending on your schedule and cash flow.

Why should you import accountant changes in QuickBooks?

While it may feel like another annoying admin tasks, importing changes made by your accountant is essential for your business, and here’s why:

• Accurate financial records: When you import changes, your books are always updated with the latest adjustments, cutting down on any errors that can throw your books.
• Audit readiness: If you’re ever faced with the unpleasant experience of an IRS audit, having accurate records with a clear audit trail will save you a lot of stress.
• Compliance: Financial compliance is an accountant’s bread and butter. So when they make adjustments, and you import them into your QuickBooks, it means you can be confident everything financially is above board and in good standing.
• Informed decision-making: Clean, up-to-date financial data gives you a much clearer picture of your business, helping you make smarter decisions for the future.

Key takeaways

• Keep your financial data accurate and clean: Importing accountant changes means your records are current and ready for any surprises (like an audit).
• Always back up your company file: Before importing changes, create a backup to protect your data in case anything goes wrong. Store multiple copies.
• Communicate with your accountant: Clear communication and schedule imports to avoid any confusion.
• Reconcile accounts regularly: Stay on top of reconciliation. It will minimize the need for constant adjustments and save time for both you and your accountant.

Ready to simplify your imports?

Looking for an easier way to manage your financial data? Try Method. It connects to your QuickBooks to help you track transactions and interactions, automate workflows, and generate customized reports without the repetition and hassle. Plus, your whole team can stay in the loop without making accidental changes or having direct access to your sensitive financial information.

The best part? Method gives you remote access to your QuickBooks Desktop data, meaning you can access information and make changes anytime, anywhere. No more being bound to the desktop computer at your office! To learn more about Method, check out the video below.

Extend the power of QuickBooks with your 14-day free trial of Method. No credit card required.

How to import accountant changes in QuickBooks FAQs

Can I undo accountant changes after importing them in QuickBooks?

Yes, but the only way to undo changes after an import is by restoring the backup of your company file. That’s why creating a backup before importing changes is absolutely essential.

Do I need to close my QuickBooks file while my accountant works on it?

No, it’s not necessary to close your file. Your accountant can work on a copy of the company file instead. Once they are finished making adjustments, they will send their copy in the form of a .QBY file, which you then import. This can all be done without ever closing QuickBooks.

How often should I import accountant changes in QuickBooks?

It depends on your business and your cash flow. For smaller businesses, quarterly imports are generally enough. But if you’re dealing with a lot of transactions or running a medium-sized business, monthly imports are ideal.

The post How to import accountant changes in QuickBooks in 5 easy steps appeared first on Method.

Step 1: Set up expense categories

Setting up expense categories in QuickBooks is the first step toward maintaining well-organized financial records. Follow these steps to create categories tailored to your business needs.

Navigate to the Chart of Accounts

The Chart of Accounts is the backbone of your expense categorization, and is essentially the framework of your entire accounting system. To access it in QuickBooks Online:

1. Log in to QuickBooks Online.
2. Select “Settings” (or the gear icon) from the top-right menu.
3. Click “Chart of Accounts” under the “Your Company” section.
4. Review the existing list of accounts to avoid duplicates.

Image credit: QBOchat

Add new expense categories

If your business needs unique expense categories, make sure you’re in the Accountant view, then:

1. Click “New” at the top of the Chart of Accounts page.
2. Select “Expense” as the account type.
3. Enter a descriptive name (e.g., “Marketing” or “Office Supplies”).
4. Add details like an account number and description for internal tracking.
5. Save your new category.

Image credit: Intuit QuickBooks

Create sub-categories

Sub-categories provide more granularity for specific expenditures using the “sub-account” dropdown menu. For instance:

• Under the “Marketing” category, create sub-categories like “Social Media Ads” or “Print Campaigns.”
• This helps when analyzing expenses at a granular level while keeping the broader category intact.

Merge similar categories

To simplify reporting, merge redundant categories:

1. Go to the Chart of Accounts.
2. Select the category you want to merge, then click “Edit.”
3. Choose the primary category you’d like to consolidate under, and confirm the merge.

Edit and delete categories

To edit or delete a category:

1. Open the Chart of Accounts.
2. Select the category and click “Edit” or “Delete.”
3. Follow the on-screen prompts to complete your changes.

Push QuickBooks Online further than ever with Method.

See all the ways how

Step 2: Categorize expenses in QuickBooks

QuickBooks makes expense categorization straightforward, whether you’re recording transactions manually or syncing with your bank.

Record expenses manually

To record expenses manually:

1. Navigate to the “Expenses” tab on the left-hand menu.
2. Click “New Expense.”
3. Fill out the vendor, payment account, and expense details.
4. Select the appropriate category from the dropdown menu.
5. Save the transaction.

Import and categorize bank transactions

For transactions from your bank:

• In the “Transactions” tab, click “Bank transactions” to import them into QuickBooks.
• The system will automatically suggest categories based on transaction details. Review these suggestions and adjust as needed to ensure accuracy.

Image credit: Intuit QuickBooks

Match transactions with existing records

QuickBooks also helps match transactions to existing invoices or payments:

1. After importing bank transactions, check out the “For Review” tab.
2. Match transactions by clicking “Find Match” and selecting the corresponding record.
3. Confirm matches to keep your accounts reconciled.

Online payments, automated leads, and customer management?

See how Method does it all

The post How to categorize expenses in QuickBooks Online and keep your books clean appeared first on Method.

In this article, you’ll answer: how much does QuickBooks charge for ACH payments? This way, you can make smart choices about how to handle payments. Whether you’re a small business owner or a seasoned accountant, knowing the ins and outs of ACH payment fees can help you save money, reduce unnecessary charges, and simplify your financial operations.

What are ACH (automated clearing house) payments?

ACH stands for Automated Clearing House, a network that facilitates electronic bank payments. When you make an ACH payment, the money is withdrawn directly from your checking account and deposited into the recipient’s account. This process is usually faster and more secure than writing a check and is often less expensive than using a credit card.

ACH payments are so popular because they’re incredibly convenient. Many businesses use them to pay their employees, vendors, and suppliers. It’s also an excellent way for customers to make recurring payments, like monthly subscription services or utility bills.

ACH payments are also relatively inexpensive. Unlike credit card transactions, which often come with hefty processing fees, ACH payments typically have lower costs, making them attractive for businesses with high-volume transactions. In addition to being convenient and cost-effective, ACH payments are also highly secure. The ACH network has robust security measures to protect transactions and prevent fraud, giving businesses and individuals peace of mind when making electronic payments.

Why does QuickBooks charge for ACH payments?

QuickBooks charges a small fee for ACH (Automated Clearing House) transactions for a few reasons:

• Operational costs: QuickBooks needs money to keep its systems running smoothly. This includes paying for secure servers, software updates, and staff to handle transactions.
• Service enhancements: QuickBooks uses the money to improve ACH services. This could mean adding new security features or creating tools that simplify your accounting tasks.
• Bank and network fees: QuickBooks pays banks and the ACH network to process these transactions. These costs usually fall on customers.
• Compliance and regulatory costs: QuickBooks must comply with rules to prevent issues like money laundering. The fees help cover the costs of adhering to those regulations.
• Customer support and education: QuickBooks aims to ensure users get the most out of their services by offering training and support.

Overall, QuickBooks’ fees for ACH transactions are usually in line with what other accounting services charge.

How does QuickBooks handle ACH payments?

QuickBooks handles ACH payments through a systematic process involving the following stages:

1. Initiation: A user starts an ACH payment in QuickBooks. They choose the payee, payment amount, and payment date.
2. Payment data collection: QuickBooks collects essential payment details. This includes the payee’s name, account number, and routing number.
3. Payment data verification: QuickBooks checks the payment info to ensure everything is correct.
4. File creation: QuickBooks creates an ACH file with all the payment details. This file is sent to the ACH network.
5. Network processing: The ACH network processes the ACH file. It checks the payment info and ensures it complies with ACH regulations.
6. Bank processing: The payee’s bank receives the ACH file and processes the payment, debiting the payee’s account.
7. Payment settlement: The payment is settled. Money moves from the payee’s account to the recipient’s account.
8. Payment confirmation: QuickBooks gets payment confirmation from the ACH network and updates the user’s account accordingly.
9. Payment reconciliation: QuickBooks matches the payment with the user’s account to ensure everything is accurate. 
10. Completion: At this stage, the ACH payment process is complete. The user can check the payment status in QuickBooks.

Image credit: Intuit QuickBooks

QuickBooks ACH payment fees

QuickBooks charges a flat fee of $1 per transaction, with a maximum monthly payment of $10. This means that if you process multiple ACH transactions in a month, you’ll only pay a maximum of $10 in fees. Additionally, QuickBooks may also charge a small percentage-based fee for certain types of ACH transactions, such as payments to vendors or contractors. 

However, this fee is typically waived for employee payments or other types of transactions. Note that these fees are subject to change, so it’s always a good idea to check the QuickBooks website or consult a QuickBooks representative for the most up-to-date pricing information.

Standard ACH payment fees

Here are the standard fees associated with ACH payments: $0.25-$1.50 per transaction (baseline rate), 0.5%- 1.5% of the transaction amount (percentage-based fee), $5-$30 per return or rejection (return fee), $10-$50 per month (monthly minimum fee), $0.10-$0.30 per transaction (micro-deposit verification fee), and $5-$20 per failed or rejected payment (NSF fee).

Note that these fees are subject to change and may vary depending on the payment processor, the type of transaction, and other factors.

Instant deposit fees

The instant deposit service for ACH payments through QuickBooks allows users to deposit funds into their bank account immediately rather than waiting for the standard ACH processing time. However, this expedited service comes with an additional fee. The instant deposit fee is typically a flat rate of 1% of the deposit amount, with a minimum fee of $0.25 and a maximum fee of $10. 

This fee is in addition to the standard ACH payment processing fee. The additional cost factors contributing to the instant deposit fee include the expedited processing time, the increased security measures required for instant deposits, and the costs associated with facilitating immediate access to funds.

For more information on QuickBooks payment fees, check out our video below.

Factors influencing QuickBooks ACH payment fees

The fees for QuickBooks ACH payments can vary based on a few things. First, it matters what kind of transaction you’re doing. Are you paying employees, vendors, or contractors? The number of transactions you make matters, too. If you do a lot, you might pay more or even get discounts. How fast you want the payment to go also counts. 

If you choose instant deposits, expect higher fees. The payment method you pick, like ACH debit or credit, can also change the costs. Lastly, your QuickBooks plan affects what you’ll pay. Some plans have better prices or extra features.

QuickBooks subscription plan

Here’s a breakdown of how different QuickBooks subscription plans influence the fees charged for ACH payments:

• QuickBooks Online Simple Start: 1% per transaction (max $10) for ACH payments, with no monthly minimum fee.
• QuickBooks Online Essentials: 1% per transaction (max $10) for ACH payments, with no monthly minimum fee. However, users can access additional features, such as multiple-user access and time tracking.
• QuickBooks Online Plus: 1% per transaction (max $10) for ACH payments, with no monthly minimum fee. This plan also includes features like inventory management and budgeting.
• QuickBooks Online Advanced: This plan charges 0.5% per transaction (max $5) for ACH payments and has no monthly minimum fee. It includes advanced features like customized reporting and workflows.
• QuickBooks Payments: Offers discounted ACH payment rates (0.5% per transaction, max $5) for high-volume users, with a monthly minimum fee of $20.
• QuickBooks Pro/Premier: 1% per transaction (max $10) for ACH payments, with a monthly minimum fee of $10.

Note that these fees and plans are subject to change. For the most up-to-date pricing information, check the QuickBooks website.

Volume of transactions

The number of transactions you make affects the ACH payment fees in QuickBooks. The more transactions you make, the lower the fees usually are. That’s because QuickBooks gives discounts for high volumes. For instance, if you handle more than 500 monthly transactions, you might get a reduced fee of 0.5% per transaction instead of the usual 1%. If you really go big and have over 5,000 transactions monthly, you might even get special pricing with lower fees. 

These discounts can help businesses save money on ACH processing fees, making it more affordable to manage finances through QuickBooks.

Negotiated rates for high-volume users

If your business does a lot of transactions, you might get better rates for ACH payments with QuickBooks. QuickBooks has different pricing plans, often giving lower rates to those who bring in high volumes. 

To negotiate first, check your current pricing and see how many transactions you do. Then, reach out to QuickBooks’ customer support or sales team. Explain what your business needs and ask for a custom quote. Ensure to share details about your transaction volume, average amount per transaction, and how often you make payments. This shows them you’re a high-volume user. 

QuickBooks might give you a better rate, a flat fee, or a special plan just for you. Be ready to negotiate and also mention any better offers you might have from other payment companies to strengthen your case.

Benefits of using ACH payments in QuickBooks

Using ACH payments with QuickBooks has several benefits that can help businesses improve their payment process, save money, and manage their finances better. 

Lower transaction fees compared to credit card payments

When you look at ACH fees versus credit card fees, ACH is way cheaper. Credit card fees usually hit you with 2.5% to 3.5% of the sale amount. Plus, there’s an extra fee of $0.10 to $0.30. That can add up fast! 

On the flip side, ACH fees through QuickBooks are much lower. You’re looking at only 0.5% to 1% of the sale and a flat fee of $0.25 to $1.00. Think about it. If you make a transaction of $1,000, credit card fees would be around $25 to $35. But for ACH, you’d pay only about $5 to $10. In short, using ACH can save businesses up to 75% on fees. 

Improved cash flow and payment speed

ACH payments can really help businesses manage their money better. They speed up the process of getting paid. Instead of waiting for paper checks, businesses receive the money directly in their bank accounts, allowing them to access their funds much faster.

When businesses get paid quicker, they can reduce the time it takes to collect money from customers. This means more cash on hand for other needs. They can buy more inventory, pay their suppliers promptly, and invest in new ideas.

In short, using ACH payments makes it easier for companies to keep their cash flowing smoothly. It helps them work better and make smarter money choices.

Enhanced security and reduced risk of fraud

ACH payments have several security features to help prevent fraud. First, they use strong encryption, such as SSL/TLS, to keep sensitive payment information safe while transacting between banks and the ACH network. 

In addition, ACH payments require clear permission from the payer. This can be a signed agreement or an electronic authorization, which prevents unauthorized transactions. The ACH network also checks account and routing numbers to ensure that payments go to the right place and that accounts are real.

There are also strict rules, like the Nacha Operating Rules. These rules guide how ACH transactions work and ensure secure payments. Together with QuickBooks’ own security, these features protect businesses and individuals from losing money to fraud.

Are there any hidden fees associated with ACH payments?

A lot of people worry about hidden fees with ACH transactions. The good news is that QuickBooks is upfront about its fees. When you use QuickBooks for ACH transfers, there’s a flat fee for each transaction. You can find this fee laid out in the QuickBooks pricing plan.

QuickBooks also tells you about any extra fees. This includes charges for returns, rejected payments, NSF fees, or instant deposits. You can see all these in QuickBooks’s terms of service right on the platform.

QuickBooks also provides detailed invoices and statements, making it easy for businesses to keep track of their ACH fees and avoid surprises. By being transparent about fees, QuickBooks helps businesses feel confident in their payment choices.

Key takeaways

Understanding the fees associated with ACH payments in QuickBooks can help you make informed decisions about your business’ payment processing needs. Bear the following in mind:

• ACH fees can add up: QuickBooks charges a flat fee per ACH transaction, ranging from $0.25 to $1.00, depending on your subscription plan. If you’re processing a high volume of transactions, you can incur significant fees.
• Bulk discounts are available: QuickBooks offers tiered pricing for ACH payments, with lower rates for higher transaction volumes. You may be eligible for discounted rates if your business processes many ACH transactions per month.
• Negotiating fees is possible: You can negotiate ACH fees with QuickBooks, especially if your business has a high transaction volume or is willing to commit to a minimum transaction volume or term length.
• Financial impact: Understanding ACH fees in QuickBooks can significantly impact your business finances as you can save hundreds or even thousands of dollars per year.

If you’re already using popular payment gateways like Stripe, Authorize.Net, or PayPal, Method CRM works directly with these platforms. You also gain access to self-serve customer portals for 24/7 invoice payments, automated administrative workflows, personalized templates, and more—all while ensuring every payment and customer detail is synced with QuickBooks.

What’s even better is that Method’s customer portals are fully customizable, which means you can design the experience to align perfectly with your branding and business processes.

It’s not just about offering more payment options—it’s about creating a polished experience that makes your business stand out. Check out the video below to learn more about what Method makes possible.

Ready to give it a try? Start your free trial today—no credit card or contract required.

How much does QuickBooks charge for ACH payments FAQs

How long does it take to process an ACH payment in QuickBooks?

In QuickBooks, ACH payments typically take 1-3 business days to process. However, weekends, federal holidays, and bank holidays may delay the processing time. Additionally, some banks may take longer to process ACH payments, so it’s always a good idea to check with your bank or the recipient’s bank for specific processing times.

Can I negotiate ACH payment fees with QuickBooks?

You can negotiate ACH payment fees with QuickBooks, especially if your business has a high volume of transactions. Although QuickBooks has set prices, it might offer discounts or special rates for loyal customers or businesses with high transaction volumes.

To start negotiating, you’ll need to share details about how many transactions you make, the average amount, and how often you process payments. It helps if you’re ready to agree to a minimum number of transactions or a contract length to get the best deal.

When you negotiate, you can get lower rates, cheaper monthly fees, or custom pricing plans. For instance, if your business handles over 1,000 monthly transactions, you could receive a discount of 0.25% + $0.25 per transaction instead of the regular 0.5% + $0.50.

Just remember, your negotiation results will depend on your business needs and how QuickBooks sets its prices.

Does QuickBooks offer discounts for bulk ACH payments?

Yes, QuickBooks offers discounts for ACH payments made in bulk. To qualify for a bulk discount, businesses must agree to a minimum number of monthly transactions, sign a contract for a set time, such as 6 to 12 months, and pay a fee monthly or once a year.

That said, it’s best to contact QuickBooks directly. They can help you determine whether you qualify for those ACH payment discounts.

The post How much does QuickBooks charge for ACH payments? appeared first on Method.

Another common scenario that may require reprinting checks is when there are errors or discrepancies in the original check. For instance, if the check amount or payee information is incorrect, you must void the original check and reprint a new one with the correct details. Whatever the reason, knowing how to reprint checks in QuickBooks can save you time and hassle.

The process for reprinting checks in QuickBooks differs slightly between QuickBooks Online and QuickBooks Desktop. Here’s a breakdown of the key differences:

1. Accessing checks:
   
   • QuickBooks Online: Locate checks through the “Reports” section by selecting “Check Detail.”
     
   • QuickBooks Desktop: You can access checks via the “Banking” menu by choosing “Use Register” or going directly to “Check Register.”
2. Reprinting process:
   • Both versions support batch printing for multiple checks, but the specific steps to reprint checks vary slightly between the two platforms.
3. Customization options:
   • The desktop version offers more advanced customization options for check layouts and formats, providing greater flexibility compared to the online version.

Understanding these differences ensures a smoother experience when reprinting checks, no matter which QuickBooks version you use.

This article takes you through the step-by-step process of reprinting checks in both QuickBooks Online and QuickBooks Desktop. Let’s dive in.

Why do you need to reprint checks in QuickBooks?

Reprinting checks in QuickBooks becomes necessary in the following situations:

• Lost or misplaced checks: Sometimes checks get lost in the shuffle—whether it’s a paper slip that fell under a pile or never reached the recipient. If a check is lost before it’s cashed, you may need to reprint it for the payee.
• Printing errors: Issues with alignment, smudging, or incorrect formatting are common while printing checks. If the details are off or the check looks illegible, a reprint ensures the recipient gets a readable, properly aligned check.
• Duplicate requests: Your payee might ask for a copy of a check for their records, or your business might require a duplicate for internal accounting purposes. In these cases, reprinting a check helps keep everything in order.
• Banking issues: Occasionally, the bank might return a check due to issues like insufficient funds, a closed account, or a mismatch in details. In such cases, you may need to void the original and reprint a new check.

Steps to reprint checks in QuickBooks Online

The process of reprinting checks in QuickBooks Online is intuitive. You can access the check reprinting feature in two ways. The first is through the “Expenses” tab in the left-hand menu bar. Alternatively, depending on your specific workflow, you can access the check reprinting feature from the “Payments” tab or the “Banking” tab. The steps you take afterward depend on whether you want to reprint a single or multiple checks.

Single check

Reprinting a single check in QuickBooks will suffice if the original check was lost, stolen, damaged, or returned due to an incorrect address or other error. Additionally, reprinting the check may be necessary if the payee never received the check or if the check was voided due to an incorrect amount or payee information. 

Locate the check in the check register

1. Log in to your QuickBooks Online account and navigate to the “Banking” tab in the left-hand menu bar.
2. Click on the “Check Register” option from the drop-down menu.
3. In the Check Register window, select the bank account associated with the check you want to reprint from the “Account” dropdown menu.
4. To narrow the list of checks, enter the check number or date range in the “Filter” field.
5. Scroll through the list of checks and find the specific check you want to reprint.

Open the check to view details

1. In the “Check Register” window, click the check number or the “View” button to open the check details window.
2. Review the check details to ensure you have selected the correct check. Verify the following information:
   • Check number.
   • Date.
   • Payee.
   • Amount.
   • Memo.
3. Check the check status to ensure it has not been previously voided or deleted.
4. Review any attached documents, such as invoices or receipts, to confirm the check details.
5. If the check details appear correct, proceed with reprinting the check. If the details are incorrect, cancel the reprint process and investigate the discrepancy.

By carefully reviewing the check details, you can ensure you reprint the correct check and avoid any potential errors or discrepancies.

Select the “Print” option

1. From the check details window, click the “Print” button, which is usually located at the bottom of the window.
2. In the Print window, select the printer you want to use from the “Printer” dropdown menu.
3. Choose the correct paper size and layout for your checks. QuickBooks Online typically defaults to a standard check size.
4. Select the number of copies you want to print. Generally, you’ll want to print one copy.
5. Check the “Print check number” box if you want the check number printed on the check.
6. Review the other print settings, such as the font and formatting, to ensure they meet your needs.
7. Click “Print” to send the check to the printer.
8. Verify that the check has been printed correctly and that all the necessary information is included.

Image credit: QuickBooks

Multiple checks

Sometimes, life gets in the way, and checks get lost, stolen, or damaged. Or maybe you just need to resend a batch of checks to a vendor or supplier. Whatever the reason, reprinting multiple checks at once is a common task for businesses. Luckily, QuickBooks Online makes it easy to select and reprint multiple checks in one go, saving you time and hassle.

Use the “Batch Actions” feature

To use the “Batch actions” feature to handle multiple checks simultaneously, navigate to the Check Register window, then:

1. Select the checks you want to reprint by checking the boxes next to each check.
2. Click on the “Batch actions” dropdown menu at the top of the window.
3. Select “Print” from the batch actions menu.
4. In the Print window, choose the printer and settings you want to use.
5. Select the number of copies you want to print for each check.
6. Click “Print” to print all the selected checks at once.

If you need to void or delete multiple checks, use the batch actions feature. Simply select the checks you want to void or delete, click on the “Batch actions” menu, and choose the desired action.

Select checks to be reprinted

To select multiple checks in the Check Register window,

1. Click on the first check you want to select by checking the box next to it.
2. Hold down your keyboard’s Ctrl key (Windows) or Command key (Mac).
3. While holding down the Ctrl or Command key, click on each additional check you want to select. This will allow you to choose multiple checks that are not consecutive.
4. To select a range of consecutive checks, click on the first check, hold down the Shift key, and click on the last check. This will select all checks in between.

Now, you’re ready to use the batch actions feature to reprint the selected checks.

Print selected checks

1. Review the selected checks to ensure you have chosen the correct ones.
2. Verify the check numbers, dates, and payee information to confirm accuracy.
3. Once satisfied with your selection, click the “Batch actions” dropdown menu.
4. Select “Print” from the batch actions menu to print the selected checks.
5. In the Print window, review the print settings, such as the printer, paper size, and orientation.
6. Make any necessary adjustments to the print settings.
7. Click “Print” to send the selected checks to the printer.
8. Verify that the checks have been printed correctly and that all necessary information is included.

How to reprint checks in QuickBooks Desktop

If you’re using QuickBooks Desktop, you’ll notice a slightly different interface and set of features compared to QuickBooks Online. When it comes to reprinting checks, QuickBooks Desktop offers a more traditional desktop application experience, allowing you to customize your check templates, manage check numbers, and track check printing history, all of which can be useful when reprinting checks.

Single check

Reprinting a single check in QuickBooks Desktop may be necessary if a payee never received the check or the check was voided due to an incorrect amount or payee information. In any of these situations, QuickBooks Desktop allows you to easily reprint a single check, ensuring the payment is properly recorded and processed.

Locate the check in the check register

1. Open QuickBooks Desktop and select the company files you want to work with.
2. Click on the “Banking” menu at the top of the screen.
3. Select “Use Register” from the drop-down menu.
4. In the “Use Register” window, select the bank account associated with the check you want to find from the “Account” dropdown menu.
5. Click the “Go to Date” button and select the date range when the check was written.
6. Use the “Find” feature to search for the check-by-check number, payee, or amount. You can access the “Find” feature by pressing Ctrl + F on your keyboard.
7. Enter your search criteria in the “Find” window and click “Find” to locate the check.
8. Once you’ve found the check, click on it to select it and view its details.

Open the check to view details

1. With the check selected in the register, click on the “Edit Transaction” button or double-click on the check to open the “Write Checks” window.
2. In the “Write Checks” window, review the check details, including:
   • Check number
   • Date.
   • Payee.
   • Amount.
   • Memo.
3. Verify that the check details are accurate and match your records.
4. Check the “Check Status” field to ensure the check has not been voided or deleted.
5. Review any attached documents, such as invoices or receipts, to confirm the check details.

Select the “Print Later” option and then print

1. Once you have verified the check details, click the “Print Later” button in the “Write Checks” window.
2. QuickBooks will mark the check as “To Print” and add it to the print queue.
3. To print the check, click on the “File” menu and select “Print Forms” > “Checks”.
4. In the “Select Checks to Print” window, select the check(s) you want to print, including the one you marked as “To Print”.
5. Choose the correct printer and check stock.
6. Select the print settings, such as the number of copies and the print orientation.
7. Click “Print” to send the check to the printer.
8. Verify that the check has been printed correctly and that all necessary information is included.

Image credit: Chax

Multiple checks

Reprinting multiple checks in QuickBooks Desktop may be necessary for several reasons. One common scenario is when a batch of checks is lost or stolen, requiring the business to reprint all affected checks. Another reason is when a printer issue or paper jam causes multiple checks to print incorrectly or not at all. 

Additionally, reprinting multiple checks may be required if a business needs to reissue checks to multiple vendors or employees due to incorrect information or payment amounts. Furthermore, in cases where a business is transitioning to a new check stock or printer, it may need to reprint multiple checks to ensure compatibility and accuracy.

Access the “Print Checks” window

1. Open QuickBooks Desktop and select the company files you want to work with.
2. Click on the “Banking” menu at the top of the screen.
3. Select “Write Checks” from the drop-down menu.
4. In the “Write Checks” window, click on the “File” menu.
5. Select “Print Forms” from the drop-down menu.
6. Choose “Checks” from the “Print Forms” menu.
7. The “Select Checks to Print” window will appear, where you can select the checks you want to print.
8. Click “OK” to proceed to the “Print Checks” window, where you can confirm the print settings and print the checks.

Select the checks to be reprinted

1. In the “Select Checks to Print” window, click on the first check you want to reprint to select it.
2. To select multiple consecutive checks, hold down the Shift key and click on the last check you want to reprint.
3. To select multiple non-consecutive checks, hold down the Ctrl key (Windows) or Command key (Mac) and click on each check you want to reprint.
4. You can also use the “Select All” button to select all checks in the list.
5. Review the list of selected checks to ensure you have chosen the correct ones.
6. Click “OK” to confirm your selection and proceed to the “Print Checks” window.

Print the selected checks

1. Review the print settings in the “Print Checks” window, including the printer, check stock, and print orientation.
2. Ensure the correct printer is selected and loaded with the proper check stock.
3. Choose the correct print settings, such as the number of copies and the print alignment.
4. Click “Print” to send the selected checks to the printer.
5. Verify that the checks have been printed correctly, including the check numbers, dates, payee information, and amounts.
6. Review the printed checks for any errors or omissions.
7. Sign and distribute the printed checks as needed.
8. Record the printed checks in your accounting records, including updating the check register and reconciling the bank statement.

What if my check does not print correctly?

Incorrect check printing can result from any of the following common printing issues in QuickBooks:

• Check alignment issues: Verify that the check stock is aligned correctly in the printer. Adjust the printer settings or check stock alignment as needed.
• Blank or incomplete checks: Check the QuickBooks print settings to ensure the correct printer and check stock are selected. Verify that the check information in QuickBooks is complete and accurate.
• Error messages: Check the QuickBooks error log for specific error messages related to printing. You can research the error message online or contact QuickBooks support for assistance.
• Outdated printer drivers: Ensure the printer drivers are up to date. Visit the printer manufacturer’s website to download and install the latest drivers.
• QuickBooks software issues: Try restarting QuickBooks or restarting the computer. If issues persist, consider reinstalling QuickBooks or seeking assistance from QuickBooks support.

To ensure optimal print quality and alignment when printing checks, follow these tips:

• Use high-quality check stock: Select check stock specifically designed for printing. It should have a smooth finish and be of appropriate weight to prevent smudging or misfeeds.
• Adjust printer settings: You can configure your printer settings, including paper size and thickness, to match the check stock you use.
• Calibrate the printer: Regularly calibrate your printer to maintain precise alignment and consistent print quality.
• Verify printer alignment: Use alignment guides or test pages to ensure the printer is correctly aligned with the check stock before printing.
• Set the correct print orientation: Confirm that the print orientation matches the layout of the checks and that they print in the correct direction.
• Print in small batches: To avoid overloading your printer, print checks in smaller batches. This reduces the risk of misalignment or compromised print quality.

Key takeaways

Reprinting checks in QuickBooks is a surefire way to combat any number of issues that might go wrong with a check.

Remember that:

• Reprinting checks is a common practice among businesses.
• Reprinting on QuickBooks Online is like reprinting on a Desktop with slight differences.
• You can reprint individual or multiple checks.
• Altering check numbers can lead to duplicate payments and incorrect accounting records.

Tired of doing the same, repetitive QuickBooks tasks over and over again?

Method CRM can help. Try it free for 14 days.

How to reprint checks in QuickBooks FAQs

Can I reprint checks with different check numbers?

Reprinting checks with different check numbers is possible in QuickBooks, but it’s essential to understand the implications. When you reprint a check with a different number, QuickBooks creates a new transaction with the updated check number while the original transaction remains in the system. If not managed properly, this can lead to duplicate payments or incorrect accounting records. 

To reprint a check with a different number, go to the “Write Checks” window, select the original check, and click “Edit.” Change the check number and save the changes. Then, go to the “Print Checks” window, select the revised check, and print it. 

Can I reprint multiple checks at once in QuickBooks?

Reprinting multiple checks is a convenient feature in both QuickBooks Online and Desktop, allowing users to recreate lost, damaged, or incorrect checks efficiently. However, there are limitations to this feature. For example, users cannot reprint multiple checks with different bank accounts or check templates. 

Additionally, a check that has already been reconciled or has a payment attached cannot be reprinted. Furthermore, reprinting multiple checks does not automatically update the check numbers or void the original checks, requiring manual adjustments to maintain accurate accounting records.

Can I customize the appearance of my reprinted checks in QuickBooks?

QuickBooks allows users to customize checks to suit their business needs. Users can personalize check templates by adding their company logo, changing font styles and sizes, and modifying the layout to include additional information, such as payment stubs or remittance addresses. 

QuickBooks provides a range of customization features, including the ability to add custom fields, create multiple check templates, and use different colors and fonts. Users can also customize the check numbering, date, and memo fields to fit their specific requirements. 

The post How to reprint checks in QuickBooks easily appeared first on Method.