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Quckbook software

shycacs (Article) (48 Points)

20 December 2016

I am facing some issues using quickbook software any one out there who can help me? our company is a start up .

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16 Replies

Baljeet Singh (CA, B.Com (H)) (954 Points)
Replied 20 December 2016

Share your query.

shycacs (Article) (48 Points)
Replied 20 December 2016

It's a new company and I am posting entries from bank account transaction. So asset purchase how to record with depreciation.

When i entered opening balance it passed a double entry and I am not able to delete the name and type created. Plese Help

Thanks and regards

ankita gandhi (student) (5908 Points)
Replied 20 December 2016

Ask for demo or call on their helpline number or look if any demo is available.

shycacs (Article) (48 Points)
Replied 20 December 2016

I have attened their webinars and gone through the vidoe but still they are not very clear on this.

Baljeet Singh (CA, B.Com (H)) (954 Points)
Replied 20 December 2016

Ok, I will get back to you when I am free from work.

ankita gandhi (student) (5908 Points)
Replied 20 December 2016

Call to them. Create a dummy company, try to enter data in that.

parag (Customer Care Manager (Tally ERP9)) (34 Points)
Replied 22 December 2016

Hello Sir

in case of opening balance of customer and supplier you are suppose to pass a journal entry and second effect will to surplus profit/loss a/c or capital a/c as nature of organisation is concern and in another case you can enter the opening balance while creating a ledger itself

in case of new asset purchase is considered just record the asset purchase now and than as on 31st march book a seperate journal entry for depreciation

hope this will resolve your query in case you have any other query just reach me on this email id shahparag1985 @ gmail.com

Naman Mishra (AGM (F&A)) (69 Points)
Replied 23 December 2016

Unlike Tally, Quickbooks works totally on a double entry system, it never let you do a single entry. If you are entering any opening balance, it will automatically take the double entry effect under retained earnings.

shycacs (Article) (48 Points)
Replied 23 December 2016

Mine is a new business and and in quick book when i connect my bank account it shows the payment towards asset and then when i click on it , IT ask for name once u enter a name a seperate window gets open and then they ask you type and sub type..

if you chcatgories as Furniture and fixture it ask for opening balance should i give opening balance there..

I guess no because It's a new business.

I had given by mistake and then in balance sheet it will display exact double amount.

secondly we put to use the asset much before we make a paymetn but in bank account it apears only when we make a payment so can i write a back dated entry for asset purchase and dep?

Naman Mishra (AGM (F&A)) (69 Points)
Replied 23 December 2016

I think the issue is not with the Quickbooks but your problems are related to the wrong accounting.

shycacs (Article) (48 Points)
Replied 23 December 2016

yes obvious it's not with quickbook. I am not used to quick book so not able to understand that when to give a opening balance and as the software is new to me so only I am asking.

parag (Customer Care Manager (Tally ERP9)) (34 Points)
Replied 23 December 2016

Hello Sir,

For the first Query, opening balance should not be provided and if mistakenly if you have done you can delete that from chart of account section,

and relating to second query you can record purchase entry and depreciation entry, purchase entry for fixed asset can be booked from bill option.

shycacs (Article) (48 Points)
Replied 26 December 2016

plz explain me when a bank account is sinked and i am passing an entry from it..
it ask for 3 things
Name once u give a new name it ask for category, type and sub category..

what ahould i fill where so that my p&l and bs of company appear like following..

abc contractor 20,000

this should be shown under chairs and tables (purchase )
and charire n tables under Furniture and fixture
and furniture and fixture under
fixed asset and that is under
asset

parag (Customer Care Manager (Tally ERP9)) (34 Points)
Replied 26 December 2016

Hello Sir,

In Quickbooks for example Current Asset is Category and than cash an cash equivalent is subcategory, so in your case category will be Fixed Asset and Sub Category other fixed asset or appropriate ledger you want and if you are adding fixed asset from bank supplier name want be reflected it can be mentioned in narration or descripttion as entry would be

Fixed Asset Dr

To Bank A/c