In QuickBooks Online, both Refund Receipts and Credit Notes are used to manage customer refunds, but they

serve different purposes and have

distinct differences:
Refund Receipt:
 Used to record a direct refund to a customer (e.g., cash, check, credit card).
 Reduces the customer's balance to zero.
 Creates a new transaction that debits the Accounts Receivable account and credits the Refund account.
 Typically used for:
o Returning money to a customer.
o Correcting an overpayment.
o Issuing a cash refund.
Credit Note:
 Used to reduce a customer's outstanding balance.
 Does not directly refund money to the customer.
 Creates a new transaction that credits the Accounts Receivable account and debits the Credit Note account.
 Typically used for:
o Applying a credit to a customer's account.
o Correcting an error on an invoice.
o Providing a store credit or account credit.
Key differences:
 Refund Receipts directly refund money, while Credit Notes reduce the customer's balance.
 Refund Receipts create a new transaction, while Credit Notes adjust the existing invoice balance.
 Refund Receipts are usually used for cash refunds, while Credit Notes are used for account credits.
By understanding the differences between Refund Receipts and Credit Notes in QuickBooks Online, you can accurately manage customer
refunds and maintain precise accounting records.

In QuickBooks Online, a Delayed Credit is a credit note that is applied to a customer's account,
but the credit is not available for use until a specific date in the future. Here's how Delayed
Credits work:

Creating a Delayed Credit:

1. Go to the QuickBooks Online dashboard.

2. Click on "Credit Note" (or "Delayed Credit" in some versions).
3. Select the customer and enter the credit amount.
4. Choose the "Delayed Credit" option.
5. Set the "Available Date" for when the credit will become available.
6. Save the credit note.

Key Points:

 The credit note is recorded on the date it's created, but the credit is not available until the
specified "Available Date".
 The customer's balance is not reduced until the "Available Date".
 Delayed Credits are useful for managing credits that are not yet available for use, such as a credit
from a returned item that won't be processed until a later date.
 You can apply a Delayed Credit to an invoice on or after the "Available Date".
 Reporting:

 Delayed Credits are included in the "Credit Notes" report.

 You can filter the report to show only Delayed Credits or credits available on a specific date.

By using Delayed Credits in QuickBooks Online, you can effectively manage credits that are not
yet available for use, keeping your accounting records accurate and up-to-date.

When to enter bills

 Enter bills from suppliers to accurately report your Creditors, especially if you run
your reports on an accrual basis.
 If tracking Supplier balances, entering bills is essential for knowing how much
you owe your suppliers.
 Record a bill for any services or items received that you will pay for later -
whether or not there is an actual bill received from the supplier.

For example, when you receive your electric bill, which is not due until the end of the
month, use Bill to track what you owe. Then, use Pay bills to clear the bill and generate
the cheque.

Learn how to enter bills to keep track of your payables.

When to enter bill payments

 If you originally recorded a bill in QuickBooks, use Pay bills to close the bill. You
can print a bill payment cheque or pay via credit card.
 Entering a bill payment through Pay bills ensures that the Supplier balance
decreases appropriately.
 Using Cheque or Expense may cause the bill to still show unpaid on your
reports.
 If you paid a bill via electronic payment, enter EFT in the Cheque no.
or Reference no. field.

Learn how to record a bill payment cheque or pay a bill using credit or
debit card.
 When to record cheques or expenses
 Both Cheque and Expense report a transaction as an expense and a payment
simultaneously.
 While Bills are for payables (received services or items to be paid
later) Cheque and Expenses are for services or items paid on the spot.
 If you need to print a cheque, record an expense as a Cheque, instead of
an Expense.
 If you paid something via credit card, use Expense.
 If you paid something via EFT, you should still use Cheque or Expense. You can
enter EFT in the Cheque no. or Ref no. field.

As an example, if you bought supplies at Staples and immediately paid for them, record
the transaction using Cheque or Expense. You can skip entering and paying bills,
because there's no money owed to Staples.

In QuickBooks Online, expense and check transactions are used to

report the services or products paid on the spot. If you want to enter
the funds spent but you don’t need to log it before it’s paid, you'll have
to track it as an expense transaction. This is also used if you paid
something via credit card.

On the other hand, if you need to track the check number and print the
transaction, you'll have to record it as a check. Feel free to read this
article to learn more about this topic:
Learn the difference between bills, checks, and expenses in
QuickBooks Online.

Additionally, here are some resources that you can browse to help
stay on top of your payables and expenses:

 Enter and manage expenses

 Create and record checks
 Enter bills and record bill payments
Do you have any other questions in mind? Just leave them below and
I'll get back to you as soon as I can. Have a god one.
 Here's a summary of the key differences between Supplier Credit and Credit Card Credit in
QuickBooks:
Supplier Credit

 A credit note or refund received from a supplier or vendor

 Typically used to offset an outstanding bill or invoice
 Recorded in the Accounts Payable (AP) account
 Reduces the amount owed to the supplier
 Example: A supplier issues a credit note for a defective product, reducing the amount owed.

Credit Card Credit

 A credit or refund received from a credit card company

 Typically used to offset a credit card balance or transaction
 Recorded in the Credit Card account
 Reduces the credit card balance or pays off a credit card transaction
 Example: A credit card company issues a credit for a disputed transaction, reducing the credit
card balance.

Key differences:

 Supplier Credit is used for vendor credits, while Credit Card Credit is used for credit card credits
 Supplier Credit reduces the amount owed to a supplier, while Credit Card Credit reduces the
credit card balance
 Supplier Credit is recorded in Accounts Payable, while Credit Card Credit is recorded in the
Credit Card account

By understanding the difference between Supplier Credit and Credit Card Credit, you can
accurately record and manage credits in QuickBooks, ensuring accurate financial records and
reports.

Here is the difference between delayed credit and delayed charge in

QuickBooks Online ¹ ² ³ ⁴:

Delayed Credit:

 A delayed credit is a credit memo created in advance for possible sales returns.
 When you want to track a customer's credit for future use, and they don't want it to immediately
affect their current open balance, you can use a delayed credit.
 Your customer can use their delayed credit to reduce the balance of an invoice.
 You can add delayed credits to future invoices as a line item.
 Unlike credit memos, delayed credits don't impact sales reports until you apply them to invoices.

Delayed Charge:
 A delayed charge is a charge that will be billed to a customer at a later date.
 It’s a “non-posting” transaction, meaning it will not affect your reporting.
 You can use delayed charges to record future transactions you know will happen without affecting
your Accounts Receivable.
 A delayed charge is a non-posting transaction, similar to an estimate.
 You record this transaction when you want to temporarily delay charging your customer or client of a
product or service. Then, convert it later to an invoice.

Estimates in QuickBooks Online are also known as "Quotes" or "Proposals". They allow you to
create a preliminary document to propose services or products to a customer. Here's how
estimates work in QuickBooks Online:
Creating an Estimate:

1. Go to the "Sales" tab and select "Estimates"

2. Click on "Create Estimate"
3. Choose a template or start from scratch
4. Add services or products, including descriptions and prices
5. Set the estimate expiration date
6. Add a message or notes for the customer
7. Save and send to the customer

Key Features:

 Convert estimates to invoices with one click

 Track estimate status (accepted, declined, or pending)
 Add attachments or files to the estimate
 Set up automatic reminders for estimate expiration
 Create recurring estimates for repeat customers

Benefits:

 Streamline your sales process

 Provide professional-looking quotes to customers
 Easily convert estimates to invoices
 Track and manage estimate status
 Improve customer communication and collaboration

Tips:

 Use estimates for projects or services that require approval

 Set clear expiration dates to encourage timely decisions
 Include detailed descriptions and terms
 Use QuickBooks Online's automation features to save time

By using estimates in QuickBooks Online, you can efficiently manage your sales process,
improve customer communication, and streamline your workflow.
 Journal Entry in QuickBooks Online
A journal entry in QuickBooks Online is a way to manually record debits and credits to accounts,
similar to traditional accounting systems. It allows you to:

1. Adjust account balances: Increase or decrease account balances to reflect accurate

financial information.
2. Transfer funds: Move funds between accounts, such as transferring income to retained
earnings.
3. Correct errors: Fix errors or mistakes in previous transactions.
4. Record non-transactional events: Record events that don't involve transactions, like
depreciation or amortization.

To create a journal entry in QuickBooks Online:

1. Navigate to the Journal Entries page: Go to the "Accounting" tab, then click "Journal
Entries" under "Transactions".
2. Click "New Journal Entry": Start a new journal entry.
3. Enter the date: Select the date for the journal entry.
4. Add debit and credit lines: Enter the accounts and amounts for debits and credits.
5. Save the journal entry: Click "Save" to record the journal entry.

Best Practices:

 Use journal entries sparingly and only when necessary.

 Ensure debits equal credits to maintain account balance accuracy.
 Use clear and descriptive memo lines for reference.
 Regularly review and reconcile journal entries to ensure accuracy.

By following these guidelines, you can effectively use journal entries in QuickBooks Online to
maintain accurate financial records.

Here's how to create and send a purchase order in QuickBooks Online ¹:

Step 1: Turn on the purchase order feature

 Go to Settings and select Account and settings.

 Select the Expenses tab.
 In the Purchase orders section, select the edit icon.
 Turn on the Use purchase orders option.

Step 2: Create and send a purchase order

 Select + New.
 Select Purchase order.
 From the Supplier dropdown, select the supplier.
 Review the Mailing address.
 Enter the Purchase Order date.
 In the Item details section, enter the products you want to purchase.
 When you're done, select Save and close. Or if you're ready to send it,
select Save and send.

Step 3: Update the status of a purchase order and add it to a bill

 Once your supplier accepts the purchase order, you can add it to an
expense or bill to make the transaction official.

Step 4: See your open purchase orders

 Go to Reports and search for Open Purchase Order List report, Open
Purchase Order Detail report, Purchases by Product/Service Detail report,
or Purchases by Supplier Detail report.

Here are some reasons why you should use a purchase order in
QuickBooks Online ¹ ²:

 Details a buyer’s request for products or services from a supplier.

 Specifies the product or service, including the quantity and agreed-upon
price.
 Doesn’t require payment for the item at the time of issue.
 Streamlines the process of acquiring goods.
 Helps take control of spending.
 Keeps all transactions connected and accounts balanced.
 Balance Sheet

Assets:

 Current Assets:
o Cash and cash equivalents
o Accounts receivable (trade debtors)
o Inventory (goods or materials held for sale)
o Prepaid expenses
 Non-Current Assets:
o Property, plant, and equipment (PPE)
o Investments
o Intangible assets (patents, copyrights, etc.)
o Goodwill

Liabilities:

 Current Liabilities:
o Accounts payable (trade creditors)
o Short-term loans
o Accrued expenses
 Non-Current Liabilities:
o Long-term loans
o Bonds payable

Equity:

 Share Capital:
o Common stock
o Preferred stock
 Retained Earnings:
o Accumulated profits reinvested in the business

These balance sheet items provide insights into a company's financial position and help
investors, creditors, and management make informed decisions.

Current Assets:

1. Cash and Cash Equivalents:

 Cash on hand
 Cash in bank accounts
 Short-term deposits
 Money market funds
2. Accounts Receivable (Trade Debtors):
 Amounts owed to the company by its customers
 Trade debtors
3. Inventory (Goods or Materials Held for Sale):
 Finished goods
 Work-in-progress
 Raw materials
4. Prepaid Expenses:
 Rent paid in advance
 Insurance premiums paid in advance
 Other prepaid costs
5. Marketable Securities:
 Short-term investments in stocks, bonds, etc.
6. Accounts Receivable from Officers or Employees:
 Amounts owed to the company by its officers or employees
7. Notes Receivable:
 Short-term loans made to others
8. Merchandise or Goods in Transit:
 Goods being transported to customers or from suppliers
9. Cash Surrender Value of Life Insurance:
 Cash value of life insurance policies
10. Other Current Assets:
 Any other assets expected to be converted into cash within one
year or within the company's normal operating cycle.

These current assets are essential for a company's day-to-day operations

and can be easily converted into cash to meet short-term obligations.

.
Fixed Assets:

1. Property, Plant, and Equipment (PP&E):

 Land
 Buildings
 Machinery
 Equipment
 Vehicles
 Furniture and fixtures
2. Intangible Assets:
 Patents
 Copyrights
 Trademarks
 Goodwill
 Software development costs
 Intellectual property
3. Investments:
 Long-term investments in stocks, bonds, etc.
 Investments in subsidiaries or affiliates
4. Tangible Assets:
 Artwork
 Collectibles
 Precious metals or stones
5. Leasehold Improvements:
 Improvements made to leased properties
6. Construction in Progress:
 Assets in the process of being constructed or developed
7. Fixed Assets in Transit:
 Assets being transported to the company
8. Assets Held for Sale:
 Fixed assets intended for sale or disposal
9. Other Fixed Assets:
 Any other long-term assets not classified elsewhere

Fixed assets are long-term resources owned or controlled by the company, used in operations to
generate income, and not expected to be sold or converted into cash within one year or within the
company's normal operating cycle.

Current Liabilities:
 1. Accounts Payable (Trade Creditors):
 Amounts owed to suppliers or creditors for goods or services purchased
2. Notes Payable:
 Short-term loans or debt obligations
3. Accrued Expenses:
 Wages and salaries owed to employees
 Taxes owed to the government
 Interest owed on loans
 Other expenses incurred but not yet paid
4. Accounts Payable to Officers or Employees:
 Amounts owed to officers or employees for expenses incurred
5. Dividends Payable:
 Dividends declared but not yet paid to shareholders
6. Taxes Payable:
 Taxes owed to the government but not yet paid
7. Interest Payable:
 Interest owed on loans or debt obligations
8. Bank Overdrafts:
 Overdrafts on bank accounts
9. Credit Card Debt:
 Outstanding balances on company credit cards
10. Other Current Liabilities:
 Any other liabilities expected to be paid within one year or within the company's normal
operating cycle.

Non-Current Liabilities:

1. Long-Term Loans:
 Loans with a repayment period exceeding one year
2. Bonds Payable:
 Long-term debt securities issued to investors
3. Mortgages Payable:
 Long-term loans secured by property or assets
4. Lease Liabilities:
 Obligations under long-term lease agreements
5. Pension Obligations:
 Funding requirements for employee pension plans
6. Post-Retirement Benefits:
 Obligations for employee benefits beyond pension plans
7. Deferred Tax Liabilities:
 Taxes deferred to future periods due to temporary differences
8. Long-Term Provisions:
 Liabilities for future losses or expenses not yet incurred
9. Contingent Liabilities:
 Potential liabilities dependent on future events or outcomes
10. Other Non-Current Liabilities:
 Any other long-term liabilities not classified elsewhere
Non-current liabilities are long-term obligations that are not due for payment within one year or
within the company's normal operating cycle. These liabilities are typically settled using non-
current assets or by issuing new long-term liabilities.

Equity:

1. Common Stock:
 Shares issued to investors and representing ownership
2. Preferred Stock:
 Shares with priority over common stock in dividend payments and asset distribution
3. Retained Earnings:
 Accumulated profits reinvested in the business
4. Treasury Stock:
 Shares repurchased by the company from investors
5. Share Premium:
 Excess amount paid by investors over the par value of shares
6. Reserves:
 Funds set aside for specific purposes, such as expansion or modernization
7. Capital Surplus:
 Excess amount paid by investors over the par value of shares
8. Revaluation Reserve:
 Increases or decreases in asset values due to revaluation
9. Exchange Rate Reserve:
 Gains or losses from foreign currency translations
10. Other Equity:
 Any other equity components not classified elsewhere

Equity represents the ownership interest in the business and the amount of capital invested by
shareholders. It is the residual interest in the assets of the company after deducting liabilities.

Profit and Loss (P&L) Statement:

Revenue:

1. Sales:
 Income from the sale of goods or services
2. Other Revenue:
 Interest income, dividends, etc.

Cost of Goods Sold (COGS):

1. Direct Materials:
 Cost of raw materials or goods purchased
2. Direct Labor:
 Cost of labor directly involved in production
3. Overhead Costs:
  Indirect costs, such as factory rent, utilities, etc.

Gross Profit:
Revenue - COGS

Operating Expenses:

1. Selling, General, and Administrative (SG&A) Expenses:

 Salaries, marketing, office expenses, etc.
2. Research and Development (R&D) Expenses:
 Costs associated with developing new products or services
3. Depreciation and Amortization:
 Non-cash expenses for asset depreciation and amortization

Operating Income:
Gross Profit - Operating Expenses

Non-Operating Income (Expenses):

1. Interest Income (Expense):

 Income from investments or expense from debt
2. Other Non-Operating Income (Expense):
 Gains or losses from asset sales, etc.

Net Income:
Operating Income + Non-Operating Income (Expenses)

Earnings Per Share (EPS):

Net Income divided by the number of outstanding shares

The Profit and Loss Statement (P&L) shows the revenues, costs, and
expenses of a business over a specific period, usually a month, quarter,
or year. It provides insights into the company's profitability, efficiency,
and financial performance.
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