invoice

Does QuickBooks Use a Spot or Average Currency Rate When Converting Multicurrency Transactions or Accounts?

Chief Mechanic · September 11, 2010 ·

A spot rate, but it’s up to the user to download current spot rates (from the Company->Manage Currency->Download Latest Exchange Rates menu selection) or enter an accurate spot rate when recording a transaction or printing reports. For example, for sales and expenses, a user needs to enter an exchange rate, as shown below in the Create Invoices window.

QuickBooks Premier 2009 Create Invoice Multicurrency

Foreign currency fluctuations for balance sheet accounts that have not been realized (such as an unpaid customer receivable) appear on the Unrealized Gains & Losses report. When a customer receivable is paid, the foreign currency gain or loss is computed at a spot rate entered when payment is received. That gain or loss has now been been realized and appears on the Realized Gains & Losses report.

We’ve written a more complete description of how multicurrency works in QuickBooks 2009. Later versions of QuickBooks haven’t changed the fundamental operation of this feature.

Multicurrency features are available in QuickBooks Pro 2009, Premier 2009, Enterprise Solutions 9.0 and later versions of those programs. They’re not available in Online Edition Basic or Plus.

(No Ratings Yet)

How Can I Record Vehicle Mileage As a Reimbursable Expense?

Chief Mechanic · September 6, 2010 ·

To record vehicle mileage as a reimbursable expense, you first need to set up the vehicle in the Vehicle List and the Service or Other Charge Item that represents the rate at which customers will be invoiced for mileage.

Once these preliminary steps have been completed, click on the Company->;Enter Vehicle Mileage… menu selection to record the mileage for a trip.

To make this trip a reimbursable expense, be sure to check the Billable checkbox, specify the appropriate Customer:Job, and choose the Item you previously created that is the source for your invoice description and the rate at which you will invoice your customer. Enter your Notes for the trip – you’ll have the option of incorporating this information into the customer invoice later.

QuickBooks Premier 2009 Enter Vehicle Mileage Billable

Click the Save & Close or Save & New button to save your work.

Next, click on the Customers->Invoice for Time & Expenses menu selection to start a new customer invoice and add mileage expenses to it. Select the Mileage tab. Unlike reimbursable expenses that appear on the Expenses or Items tabs, you have more control over how information is transferred to a customer invoice for expenses that appear on the Time or Mileage tabs.

QuickBooks Premier 2009 Choose Billable Mileage

Click the Options… button to specify how information will be transferred to a customer invoice. You can opt to use the Notes you entered when you recorded the mileage (Transfer activity notes), use the description you specified when you created the Item (Transfer item descriptions), or both (Transfer both notes and descriptions). You can also choose to have each trip appear as a separate line item or to combine trips that use the same service item and rate. If you opt for the latter, only the item description will appear on the customer invoice.

QuickBooks Premier 2009 Options for Transferring Billable Mileage

Click Ok to close the Options for Transferring Billable Mileage window.

Select the mileage expense items that you’d like to include on a customer invoice and click Ok. The expense items you selected will appear using the options you specified. Complete the invoice and save your work.

(No Ratings Yet)

How Do I Prepare To Charge Customers For Mileage?

Chief Mechanic · September 6, 2010 ·

The first step to charge customers or clients for vehicle mileage is to create a new Item with a type of Service or Other Charge. The Sales Price that you enter for this Item will be the price charged to the customer for mileage.

QuickBooks maintains a separate list of Mileage Rates, but these rates are not automatically used to invoice customers. Instead, they’re just a reference for the historical rates allowed by taxing authorities.

Click on Lists->Item List to add a new Item. Be sure to specify the Type as Service or Other Charge, and to select the This item is used in assemblies or is a reimbursable charge checkbox just below the Item Name/Number field.

Specify both an Expense Account and an Income Account for the Item you create. Enter the description you’d like to appear on customer invoices and the rate you’d like to charge customers for mileage in the Sales Information block.

QuickBooks Premier 2009 New Item Mileage

Click Ok to save the Item.

You’ll use this item code on customer invoices and to identify those mileage expenses that will be billed to a customer as a reimbursable expense.

(+1 rating, 1 votes)

What Is the Closing Date Exception Report and How Do I Create It?

Chief Mechanic · September 6, 2010 ·

The Closing Date Exception Report in QuickBooks shows all transactions sorted by transaction type (e. g., Bill, Check, Invoice) dated on or before the Closing Date that were first recorded or modified after that date was established. To add to its utility as an audit tool, it also includes the User Name of the user that recorded the transaction in the Last modified by column.

To produce this report, click on the Reports->Accountant & Taxes->Closing Date Exception Report menu selection. Here’s a sample of the report:

QuickBooks Premier 2009 Closing Date Exception Report

The report begins with the changes to the Closing Date itself, followed by a list of transactions sorted by transaction type. To change the settings for the Closing Date Exception Report, click the Modify Report… button:

QuickBooks Premier 2009 Closing Date Exception Report Display Tab

The Report Date Range refers to the transaction date itself. As shown above, the report will include all applicable transactions dated up to and on the Closing Date. The From field is blank because this setting looks backward to include all transactions.

The Days Entered / Last Modified refers to the actual date on which you performed this accounting task. The To field is blank because this setting looks forward to include all transactions added or modified after the Closing Date.

By default, Show Deleted Transactions is checked, but you can uncheck this setting to exclude deleted transactions from the report.

Because changes to prior periods after they’ve been closed must be done with extreme care, this report is primarily an audit trail to quickly identify what transactions were recorded and by whom.

(No Ratings Yet)

invoice

Accounting

Developer

Intuit