FAQ: Accounting Accuracy - Richmond, Virginia area

Frequently Asked Questions

We’re here to help you with all your QuickBooks, accounting, bookkeeping and tax issues. We've assembled a list of frequently asked questions that often come our way. If you don’t find the answer you’re seeking, please contact us.

Q: Why do I have a negative balance in my accounts receivables or accounts payables?

A: It’s possible that you received a payment but not applied to a specific invoice. Or, you may have manually input an amount that exceeded the price on an invoice. Also, it’s possible that a credit memo has been input incorrectly.

Q: How do I put items back into my inventory?

A: You’ll need to issue a credit memo. Go to Items, then choose Item and Quantity, then click on Save/Close.

Q: How do I delete or void an invoice?

A: Pull up the invoice or bill, and click on Edit. Then, choose the appropriate action. It is better to void the transaction so as to have a record, if needed.

Q: How do I deal with returned check?

A: Create an item called Returned Check (Other Change), then click Invoice and add that line item to that particular invoice. Reinvoice to include the returned check and additional fees.

Q: Why should I use QuickBooks vs. some of the other small business software packages?

A: There are many reasons why QuickBooks is the leading small business software package. Here are just a few…..QuickBooks is much more user friendly and forgiving. It’s easier to learn, input items, make changes and to become highly proficient. Click here for more comparisons.

Q: How do I find/compare things like sales and profits from this month/year to last month/year?

A: Go to Reports and select the category of report you are seeking. Key in dates, then within the report click on Modify and choose appropriate action.

Q: How do I find a check or invoice/bill?

A: Go to Find and then choose the Simple or Advanced Search feature. Input your search description, find the item and double click on it.

Q: In QuickBooks, what is a Class and how is it useful?

A: Class designations allow you to create different profit and/or cost centers within your business. This enables you to better understand what elements of your business perform better or worse than others.

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