Clearing account can often be confused with suspense accounts, this is because both are temporary accounts. Suspense account is all about solving a mystery, but clearing account is much like a general ledger used as a reminder for services or goods received or sold that have not yet been billed or other transactions that can’t yet be recorded in detail. In simple words, a clearing account is an account used to move money from one account to another account, when one cannot move the money directly. This account normally has a balance of $0.00 because you always take out the same amount that you put in. This is also called as a barter or wash account.
Setting up clearing account depends on, where it is done. If you are interested in setting up a clearing account in QuickBooks desktop, then here is what you have to do. In this piece of information, we are going to discuss the steps involved in the process to set up a clearing account in QuickBooks. Thus, we recommend you to stay hooked to the post and learn the entire process in detail. You can also schedule a call with our team at 1(844)405-0906 and they will answer all your queries instantly.
Clearing account can be used for multiple purposes. In case the user is having multiple uses for the account, then he/she might want to create one for each.
Managing customers and AR
Using clearing account, one can manage accrual basis bad debt
Also, it helps in moving a credit memo from one job to another job under the same customer
Transferring an amount from one A/R account to another AR account
Allocating overhead expenses to customers or classes using a zero check
Moreover, recording one check that pays invoices to two customers
Managing vendors and AP
Clearing account can be used to move an amount from one AP account to another AP account
One can use this account to record a refund check from one vendor on behalf of another vendor
Transferring a bill or bill credit from one vendor to another
Others
Clearing account can assist in moving foreign currencies without converting to the home currency
Also, one can write off a receivable against a payable
With clearing account, one can easily record barter transactions with a company, who is a customer and a vendor
Setting up clearing account in QuickBooks desktop is not a tough nut to crack, all it needs is to follow some set of steps. Have you implemented the strategies listed above? Still unable to set up a clearing account in QuickBooks? Well, here we are to rescue you.
You can catch up with our US based accounting experts, by way of our QuickBooks contact number i.e. 1-844-405-0906. And our dedicated services providers will be more than happy to help you.
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Stumbled upon QuickBooks unexpected Error 5 and unable to decide what to do? Well, this situation is usually faced when installing hardware, or when opening or running other functions in QuickBooks desktop point of sale. The user might come across: Status code 5 or System error code: 5 Access denied. There can be a couple of reasons behind the occurrence of the QuickBooks unexpected error 5, a few of which we will be discussing later in this article.
Thus, if you are interested in knowing the causes and quick fixes to QuickBooks unexpected error 5. However, an alternate for the same can be to get in touch with a team of professionals at our toll-free customer support number i.e. 1(844)405-0906.
This drives us to the conclusion of this article, where we expect that the information stated above might be enough to fix QuickBooks unexpected error 5. However, if the error continues to trouble you even after carrying out the methods above, then make sure to consult a professional immediately.
You can call us right away at our QuickBooks desktop support number i.e. 1-844-405-0906. We are a team of experts and certified ProAdvisors, who work round the clock to provide the best possible support services. Thus, feel free to call us at any point of time, we will be happy to help you.
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QuickBooks users who make use of QuickBooks payments, can accept ACH bank transfers from customers to pay for invoices and other sales. However, in rare cases a situation might occur when the ACH payment gets rejected. Well, if there is ever an issue in getting ACH payments into the bank account, then the user might get an email and notified regarding the same. The email will provide the user with the specific code, and will also describe the issue. If you are also facing similar issue, then need not to worry, this post will brief you with all possible facts related to fixing rejected ACH payments or fees in QuickBooks payments.
Here, the user will also be informed about the R## codes and their fixation steps. Let’s dive in together to get better insight into fixing rejected ACH payments in QuickBooks desktop. Whereas, for any further information, feel free to approach us and our team at +1-844-405-0906. We will be happy to help you.
The user is always recommended to keep a check on the procedures specified in the email that he/she would receive. Below is a table with the updated information related to R## codes.
R ## Reject code
What the code means?
What can be done?
R01
R09
“Insufficient funds/Uncollected funds”
The available balance in your account isn’t enough to cover the fees.
Under this situation, the user is recommended to check the balance of the bank account being used for paying fees for QuickBooks payments.
It is recommended to have your Merchant Account info and case number ready.
R02
“Account Closed”
The account you used for QuickBooks payments isn’t active.
In this case, the user is supposed to update the bank info and change the account used for QuickBooks Payments.
R03
R04
“No Account/Unable to Locate Account/Invalid Account Number”
The account number doesn’t match the individual on the payment, or the account isn’t valid.
The user is recommended to Sign in to the Merchant Service Center.
This particular situation, doesn’t require anything to be done. The issue will be resolved by the professionals.
R07
“Authorization Revoked by Customer”
You previously authorized an entry but revoked the authorization. This means you stopped the deposit.
If you use a corporate account, make sure you tell your bank to accept deposits from QuickBooks Payments.
In order to change the account QuickBooks put’s money into, follow these steps to update the bank info. One can also update his/her account and routing numbers if the accounts are changed.
or
Your bank can call us to let us know you resolved the issue.
or
The steps related to the bank letter can be opted by the user.
R08
“Payment Stopped”
You requested a stop payment with your bank.
If you need to change the account QuickBooks put’s money into, follow these steps to update your bank info. You can also update your account and routing numbers if you changed accounts.
or
Your bank can call us to let us know you resolved the issue.
“Customer Advises Not Authorized/ Corporate Customer Advises Not Authorized”
You told your bank that Intuit isn’t authorized to debit your account and/or an entry was not authorized.
The user is required to work with the bank to authorize payments coming from Intuit and QuickBooks.
If you need to change the account QuickBooks put’s money into, follow these steps to update your bank info. You can also update your account and routing numbers if you changed accounts.
or
Your bank can call us to let us know you resolved the issue.
Or
Follow the steps involved in presenting a bank letter to fix this issue.
R11
“Check Safekeeping Entry Return“
Nothing is to be done on the user’s part. We’ll work to fix the issue.
R12
“Branch Sold To Another DFI”
Your current QuickBooks payment account info changed since your bank or branch was sold to another financial institution.
In general, savings accounts only permit a limited number of daily debits.
If you need to change the account QuickBooks puts payments into, follow the steps to update your bank info.
R21
“Invalid Company Identification“
The NACHA handles these issues. You don’t need to do anything.
R22
“Invalid Individual ID Number“
The NACHA handles these issues. You don’t need to do anything.
R23
Entry refused by your bank due to one of the following:
* Minimum or exact amount not remitted
* Account subject to litigation
* Transaction results in an overpayment
* Intuit’s bank not known by your bank
* You didn’t authorize payment
To update your QuickBooks Payments info, follow the steps to update your bank info.
or
Your bank can call us to let us know you resolved the issue.
or
Steps involved in presenting a bank letter can be followed here.
R24
“Duplicate Entry”
The request appears to be a duplicate entry.
There is nothing to be done by the user. We’ll work to fix this issue.
Steps to submitting a bank letter
In case the user is required to submit a letter to Intuit from the bank, in order to fix the issue, then there are certain requirements. The letter should be clearly stating the reason the payment got rejected and also that the steps mentioned in the email were followed properly. Along with that, the user should ensure the below points to be present in the bank letter.
This piece of information is written with an intent to provide the most appropriate fixes to the rejected ACH payments or fees in QuickBooks Payments. In case the reader is still puzzled, then he/she can connect with our QuickBooks desktop support team of professionals right away.
Grab a phone and get in touch with us, we are just a buzz away and waiting for your call. We assure the discussion would help you gaining answers to all your queries.
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9 Ways to Fix Connection to QuickBooks desktop company file is lost
As a QuickBooks user, you would be aware of how incorrect folder permissions, firewall configuration, and internet settings in Windows OS may give you a selection of errors. Among the most common errors that you encounter while opening company files in Windows are:
The specified file can’t be opened. Make sure that another program or a read-only file isn’t using it
The system cannot find the path specified
You may see the following error message on your desktop screen:
The connection to the company file has been lost. QuickBooks must close immediately. Any unsaved data will need to be re-entered.
If you come across the errors mentioned above, you can try the solutions provided in this blog post. Try the solutions in the provided sequence for the best results.
Troubleshooting Steps to Fix error message: Connection has been lost
Below are the 9 best methods in order to resolve the connection has been lost problem in QuickBooks desktop:
Solution 1: Open your QuickBooks file again
Sometimes, the error only appears when you attempt to open a company file for the first time. If the error occurs, close the window and simply try to open the file again.
Solution 2: Ensure that your QuickBooks is updated to the latest release
Keeping your QuickBooks to the latest release can keep a lot many errors and glitches at bay including the “connection to QuickBooks company file is lost” error. Here is how you can check if you have the latest release:
Go to QuickBooks Desktop
Press F2 key on the keyboard and open Product Information Window
Check your current QuickBooks version and release
If you are using an old version, switch to the latest one. You can set up automatic updates for QuickBooks or do it manually.
Solution 8: Check if the Windows permissions are set appropriately for QuickBooks to function
Close QuickBooks Desktop
Go to C: drive followed by Program Files through Windows Explorer.
Go to the C:\Program Files (x86)\ folder if you have a 64bit computer.
Right-click on the Intuit folder and select Properties.
Go to the Security tab then select Advanced option.
Make sure the Users group is selected in the Owner field up top. If you see SYSTEM or something other than Users, take ownership of the Intuit folder.
Take on the role of the Owner if you do not see other USERS as the owner
Go to the Advanced Security Settings for Intuit permissions window and select Change for the owner field.
Type USERS and hit Enter.
Click on the checkbox before Replace owner on sub-containers and objects.
Choose Users (YOUR COMPUTER NAME\Users) Full Control and press Ok button.
Click on Edit in the Intuit folder properties window and the security tab.
Select Users (YOUR COMPUTER NAME\Users) and check the Full Control checkbox.
Select Ok and exit the Intuit folder properties window.
Check if the connection file lost issue is fixed. If the issue persist, you will need to repeat the above-mentioned steps for these additional Intuit folder locations:
C:\Program Files\Common Files\Intuit (C:\Program Files (x86)\Common Files\Intuit for 64 bit computers)
Moreover, if you don’t have much time to spend on fixing this QuickBooks error message: connection has been lost, then you can simply get in touch with our 24/7 QuickBooks premier support team at +1-844-405-0906. Our team of experts and certified ProAdvisors will ensure immediate assistance.
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Do you know the process to create a customer group in QuickBooks desktop? Well, if not, then reading this article ahead would be surely of much help to you. QuickBooks desktop allows the user to create groups of customers that match certain criteria for things like location, customer type, or the customer’s status. The user can create automated statements, send payment reminders, or create mailing lists for specific groups of customers. This involves a simple step by step process, which we will be discussing later in this article. Thus, make sure to stick around till the end and unleash the entire process.
You can also get in touch with our professionals, and speak to our support team via our toll-free customer support number i.e. 1(844)405-0906. Our experts will help and guide you in the process to create a customer group in QuickBooks desktop.
The process to create a customer group in QuickBooks desktop are as follows:
First of all, the user needs to move to the lists menu and then choose manage groups
After that select the create customer group
Followed by adding a name and description for the group and then choose next tab
Also, select fields, operator, and values to define the group, and click on add.
Once done, click on next. Or you can leave these fields blank and also select next to manually add customers
Such as: The user can create a group of active customers in California that have an open balance between $100 and $1000
The next step is to select the selected fields to see a summary of the fields that will be used for the customer group
Now, in case you need to add customers to the group, the user can spot by the customers name. To delete a customer from the group, the user needs to clear the checkbox next to their name
In case you don’t want the group to automatically update, then the user needs to clear the checkbox for automatically add or remove based on fields selected in this group
The last step is to select finish tab
The QuickBooks desktop enterprise 21.0 user can also create groups for vendors.
The user can follow the below steps to edit or delete a customer group:
The first step is to move to the lists menu and then choose manage groups
Also, choose the customer group needed to make changes for
And then select actions tab and choose edit option
Once done with that make any edits to the fields and values, or delete them and hit next
After that select the selected fields to see a summary of the fields that will be used for the customer group
In case you need to add customers to the group, and then the user can spot by the customers name. In order to remove the customer from the group, the user needs to clear the checkbox next to their name
We end the article over here, with the hope that the information above might work in creating a customer group in QuickBooks desktop. But if in case you get stuck at any point of time or in case you have query, give us a call right away at our QuickBooks pro support number i.e. 1(844)405-0906.
We are a team of technically certified professionals, who work round the clock to provide the best possible support services.
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Learn how to track your loan with the help of Loan Manager in QuickBooks Desktop:
QuickBooks itself is a very useful software and QuickBooks Loan Manager is its one of the useful tools that allows a user to track payments, loans, and repayments with compounded loan. The tool also allows a user to create installments for any sum, and payment for any additional amount. In short, QuickBooks Loan Manager manages the loans as per the information given on the long-term liability and other current liability accounts. Without any much calculation, the loan manager allows you to get to the Principal amount and interest.
Here’s how you can set up loan tracking in QuickBooks loan manager
If no vendor has given you any loan, then create a vendor for Bank/Financial institution.
Enter the ‘initial loan’ amount which will be your Opening Balance or Transaction. Enter the Loan Origination Date. If you have already made the payments to your loan, then fill the journal entries.
Establish an account which is similar to the Expense account in order to store the Payments and Fees.
If you need, you can also create an Escrow account.
Learn about Escrow Account and Escrow Amount:
Escrow Amount: Till the time your loan formalities are completed, the third-party puts a specific loan amount in the account that is known as Escrow amount. Such account is Escrow account is similar to QuickBooks asset account. This account looks after the Escrow portion of your loan payment and can be used to pay taxes. Following the steps below, you can set-up your Escrow account:
From Lists menu, click on COA
Now, select Account
Choose ‘Other Account Type’ and select ‘Other current asset’. Now, Continue
In the ‘Account name’ section, fill the name of account
Give a small description about your account (optional)
This is how you will be able to setup QuickBooks Loan Manager and utilize it. If you face any issues while setting it up, then you can contact our QuickBooks premier technical support expert on our toll-free number i.e. 1-844-405-0906.
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